Interaction between non-state pension funds and citizens as a factor in the development of non-state pension provision
Research Article
Acknowledgments
The publication was prepared with the financial support of the Plekhanov Russian University of Economics. Decree No 860. July, 28, 2021.
How to Cite
Kozlov P.A., Vichentievich K.R., Prokudin V.A. Interaction between non-state pension funds and citizens as a factor in the development of non-state pension provision. Living Standards of the Population in the Regions of Russia. 2022. Vol. 18. No. 2. P. 227-235. DOI: https://doi.org/10.19181/lsprr.2022.18.2.7 (in Russ.).
Abstract
The article is devoted to the analysis of the interaction of non-state pension funds and citizens on issues of non-state pension provision (NPP). Non-state pension provision is one of the levels of the pension system, the purpose of which is to ensure the target pension amount. The analysis of the dynamics of NPP in Russia for 2011-2020 showed a consistent increase in the volume of pension reserves while stabilizing the number of participants (clients). Another market trend is its consolidation: the number of non-state pension funds (NPFs) operating in non-state pension provision has decreased from 146 in 2011 to 43 organizations by the end of 2020. An integral assessment of the activities of NPFs was carried out taking into account the Fishburn criterion by calculating the corresponding weighting coefficients for the indicators "Net assets per insured", "Pension reserves per insured", "Growth rate of pension reserves per insured", "Market share", "Accumulated profitability" and "Remuneration of the management company". An integral assessment of the activities of the NPF showed that the most significant factors for the activities of the NPF are such factors as an increase in net assets per insured person, the growth rate of pension savings per insured person. It is possible to increase such factors by attracting new participants (customers) and quality work with existing ones. Based on open data, it was concluded that a more active use of the bank sales channel and sales through partner networks can contribute to improving the interaction of non-state pension funds and citizens. The authors propose to consider financial marketplaces as one of the possible sales channels in the field of non-state pension provision.
Keywords:
Non-state pension provision, non-state pension funds, pension reserves, integrated performance assessment, efficiency, sales channels, marketplace
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5. Kravchenko E.V. Development of the system of non-state pension provision as a factor in increasing the stability of the pension system. Labor Economics. 2020. Т 7, № 20. P. 953-966
6. Nikolaeva R.N. Analysis of profitability of non-government pension funds. Topical issues of modern economics. 2019. № 1. P. 23-25.
7. Ogorelkova N.V., Reutova I.M. Efficiency Factors of Management of Portfolios of Pension Reserves of Non-Governmental Pension Funds. Scientific Bulletin: finance, banks, investments. 2020. № 3 (52). P. 22-30.
8. Proskuro V.E. The role of marketing in the financial strategizing of a non-government pension fund. Bulletin of the Tomsk State University. 2014. № 387. P. 187-193.
9. Fathlislamova G.F. Modern trends in the functioning of non-state pension funds in the system of compulsory pension insurance. Management. 2019. Т 7. № 1. P. 19–25.
10. Yagovkin P.M. The role of pension funds in the Russian economy as institutional investors. Innovations and investments. 2019. № 1. P. 224–228.
11. OECD (2021), Pension Markets in Focus 2021. OECD, 2021. URL: www.oecd.org/finance/pensionmarketsinfocus.htm (access on 25.02.2022).
12. OECD (2020), Financial Markets, Insurance and Pensions: Digital Technologies and Finance. URL: www.oecd.org/finance/financial-markets-insurance-and-pensions-report.htm (access on 25.02.2022).
13. OECD (2005). Private pensions. OECD classifications and glossary. OECD, 2005. URL: http://www.oecd.org/finance/privatepensions/38356329.pdf (access on 25.02.2022)
14. F. Flanders, M. Nungsari, M. Parada-Contzen Pricing schemes and market efficiency in private retirement systems. Journal of Public Economic Theory. 2020. T. 22, V. 4. P. 1041-1068. URL: https://onlinelibrary.wiley.com/doi/10.1111/jpet.12419 (access on 25.02.2022)
15. E. Kempson, S.Collard. Advice on pensions and saving for retirement: Qualitative research with financial intermediaries. Department for Work and Pensions. Research Paper No 289. 2005. 66 p. URL: https://www.researchgate.net/publication/237279868_Advice_on_pensions_and_saving_for_retirement_Qualitative_research_with_financial_intermediaries (access on 25.02.2022)
16. J.K. Henzen, A.O.I. Hoffmann, R.M. Dolan. Which consumers are more likely to adopt a retirement app and how does it explain mobile technology-enabled retirement engagement? International Journal of Consumer Studies. 2021. URL: https:// onlinelibrary.wiley.com/doi/10.1111/ijcs.12685 (access on 25.02.2022)
17. N. Ubber, S. Klein, Y. Jerusalem. Increasing the quality of German private pension schemes through the use of ETFs – an acceptance analysis. International Journal for Quality Research. – 2020. – T. 14, vol. 4. – P. 1129-1142.
Article
Received: 22.02.2022
Accepted: 16.06.2022
Citation Formats
Other cite formats:
APA
Kozlov, P. A., Vichentievich, K. R., & Prokudin, V. A. (2022). Interaction between non-state pension funds and citizens as a factor in the development of non-state pension provision. Living Standards of the Population in the Regions of Russia, 18(2), 227-235. https://doi.org/10.19181/lsprr.2022.18.2.7
Section
ECONOMIC RESEARCH
