The essence of the ongoing pension reform is to move from strictly payg pension system to a funded. Mechanism for multiplying the funded part of labor pension, and, correspondingly, the total amount of pension is to transfer the funded part of pension (just one, which is reflected in a special account in Notices of the Pension Fund of Russia) in a special trust management companies or non- pension funds. To date, funded part of pension funds the majority of employed Russians handed over to the designated State of the company – it's Vnesheconombank (VEB), the so-called state management company, which is actually a commercial. veb is automatically transferred to pension funds of citizens ("undecideds" as they are often called), which have not yet opted for what – or one of management companies that have a special license and selected Russian Ministry of Finance in a special competition. The difference between operating companies is that they are allowed to invest pension funds. ebv may allocate funds only in government securities with a return that usually does not exceed the rate of inflation in the country. It is very reliable, but low-yield instruments: federal loan bonds (OFZ) and Bills (short-term government bonds). Professional property management company has more opportunities for the investment funded portion of pension – here, there are 9 species available for investment assets (government securities, securities of Russian regions, municipal securities and corporate securities – stocks and bonds, with the greatest potential for growth), as well as for management companies expanded limits for investment – a reliable and high-yielding stocks they can invest up to 55% of the portfolio, but not anymore, and ebv generally excluded.