摘要：In 2002 ¨C 2006 the total of insurance contributions to the funded component of labor pension amounted to
approximately 350 billion roubles. By late 2006, the value of the pension savings invested by the government
asset manager (Vneshekonombank) exceeded 267 billion roubles. However, in the first quarter 2007,
when the Pension Fund of the Russian Federation (PFR) was transferring to asset managers or independent
pension funds (IPF) the contributions to the funded component of labor pension for the year 2005, the total
bulk of funds under Vneshekonombank¡¯s management became somewhat smaller. In the procedure of executing
citizens¡¯ applications concerning their choice of an asset manager and IPF, Vneshekonombank transferred
9.6 billion roubles to the PFR. As a result, the market value of pension assets under the management
of Vneshekonombank as of the end of Q I 2007 amounted to 260.6 billion roubles23, in Q II it increased by
4.1 billion roubles to 265.1 billion roubles, and by the end of Q III this index became equal to 329 billion
