The main reason for initial discrepancies in the evolution was due to investments on the capital market, which led to massive losses. All funds reduced share portfolios to less than 10 percent.
Bank deposits and bonds contributed to the increase. Some funds included in the interest paid in advance or discounts from buying bonds among net asset. The Private Pensions System Supervisory Commission (CSSPP) will eliminate such differences with new regulations.
Differences could decrease, as each monthly payment is treated as a fresh start in the net asset calculation, and the evaluation differences will loose their effect in some six months from each acquisition.
According to CSSPP and market officials, yields will become significant in two-three years. The first filtration of funds in terms of yields will also be made in two years. Funds that will not be able to reach a profit margin compared to the market’s average will be eliminated.
