Market Competition in the Collective Investment of Pension Savings

Abstract

ABSTRACT The goal of this article is to assess the level of competition in the segment of collective investment of pension savings. It characterizes market participants, calculates indicators of concentration, and determines the main parameters of the competitive struggle with respect to market share, financial product, and market barriers. The Herfindahl–Hirschman Index indicates that despite a weakening of monopolization, this market segment is still highly concentrated. In addition, it is established that the decrease in concentration was caused by a decrease in the market power of the insurer, the Pension Fund of Russia. Based on the Linda coefficient, it is proven that the market is “narrowing,” and pension savings are concentrated in an increasingly limited circle of core participants.