This article is devoted to the effective investments of the accumulative part of pensions. In spite of low returns, the majority of Russians have chosen the State Steering Company to invest accumulative parts of their pensions. Non-government investments institutions provide the higher returns; however there is low trust to them among the population. The legislators intend to solve this problem by the following: to transfer the part of the State Steering Company capital for management by private pension companies. Authors believe that this will make the market for the non-government pension funds weaker and more volatile.