Published on: 2026-04-30
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
The yield of non-state pension funds (NPFs) (before payment of fees) last year reached the maximum value since 2015, that is, for the entire observation period. Pension accumulation funds earned 14% per annum on investment, while pension reserves earned 16.2%. This significantly exceeded the annual inflation rate of 5.6%.
Until recently, NPF was mainly secured by bonds with coupons. Against the backdrop of the gradual easing of the monetary-credit policy, NPFs acquired OFZ with a fixed coupon yield, seeking to lock in high rates “until maturity.” The share of government debt securities in the pension savings portfolio increased to 49.2%, pension reserves – to 33.4%. About one third of NPF pension funds went to corporate bonds.
In 2025, pension reserves grew at the fastest rates, primarily due to an increase in the popularity of the Long-Term Savings Program. Over the year, it attracted twice as much funds as at launch — 455 billion rubles, including the transfer of pension savings and co-financing from the state. Contributions to non-state pension provision amounted to 175.4 billion rubles. As a result, the volume of pension reserves reached almost 3 trillion rubles. The size of pension savings of NPF (Non-State Pension Funds) grew to 3.7 trillion rubles.
Read more in“Overview of Key Indicators of Non-State Pension Funds for 2025”.
Photo on preview: Midnight Studio TH / Shutterstock / Fotodom
Please note; this information is raw content obtained directly from an information source. It represents an exact report of what the source claims, and does not necessarily reflect the position of MIL-OSI or its clients.