The Central Bank of Russia has updated the stress testing scenarios used for non-governmental pension funds (NPFs), with the revised scenarios applying from 30 September 2025, and will begin publishing the scenarios in advance of their application by funds. The scenarios are intended to test NPF resilience under an adverse shift in the economic environment and assume a subsequent smooth recovery in government bond yields and achievement of the inflation target. Following consultations with the self-regulatory organisation that unites NPFs, the central bank opted for advance publication to support higher-quality risk assessment by market participants and make supervisory actions more predictable. The central bank and the National Association of Non-State Pension Funds will continue joint work to reduce model risk in stress testing.
Central Bank of Russia 2025-09-08
Central Bank of Russia updates stress testing scenarios for non-governmental pension funds and will publish them in advance
The Central Bank of Russia has updated stress testing scenarios for non-governmental pension funds, effective 30 September 2025, and will publish these scenarios in advance. The updates aim to enhance NPF resilience under adverse economic conditions and improve risk assessment predictability. Collaboration with the National Association of Non-State Pension Funds will continue to reduce model risk in stress testing.