The Central Bank of Russia has published its 2025 review of key indicators for non-governmental pension funds, showing that returns before fees reached their highest levels since 2015 at 14.0% a year on pension savings and 16.2% on pension reserves. Both measures exceeded annual inflation of 5.6%. Bond coupons were the main source of investment income, and pension reserves recorded the strongest asset growth. Against a backdrop of gradual monetary policy easing, non-governmental pension funds increased purchases of fixed-coupon federal government bonds to lock in high yields to maturity. Government bonds rose to 49.2% of pension savings portfolios and 33.4% of pension reserves portfolios, while corporate bonds accounted for around one third of pension assets. Funds raised through the Long-term Savings Programme doubled from launch to RUB 455 billion, including transferred pension savings and government co-financing. Contributions to non-governmental pension provision totalled RUB 175.4 billion. Overall, pension reserves reached almost RUB 3 trillion and pension savings rose to RUB 3.7 trillion.
Central Bank of Russia 2026-04-30
Central Bank of Russia reports non-governmental pension fund returns at record highs in 2025 as Long-term Savings Programme funds reach RUB 455 billion
The Central Bank of Russia’s 2025 review of non-governmental pension funds reports the highest returns since 2015, with 14.0% on pension savings and 16.2% on pension reserves, both above 5.6% inflation, driven mainly by bond coupons. Funds increased allocations to fixed-coupon federal government bonds amid gradual monetary easing, with government bonds reaching 49.2% of pension savings and 33.4% of pension reserves, and overall pension reserves and savings rising to almost RUB 3 trillion and RUB 3.7 trillion respectively.