The Central Bank of Russia published its 2025 review of non-governmental pension funds, showing that returns before fees reached record levels. NPFs earned 14.0% a year on pension savings and 16.2% on pension reserves, both above annual inflation of 5.6%. Bond coupons were the main source of investment income. Against a backdrop of gradual monetary policy easing, funds increased purchases of fixed-coupon federal government bonds to lock in high yields to maturity, raising the share of government bonds to 49.2% of pension savings portfolios and 33.4% of pension reserves portfolios, while corporate bonds made up around one third of pension assets. Pension reserves recorded the strongest growth, mainly because of the Long-term Savings Programme, where funds raised 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, taking total pension reserves to almost RUB 3 trillion and pension savings to RUB 3.7 trillion.
Central Bank of Russia 2026-04-30
Central Bank of Russia reports record 2025 non-governmental pension fund returns and RUB 455 billion in Long-term Savings Programme funds
The Central Bank of Russia’s 2025 review of non-governmental pension funds reported record pre-fee returns of 14.0% on pension savings and 16.2% on pension reserves, both above 5.6% inflation. Bond coupons were the main income source, with funds raising fixed-coupon federal government bonds to 49.2% of pension savings and 33.4% of pension reserves portfolios, while corporate bonds made up about one third of assets. Pension reserves grew strongly under the Long-term Savings Programme, reaching almost RUB 3 trillion, with pension savings at RUB 3.7 trillion.