The Central Bank of Russia published its Review of Key Indicators of Non-governmental Pension Funds for 2025 Q1, reporting that households increasingly moved pension savings from non-governmental pension funds (NPFs) into the Long-term Savings Programme (LSP), reducing both NPF client numbers and pension savings balances. The number of Russians holding pension savings with NPFs fell by 564,000 over the quarter to 35.4 million at the end of 2025 Q1, while the amount of pension savings declined by RUB 103 billion. LSP participation increased by almost 50% to about 4 million. In NPF portfolios, the share of OFZ increased and the share of money market instruments fell, with investment income mainly driven by coupons on debt securities.
Central Bank of Russia 2025-05-30
Central Bank of Russia reports NPF pension savings declined as households transferred funds into the Long-term Savings Programme
The Central Bank of Russia's Q1 2025 review highlights a shift in pension savings from non-governmental pension funds (NPFs) to the Long-term Savings Programme (LSP), resulting in a 564,000 decrease in NPF clients and a RUB 103 billion drop in pension savings. LSP participation surged nearly 50% to 4 million. NPF portfolios saw an increased share of OFZ and reduced money market instruments, with investment income primarily from debt security coupons.