The Central Bank of Russia has published a draft ordinance to amend how non-governmental pension funds (NPFs) calculate remuneration, linking the variable performance fee to the results of each individual investment portfolio rather than to averaged results across pension reserves. Where NPFs maintain separate portfolios for different strategies under non-governmental pension provision and the long-term savings programme, investment income would be calculated separately for each strategy to determine remuneration. A performance fee would be payable for any portfolio that achieves a positive result, in addition to the fixed asset management component. The amendments are planned to enter into force on 1 January 2027, with the variable part of NPF remuneration for 2026 to be calculated under the new rules.
Central Bank of Russia 2026-02-26
Central Bank of Russia proposes draft ordinance to calculate NPF performance fees separately for each portfolio
The Central Bank of Russia issued a draft ordinance to amend remuneration calculations for non-governmental pension funds (NPFs), linking variable performance fees to individual investment portfolio results. Investment income for separate strategies will be calculated individually, with performance fees payable for portfolios achieving positive results. The amendments take effect on 1 January 2027.