The Central Bank of Russia has released a draft ordinance for public consultation that would tighten stress testing requirements for non-governmental pension funds (NPFs), including a phased increase in the pass threshold from 75% to 95% by 1 January 2030. Under the proposal, an NPF that passes fewer than 95% of stress tests (but at least 75%) would be required to improve its results within nine months. The draft also updates approaches for valuing and projecting cash flows for certain deposits and bonds, as well as for swap contracts referencing interest rates. The changes are positioned as a first step in a broader reform of NPF investment activity that combines planned easing of portfolio composition and structure rules with stricter stress testing, and the Central Bank of Russia plans to publish a separate draft ordinance with new requirements for pension reserves in the near future.
Central Bank of Russia 2025-06-04
Central Bank of Russia consults on raising non-governmental pension fund stress test pass threshold to 95% by 2030
The Central Bank of Russia has issued a draft ordinance for public consultation to enhance stress testing requirements for non-governmental pension funds, increasing the pass threshold from 75% to 95% by 2030. The proposal mandates improvements for funds passing fewer than 95% of tests within nine months and updates valuation methods for certain financial instruments. This initiative is part of a broader reform of NPF investment activities, with further regulations on pension reserves forthcoming.