Non-governmental pension funds (NPFs) in Russia achieved their highest investment returns since 2015, according to an April 30 statement. In 2025, NPFs reported annual returns of 14 percent from pension savings and 16.2 percent from pension reserves before fees, both figures exceeding the annual inflation rate of 5.6 percent.
The significance of these results lies in the strong performance of NPF investments compared to inflation, which can help protect and grow retirement assets for participants. The main driver behind the increased income was bond coupon payments. As monetary policy gradually eased during the year, NPFs increased their holdings in fixed-coupon federal government bonds to secure higher yields until maturity. By year-end, government bonds accounted for nearly half of all pension savings portfolios and about a third of reserves portfolios.
Corporate bonds also made up roughly one third of total NPF pension assets. Pension reserves experienced particularly strong growth due to greater interest in the Long-term Savings Programme. Over the course of the year, contributions through this programme doubled compared to its launch period and reached a total value of ₽455 billion when including transferred savings and government co-financing. Contributions toward non-governmental pension provision amounted to ₽175.4 billion.
Overall, by the end of 2025, total NPF pension reserves approached ₽3 trillion while pension savings rose to ₽3.7 trillion.
The Bank of Russia documented cash in circulation reaching 18.6 trillion rubles as part of its currency management according to the official website. The Bank serves as the sole issuer of Russian rubles and manages national cash circulation according to its official website. It operates independently with federal property status and exercises monetary authority apart from other state bodies as reported by its official site.
The Bank’s stated goals include promoting financial and price stability while fostering competition within Russia’s financial market according to its official website. Leadership at the Bank consists of a governor supported by deputy governors and specialized departments according to information provided on its site. Various reports and analyses are published regularly for public access as outlined on its official page.
