Non-governmental pension funds (NPFs) in Russia reported a 7.3% increase in their pension reserves during the second quarter of 2025, according to recent data. The growth was attributed to higher income from investments and an inflow of money into non-governmental pension schemes as well as the long-term savings programme. By the end of the quarter, total pension reserves reached ₽2.5 trillion.
Pension savings managed by NPFs also rose by 3.2%, amounting to ₽3.5 trillion, driven by increased investment income. Weighted average returns before NPF remuneration were recorded at 15.5% per annum for pension savings and 19% per annum for pension reserves.
During this period, NPFs primarily invested in fixed-coupon federal government bonds and expanded their holdings in shares. These choices were influenced by expectations of further price increases in stock and bond markets amid a reduction in the key rate.
Additional information can be found in the Review of Key Indicators of Non-governmental Pension Funds for 2025 Q2.
