In the second quarter of 2024, the overall value of portfolios of non-governmental pension funds (NPFs) and the Social Fund of Russia (SFR) increased to ₽7.7 trillion. This growth was primarily driven by a rise in NPFs’ pension reserves, which exceeded ₽1.9 trillion by the end of June.
The positive dynamics in NPFs’ pension reserves were attributed to cash inflows, particularly into the long-term savings program. The number of participants in this program doubled between April and June alone, with more than one million contracts concluded by mid-August. The amount of inflows into the program, including government co-financing and applications for the transfer of pension savings, surpassed ₽51 billion.
NPFs’ pension savings saw a slight increase, amounting to ₽3.3 trillion. The client base for NPFs contracted at a slower rate, with a decrease of 62,100 people—half the figure recorded in Q1 2024 when dynamics were influenced by a transition campaign.
NPFs preferred investing available assets in money market instruments. The share of claims under repo transactions in NPFs’ portfolios notably increased, indicating that NPFs are opting to wait out the period of monetary policy tightening by keeping their investments in liquid instruments that ensure elevated returns at low risks.
More details are available in the Review of Key Indicators of Non-governmental Pension Funds for Q2 2024.
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