In 2023, the aggregate portfolio of pension funds in Russia experienced a growth of 7.2%, surpassing ₽7.5 trillion by the year's end. This increase was attributed to positive investment returns and a rise in funds entering the non-governmental pension system (NPS), including contributions from private clients.
Non-governmental pension funds (NPFs) saw their reserves grow at the highest rate, increasing by 9.2% to reach ₽1.8 trillion. Savings within NPFs rose by 6.8%, amounting to ₽3.3 trillion, while pension savings in the Social Fund of Russia increased by 6.2% to total ₽2.4 trillion.
During the fourth quarter of 2023, there was a noticeable shift in NPFs' investment structures, with an increased proportion allocated to OFZs (Russian federal loan bonds) and a decrease in corporate bonds and shares.
Throughout the year, NPFs achieved weighted average returns on pension savings and reserves of 9.9% and 8.8%, respectively, both exceeding the annual inflation rate of 7.4%.
Further details can be found in the Review of Key Indicators of Non-governmental Pension Funds for 2023.
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