The growth rates of funds in the pension system nearly doubled over the past quarter, primarily driven by returns on investment and an influx of money into the long-term savings program.
Non-governmental pension funds (NPFs) have reduced their investments in shares due to a decline in market prices. At the same time, NPFs slightly increased their participation in auctions held by the Russian Ministry of Finance by purchasing fixed coupon bonds. Despite this, the overall percentage of debt securities in NPFs' portfolios has declined.
During this period of volatility, NPFs chose instruments that ensure higher yields when monetary policy is tightened. Specifically, there was an increase in claims on repos, inflows into deposits, and funds held in current accounts.
More details are available in the Review of Key Indicators of Non-governmental Pension Funds for 2024 Q3.