Over one million participants join long-term savings programme
In 2024 Q2, the overall value of portfolios of non-governmental pension funds (NPFs) and of the Social Fund of Russia (SFR) increased to ₽7.7 trillion. This was caused by faster growth of the NPFs’ pension reserves which exceeded ₽1.9 trillion by the end of June.
The positive dynamics of the NPFs’ pension reserves were driven by cash inflows, primarily into the long-term savings programme. The number of its participants doubled in the period between April and June alone. More than one million contracts had already been concluded by
The NPFs’ pension savings rose insignificantly amounting to ₽3.3 trillion. The NPFs’ client base contracted more slowly and the number of their customers decreased by 62,100 people, which is half the figure recorded in 2024 Q1 when the dynamics were affected by the transition campaign.
The NPFs preferred investing available assets in money market instruments. The share of claims under repo transactions in the NPFs’ portfolios notably increased. This is evidence that the NPFs are willing to wait out the period of monetary policy tightening keeping their investments in liquid instruments which ensure elevated returns at low risks.
More details are available in the Review of Key Indicators of Non-governmental Pension Funds for 2024 Q2.