Households transfer pension savings to LSP
The number of Russians making pension savings with non-governmental pension funds (NPFs) decreased by 564,000 to 35.4 million as of the end of 2025 Q1. This was mainly due to the fact that NPF clients were actively joining the Long-term Savings Programme (LSP) and transferring their funds to the LSP as an initial contribution.
As a result, the amount of pension savings fell by ₽103 billion over the quarter. The number of LSP participants grew by almost 50% and reached about 4 million as of the end of 2025 Q1.
As to the structure of NPF portfolios, the proportion of OFZ increased, while that of money market instruments declined. NPFs received investment income mainly on account of coupons on debt securities.
More details are available in the Review of Key Indicators of Non-governmental Pension Funds for 2025 Q1.