Bank of Russia to publish NPFs’ stress testing scenarios in advance
The Bank of Russia has updated stress testing scenarios for non-governmental pension funds (NPFs), which will apply from 30 September 2025.
The scenarios are aimed at assessing funds’ resilience in the event of an adverse change in the economic environment. In addition, these scenarios assume a subsequent smooth recovery in government bond yields and the achievement of the inflation target.
Following consultations with a self-regulatory organisation uniting NPFs, the Bank of Russia has decided to publish scenarios in advance, before they are applied by funds. This will help improve the quality of risk assessment by market participants and enhance the predictability of the regulator’s actions.
The Bank of Russia and Self-regulatory organization National Association of Non-State Pension Funds will continue to work together to reduce model risk during stress testing.