Record returns on NPFs’ investments: 2025 results
In 2025, returns generated by non-governmental pension funds (NPFs) (before fees payable to NPFs) reached their maximum levels since 2015, that is, their all-time highs. NPFs earned 14% p.a. when investing pension savings and 16.2% p.a. when investing pension reserves, which substantially exceeded the annual inflation rate of 5.6%.
The main source of NPFs’ investment income was bond coupons. Against the backdrop of a gradual easing of monetary policy, NPFs purchased fixed-coupon federal government bonds, seeking to lock in high yields to maturity. The proportion of government bonds rose to 49.2% in the pension savings portfolio and to 33.4% in the pension reserves portfolio. Corporate bonds accounted for around one third of NPFs’ pension assets.
In 2025, pension reserves saw the strongest growth, mainly due to the increased popularity of the Long-term Savings Programme. Over the year, the amount of funds raised via this programme was twice as big as when it was launched, reaching ₽455 billion, including pension savings transferred and government co-financing. Contributions to non-governmental pension provision totalled ₽175.4 billion. Overall, the value of NPFs’ pension reserves reached almost ₽3 trillion, while that of pension savings rose to ₽3.7 trillion.
More details are available in the Review of Key Indicators of Non-governmental Pension Funds for 2025.