Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
NON-STATE PENSION FUNDS
Bank of Russia aims to strengthen local institutional investor base: non-state pension funds
Non-government
pension system has
Figure 40: Pension assets in Russia (RUB tn)
gone
through a number of changes:
| Non-state pension funds. Corporate savings
41
44
✓ 'one-year non-loss' rule was extended to 'five-
year non-loss' rule;
✓ stress-testing mechanism introduced;
✓ customers are now encouraged to stay with the
same fund for not less than 5 years;
✓ since 2014 the Deposit Insurance Agency (DIA)
guarantees the nominal value of mandatory
savings;
✓ non-state pension funds are to bear fiduciary
responsibility (since March 18, 2018);
✓ non-state pension funds are to disclose their
investment portfolios.
I Non-state pension funds. Mandatory savings
State pension fund. Mandatory savings
1.11
1.19
0.99
0.83
0.9
1.71
2.15
2.44
1.09
1.13
1.9
1.94
2.06
2.02
2013
2014
2015
1.87
2016
Sep 2017
Figure 41: Pension system asset allocation (as of September 30, 2017, %)
Cash
Equities
I Corporate bonds
Government bonds Other
1.87 RUB tn
2.44 RUB tn
1.19 RUB tn
5%
3%
20%
21%
38%
10%
50%
36%
39%
0%
18%
22%
16%
10%
11%
Source: Bank of Russia
State pension fund NPFs. Mandatory savings NPFs. Corporate savingsView entire presentation