Moscow Exchange Financial Growth Presentation
Local institutional investors: the potential of pension funds
Pension assets in Russia
Non-state pension funds asset allocation dynamics¹
RUB trn
+6%
+10%
+20%
+4%
+9%
+3%
+1%
6.4
6.2
15%
15%
14%
22%
29%
37%
47% 49%
5.6
5.7
5.3
1.4
1.5
4.8
1.2
1.3
1.1
3.8
4.0
1.0
69%
51% 63% 76% 77%
79%
0.8
0.9
1.7
2.1
2.5
2.9
2.9
46%
2.6
37% 36%
1.1
1.1
1.9
1.9
2.1
2.0
1.9
1.8
1.9
2.0
16% 15% 17%
2019
3Q
2020
2013 2014 2015 2016 2017 2018
State Pension Fund. Mandatory savings
Non-state pension funds. Mandatory savings
Non-state pension funds. Reserves
Key highlights of the pension reform
■ Bank of Russia became a regulator of the pension system in 2013
■ Adopted changes in non-state pension fund regulation:
"One year non-loss" rule was abolished
Investment horizon of NPFS was extended to 5 years
Customers are now incentivized to stay with the fund for not less than 5 years
Guarantee fund mechanism (similar to the Deposit Insurance Agency in the banking system)
New allocations to NPFs remained under moratorium until 2019, which reduced growth potential and left room for organic
growth only
15%
2013 2014 2015 2016 2017 2018
20%
9%
8%
7%
2019
3Q
2020
Deposits and other assets
Bonds
Equities
Source: Bank of Russia
Including NPFs Mandatory savings and NPFs Reserves
☑
MOSCOW
EXCHANGE
1
23
23View entire presentation