Financial Sector Overview
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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NON-STATE PENSION FUNDS
Local institutional investor base: the potential of non-state pension funds
Bank of Russia became a regulator of the pension
system in 2013. Since then a number of changes
has been adopted to strengthen the non-state
pension system:
✓ '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
✓ corporatisation of non-governmental pension
funds (NPFS) completed
✓ work on individual pension accounts reform is in
progress
Source: Bank of Russia
Figure 54: Pension assets in Russia (RUB tn)
I Non-state pension funds. Reserves
Non-state pension funds. Mandatory savings
State pension fund. Mandatory savings
5.67
5.28
5.59
4.76
3.82
3.97
1.11
1.21
1.25
0.99
0.83
0.90
1.71
2.15
2.47
2.64
1.09
1.13
1.90
1.94
2.06
2.02
1.91
1.78
2013
2014
2015
2016
2017
3Q2018
Figure 55: Pension system asset allocation (as of September 31, 2018, %)
Cash
Equities Corporate bonds Government bonds Other
4%
5%
23%
38%
35%
14%
38%
36%
44%
0%
16%
21%
8%
State pension fund
NPFs Mandatory savings
NPFs ReservesView entire presentation