The NPF earned 16.2% on pension reserves.

      Non-state pension funds finished 2025 with the best results in the history of observations. According to the Bank of Russia, the return on pension savings investments was 14% per annum, while the return on pension reserves was 16.2%. For comparison, the annual inflation during the same period was 5.6%.

      The main source of income for the funds was coupon payments on bonds. Against the backdrop of a gradual easing of monetary policy, non-state pension funds actively purchased government bonds with fixed coupon income. As a result, the share of government securities in the pension savings portfolio increased to 49.2%, while in the pension reserves portfolio it rose to 33.4%. About one-third of pension funds were allocated to corporate bonds.

      Pension reserves grew particularly dynamically last year, significantly aided by the increasingly popular Long-Term Savings Program. Over the year, it attracted 455 billion rubles—twice as much as at the time of its launch. Contributions to non-state pension provision amounted to 175.4 billion rubles. By the end of the year, the total volume of pension reserves approached 3 trillion rubles, while the pension savings of non-state pension funds reached 3.7 trillion rubles.