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Concentration of Non-Government Pension Funds around the State Has Sped Up

Ekaterina A. Pospelova – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The NPF market is under pressure from the state. The process of consolidation of the industry is accompanied by the concentration of assets in the NPFs associated with government. At the end of the first quarter of 2019, the share of such funds accounted for 80.4%. The new prudential rules led to an increase of investments in government bonds to 37.7% in the NPF’s investment portfolio.

Key words: pensions, pension savings, governmentalization, non-government pension funds, the National Pension Fund, investments, long-term investments, institutional investors.