Pension accruals and reserves held by private pension funds (PPF) grew 19% to over Rub 3.2 tln in 2016. These are numbers from financial statements posted by PPF on the Bank of Russia's website.
"Funds held by private pension funds grew, first and foremost, on the back of a Rub 407.5 bln inflow to pension accruals. The ratio between total retirement portfolios at PPF and GDP rose to 3.7% (up 0.4%)," the Bank of Russia said in a press release.
Based on the results of a transit campaign conducted in 2015, more than 3.9 mln Russians ordered to wire their retirement savings from the Russian Pension Fund to PPF. This brought Rub 259 bln to the funds, the regulator specified.
