New stress tests for non-state pension funds by Central Bank to take effect on March 31

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The Central Bank of Russia has announced updated stress-testing scenarios for non-state pension funds (NSPFs). The new parameters for assessing industry resilience will come into effect on March 31.

The updated scenarios are designed to test the ability of pension funds to maintain financial stability in the event of deteriorating macroeconomic conditions and potential market fluctuations. The modeling includes a period of negative market shocks, followed by a gradual stabilization—including a return to target inflation levels and a gradual recovery of government bond yields.

The new testing parameters include additional assumptions that allow for the evaluation of bond prices denominated in yuan, as well as changes in the prices of precious metals in bullion form. These instruments were previously allowed to be included in the structure of pension reserves.

As noted by the regulator, the updated scenarios were prepared in consultation with the self-regulatory organization of NSPFs. As a result, the model now incorporates a longer period of elevated credit risks.

The Central Bank also reminded that, starting from September 2025, stress-testing scenarios will be published in advance. According to the regulator, this practice allows market participants to better prepare for the tests and improves the quality of risk assessment in the non-state pension provision sector.