The development of the Russian financial market in the context of improving the efficiency of the non-state pension provision sector

Relevance. In the context of the transformation of Russia's economic and financial landscape, as well as the implementation of Strategy 2030, the system of non-state pension provision is facing challenges related to the dominance of federal loan bonds in the portfolios of non-state pension funds. This limits asset diversification and reduces profitability, impeding the achievement of retirement goals, which underscores the relevance of the study.

The purpose of the work is to analyze existing problems in the management of NPFs assets and develop recommendations for the development of the financial market and the creation of new tools that help improve the effectiveness of the NGO system in Russia.

Objectives: to analyze the provisions of the 2030 Strategy; to identify current problems and contradictions in the development of the financial market; to substantiate tools for increasing the effectiveness of NGOs; to determine the conditions for the long-term development of the Russian financial market, taking into account modern challenges.

Methodology. To achieve this goal, we used methods of theoretical analysis, a systematic approach, a review of strategic documents for the development of Russia, an analysis of open data from the Moscow Stock Exchange, the Bank of Russia, and NPF reporting, as well as a comparative analysis of international pension fund management practices.

Results. The study revealed key problems in NPFs' investment strategies, including insufficient asset diversification and dependence on low-yield instruments that do not ensure overcoming ruble inflation in the long term. Measures have been proposed to expand the investment limits of NPFs, including increasing the share of shares and structured products in fund portfolios. The possibilities of creating new financial instruments, such as programs with guaranteed capital protection, structured bonds and mutual funds, as well as ways to improve financial accessibility for retail investors are considered.

Conclusions. Achieving sustainable growth in the profitability of pension savings requires an integrated approach to developing the infrastructure of the Russian financial market, introducing new tools and increasing public involvement in investment processes.

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