Subject The article examines major trends and development problems of private pension funds in the Russian Federation. Objectives The purpose of research is to analyze the main indicators of pension funds' functioning, their yields and contemporary issues of development. Methods The study employs methods of logical analysis and specification to define various aspects of non-State pension funds' functioning under modern conditions. Results The findings demonstrate a persistent trend towards an increase in the number of insured persons who refused to form the funded component of retirement pension in the Pension Fund of the Russian Federation and decided on non-State pension funds. The analysis of the aggregate investment portfolio of non-State pension funds showed that it is rather conservative with low risk assets' domination. In 2013, the unweighted average yield is higher than the consumer inflation and previous year results. The cumulative yield of non-State pension funds exceeds the rate of inflation and the yield of Vnesheconombank. The modern stage of private pension funds' development in Russia is associated with a number of difficulties related to administrative regulation, which will require new approaches to their functioning. Conclusions The average unweighted and cumulative yields of non-State pension funds exceed the rate of inflation and the yield of Vnesheconombank. This makes them attractive for investing the funded component of retirement pension. However, the newly adopted regulations will significantly hamper the funds' operations in the short term.
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