摘要：In Q I 2008 the value of assets in the mandatory funded pension system, less the amount of insurance
contributions to the PFR, increased by 0.3% (from 401.9 to 403.3 billion rubles ¨C see Table 1)9.
In this connection, the rate of growth of pension savings held by non-government pension funds (IPF)
was 59 %. A high proportion of this growth occurred due to a switchover of insured persons from the
PFR to IPFs. Accordingly, the amount of the pension savings managed by the government asset manager
(GAM) also decreased, which can also be noted, although to a lesser degree, with regard to private
asset managers (PAMs).
