2014 was the most difficult and challenging year in the entire history of Russian non-state pension funds (NPF’s). The range of negative factors included: falling prices across the financial markets, as a result of which many pension funds showed accounting losses; uncertainty about the savings component of pension assets, including a freeze on contributions; and changes to regulatory and supervisory procedures, which altered the legal status of non-state pension funds and created of a System of guarantees. Last year NPF’s received no new contributions to pension savings accounts and there was no change in the number of individuals covered.