Cumulative pension savings portfolio returns and inflation, 2004–2022 (end of 2004 = 1). Note: The share of private asset-management companies (PAMCs) in a number of insured persons is comparatively small (0.2 million people compared to 73.8 million total) and the line is hardly visible. Source: Authors’ calculations based on the data from NPF Constructor project (https://ipei.ranepa.ru/ru/npf-ru), Bank of Russia, Pension Fund of the Russian Federation, and Rosstat.