The Compulsory or Voluntary Pension Accumulation: Different Approaches

The article analyzes the basic models and the directions of reform of pension systems in OECD countries and some states of Central and Eastern Europe and Latin America. The emphasis is placed on controversial issues for the Russian system of combination of mandatory and voluntary pension savings, on the first results of the introduction of the mandatory pension accumulation in the Central and Eastern European countries. Developed countries generally adhere to the principle of voluntariness at the same time using a variety of options industry, corporate and public support of voluntary saving schemes. The introduction of mandatory funded component in the individual accounts of insured managed by both public and private sector was mainly in countries with economies in transition, especially in Eastern Europe. The results of these fundamental reforms did not fully meet expectations in the form of rapid development of capital markets and increase in national savings. The global financial and economic crisis of 2008/09 and the weakening of financial capacity of the state to support pensions reforms have led to a change in the structure of pension systems in several countries, a more realistic assessment of the limitations of mandatory funded systems.