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Approaches to Reforming Pension Systems in the World and Recommendations for Russia

Author

Listed:
  • Kristina V. Shvandar

    (Financial Research Institute, Moscow 127006, Russian Federation)

  • Anastasia A. Anisimova

    (Financial Research Institute, Moscow 127006, Russian Federation)

Abstract

Global trends in the pension sector show that a funded pension, in addition to a pay-as-you-go component, increases the reliability of pension protection for retired people and improves the stability of the pension system. The article analyzes the main directions of reforms of both distribution and funded components. The common features of the considered pension systems are the presence of several levels and their effective interaction as well as the expansion of the role of accumulative pension systems. Reforms related to increasing the population coverage with accumulative pension plans are among the most common ones in the framework of the analysis. The main directions for improving the Russian funded pension system are highlighted, among which the voluntary payment of contributions and the ability to set the desired amount of contributions are the main components of the proposed changes, based on the analysis of international experience in reforming pension systems.

Suggested Citation

  • Kristina V. Shvandar & Anastasia A. Anisimova, 2021. "Approaches to Reforming Pension Systems in the World and Recommendations for Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 125-135, February.
    • Handle: RePEc:fru:finjrn:210108:p:125-135
    DOI: 10.31107/2075-1990-2021-1-125-135
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    References listed on IDEAS

    as
    1. Kristina V. Shvandar & Anastasia A. Anisimova, 2019. "World Experience of Pension Guarantees in Voluntary Pension Plans," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 64-73, October.
    2. David Amaglobeli & Hua Chai & Era Dabla-Norris & Kamil Dybczak & Mauricio Soto & Alexander F. Tieman, 2019. "The Future of Saving; The Role of Pension System Design in an Aging World," IMF Staff Discussion Notes Staff Discussion Note 19/, International Monetary Fund.
    3. David Amaglobeli & Hua Chai & Ms. Era Dabla-Norris & Mr. Kamil Dybczak & Mauricio Soto & Alexander F. Tieman, 2019. "The Future of Saving: The Role of Pension System Design in an Aging World," IMF Staff Discussion Notes 2019/001, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    funded pension; mandatory funded pension plans; pension contributions; private pension funds; pension savings;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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