Regional Economics: Theory and Practice

Individual retirement savings in the regions: Modern possibilities. Evidence from the Siberian Federal District

Vol. 15, Iss. 12, DECEMBER 2017

Received: 31 August 2017

Received in revised form: 11 September 2017

Accepted: 25 September 2017

Available online: 14 December 2017


JEL Classification: D14, J26, R20

Pages: 2291–2307

Grishchenko N.B. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation

Maratkanova I.V. Polzunov Altai State Technical University (AltSTU), Barnaul, Altai Krai, Russian Federation

Subject The article deals with the issues of assessment of the actual possibilities of individual pension savings of the region's population considering the Siberian Federal District as a case study.
Objectives The article aims to assess the current capacity of the population to generate savings, as well as regional disparities in monetary income, availability and accessibility of financial institutions and the proposed financial and pension services to form individual pension capital.
Methods For the study, we used comparison and analysis techniques, and statistical methods of economic data processing. The necessary information was obtained from the various sociological and economic studies and surveys, Federal State Statistics Service, Bank of Russia, and the Pension Fund of the Russian Federation.
Results The modern stage of pension reform aims to find a cumulative model in compulsory pension insurance. The present demographic and economic causes contribute to the return of the population to pension savings. The modification of the national pension accounts for individual savings accounts determines the need to assess and monitor the individual capabilities of the population and the regional differences that exist.
Conclusions The article concludes that it is appropriate to maintain the prevailing State Pay-as-you-go scheme for pension insurance, with the possibility of voluntary retirement savings and tax incentives.

Keywords: pension insurance, reforms, private savings, Siberian Federal District


  1. Abramov A., Radygin A., Chernova M., Akshentseva K. [Effectiveness of pension saving management: theoretical and empirical aspects]. Voprosy Ekonomiki, 2015, no. 7, pp. 26–44. URL: (In Russ.)
  2. Roik V.D. [Social-Labour and Social-Insurance Methods for Retirement Age]. EKO = ECO, 2015, no. 6, pp. 93–108. (In Russ.)
  3. Solov'ev A.K. [Demographic risks of the pension reform in the Russian Federation]. Ekonomika regiona = Economy of Region, 2016, vol. 12, iss. 1, pp. (In Russ.) URL:
  4. Tumanyants K.A., Antonenko I.V., Antosik L.V., Shlevkova T.V. [Pension savings investments: government or private sector?]. Finansovyi zhurnal = Financial Journal, 2017, no. 1, pp. 91–102. URL: (In Russ.)
  5. Fedorova E.A., Nekhaenko V.V., Dovzhenko S.E. [Impact of financial literacy of the population of the Russian Federation on behavior on financial market: Empirical evaluation]. Problemy prognozirovaniya = Problems of Forecasting, 2015, no. 4, pp. 105–117. URL: (In Russ.)
  6. Barr N., Diamond P. Reforming Pensions: Principles and Policy Choices. Oxford University Press, 2008, 368 p. URL:
  7. Chłoń-Domińczak A., Franco D., Palmer E. The First Wave of NDC Reforms: The Experiences of Italy, Latvia, Poland and Sweden. In: R. Holzmann, E. Palmer & D. Robalino (Eds) Nonfinancial Defined Contribution Pension Schemes in a Changing World: Progress, Lessons and Implementation. Washington, The World Bank, 2012, vol. 1, pp. 31–84. URL:
  8. Diamond P.A. Taxation, Incomplete Markets and Social Security. Cambridge, The MIT Press, 2003, 216 p.
  9. Guardiancich I. Pension Reforms in Central, Eastern, and Southeastern Europe: From Post-Socialist Transition to the Global Economic Crisis. London, Routledge, 2012, 304 p.
  10. Müller K. Pension Privatization and Economic Development in Central Eastern European Pension Reform. In: Hujo K. Reforming Pensions in Developing and Transition Countries. UK, Palgrave Macmillan, 2014, pp. 41–68. URL:
  11. Whitehouse E. Policies for Encourage Private Pensions Savings: Evidence from OECD Countries. In: Richard Hinz, Robert Holzmann, David Tuesta and Noriyuki Takayama (Eds) Matching Contributions for Pensions: A Review of International Experience. International Bank for Reconstruction and Development. NW, Washington DC 20433, The World Bank, 2012, pp. 27–50. URL:
  12. Ovcharova L.N., Biryukova S.S., Selezneva E.V. et al. Naselenie Rossii v 2016 godu: dokhody, raskhody i sotsial'noe samochuvstvie. Monitoring NIU VShE. Itogi goda [Russia's population in 2016: income, expenditure, and social well-being. Monitoring HSE. Results of the Year]. Moscow, HSE Publ., 2017, 56 p.
  13. Avraamova E.M., Burdyak A., Grishina E.E. et al. Ekonomicheskii krizis – sotsial'noe izmerenie: informatsionno-analiticheskii byulleten' [Economic crisis – social dimension: an information and analysis bulletin]. Moscow, RANEPA Publ., 2015, vol. 1, 104 p.
  14. Maratkanova I.V. [Household savings as a source of investment: Trends and prospects]. Finansy i kredit = Finance and Credit, 2016, vol. 22, iss. 43, pp. 28–45. (In Russ.)
  15. Kaspar'yants N.M. [Features of the Russian pension system: regional dimension]. Nauchno-metodicheskii elektronnyi zhurnal Kontsept, 2014, vol. 20, pp. 456–460. (In Russ.) URL:
  16. Grishchenko N.B. [Problems of reforming social insurance in transition economies]. Finansy = Finance, 2007, no. 3, pp. 49–54. URL: (In Russ.)
  17. Domonkos S., Simonovits A. Pensions in Transition in EU11 Countries between 1990 and 2015. Budapest, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, MT-DP – 2016/15, 29 p. URL:
  18. Naczyk M., Domonkos S. The Financial Crisis and Varieties of Pension Privatization Reversals in Eastern Europe. Governance, 2016, vol. 29, iss. 2, pр. 167–184. URL:
  19. Bielawska К., Chłoń-Domińczak А., Stańko D. Retreat from Mandatory Pension Funds in Countries of the Eastern and Central Europe in Result of Financial and Fiscal Crisis: Causes, Effects and Recommendations for Fiscal Rules. Warsaw, 2015, National Science Centre in Poland, 104 p. URL:
  20. Shestakova E.E. [Main trends in reforming provision of pensions]. Problemy prognozirovaniya = Problems of Forecasting, 2015, no. 6, pp. 136–145. URL: (In Russ.)

View all articles of issue


ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 15, Iss. 12
December 2017