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Individual investment account as an alternative to individual pension capital

Vol. 24, Iss. 11, NOVEMBER 2018

Received: 9 July 2018

Received in revised form: 23 July 2018

Accepted: 6 August 2018

Available online: 29 November 2018

Subject Heading: INVESTING

JEL Classification: G11, H5

Pages: 2454–2468

Markov A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject The article investigates the individual investment account as a tool for personal savings intended to complement the government retirement benefits. It shows that the said account is an effective alternative to individual pension capital, which is planned to be implemented in the Russian pension system in 2019–2020.
Objectives The aim is to compare various parameters of individual investment account and individual pension capital to determine the most effective instrument for pension savings accumulation.
Methods I compared the tools of Russian non-governmental pension funds with those of individual investment accounts from the perspective of transparency, title to and descent of invested capital, etc.
Results I offer to use the concept of individual investment account instead of individual pension capital as a more convenient and effective instrument for capital accumulation, which will supplement the public pension benefits.
Conclusions The article presents arguments for pension capital formation by any individual, even if he or she is not deeply acquainted with investment. Therefore, independent investment decisions made through individual investment account can provide more benefits to future pensioner than decisions made by non-government pension funds as part of individual pension capital concept.

Keywords: individual investment account, individual pension capital, pension coverage, non-governmental pension fund


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