Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

Studying pension payments in the compulsory social insurance system under increasing risks to financial stability

Vol. 25, Iss. 5, MAY 2019

Received: 4 February 2019

Received in revised form: 18 February 2019

Accepted: 5 March 2019

Available online: 30 May 2019

Subject Heading: Financial system

JEL Classification: Е62, G18, Н55

Pages: 980–992

Ovcharov A.O. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Matveev V.A. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Subject The article scrutinizes the current system of pension payments, which rests on overstated pay-as-you-go financed pension contributions. The study focuses on developing the new approaches to pension resources management in the system of compulsory social insurance.
Objectives The primary purpose is to define urgent problems in the Russian pension system and devise an updated methodology for calculating pension benefits, considering the demographic and remuneration factors.
Methods The study employs general scientific methods, like comparison, analysis, synthesis, abstraction, and special statistical methods for economic data interpretation.
Results We disclose key issues in the retirement savings management that are associated with imbalances in the pension system and inefficient use of pension funds; underpin the importance of improving the management of pension resources through decreasing the reliance of future pensioners' welfare on the distributive element and increasing the insurance element and the funded element that are guaranteed by the State. The paper presents a tested methodology to calculate the pay-as-you-go financed part of pension payments in conditions of the proposed stagewise differentiation of insurance rates over 2018–2050.
Conclusions We propose to redistribute the portion of high revenues to the pay-as-you-go financed part of pension payments (the guaranteed minimum) to reduce the increasing deficit, rather than to introduce a progressive scale of personal income tax. It is also necessary to neutralize the impact of age structure and demographic factor by balancing the revenues and expenditures of the demographic compensation fund.

Keywords: pension payment, instability, insurance premium, tariff, model


  1. Gorlin Yu., Lyashok V., Maleva T. [Pension Age Increase: Positive Effects and the Possible Risks]. Ekonomicheskaya politika = Economic Policy, 2018, vol. 13, no. 1, pp. 148–179. URL: Link (In Russ.)
  2. Medvedev D.A. [Russia-2024: The strategy of social and economic development]. Voprosy Ekonomiki, 2018, no. 10, pp. 5–28. URL: Link (In Russ.)
  3. Sinyavskaya O.V. [Russian pension system in the context of demographic challenges and constraints]. Ekonomicheskii zhurnal Vysshei shkoly ekonomiki = The HSE Economic Journal, 2017, vol. 21, no. 4, pp. 562–591. URL: Link (In Russ.)
  4. Gontmakher E.Sh. [The Russian pension system after the 2002 reform: Problems and prospects]. Zhurnal novoi ekonomicheskoi assotsiatsii = Journal of New Economic Association, 2009, no. 1-2, pp. 190–206. URL: Link (In Russ.)
  5. Ivanova M.A. [Pension system and labor activity: International experience]. Voprosy Ekonomiki, 2018, no. 10, pp. 53–75. (In Russ.)
  6. Popov A.A. [U.S. Pension System: Impact of the Crisis. Comparison with Russian Pension System]. SShA i Kanada: ekonomika, politika, kul'tura = USA v Canada: Economics, Politics, Culture, 2009, no. 11, pp. 15–32. (In Russ.)
  7. Emel'yanova T.V. [Financial security of pension systems in the EU and in Russia]. Finansy = Finance, 2008, no. 10, pp. 64–66. URL: Link (In Russ.)
  8. Dzhulai D.V. [Analysis of factors affecting retirement benefits through econometric model building]. Problemy razvitiya sovremennoi ekonomiki, 2016, no. 7, pp. 48–52. (In Russ.)
  9. Daimond P. [Taxes and pension payments]. Ekonomicheskaya politika = Economic Policy, 2010, no. 6, pp. 59–74. (In Russ.)
  10. Lebedeva L.F. [U.S. Pension System in the 21st Century Financial-Economic Destabilisation Risks]. SShA i Kanada: ekonomika, politika, kul'tura = USA v Canada: Economics, Politics, Culture, 2014, no. 3, pp. 22–30. (In Russ.)
  11. Dozhdeva E.E., Prosvetova A.A. [Identifying the structural causes of the deficit of the Pension Fund of Russia]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2017, no. 2-1, pp. 1031–1034. (In Russ.)
  12. Emel'yantseva M.Yu., Ushnitskaya L.E. [The problem of the budget deficit of the Pension Fund of Russia]. Ekonomika i sotsium, 2014, no. 2-2, pp. 23–27. (In Russ.) URL: Link
  13. Kudrin A., Gurvich E. [Population aging and risks of budget crisis]. Voprosy Ekonomiki, 2012, no. 3, pp. 52–79. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 5
May 2019