Home  Journals  Finance and Credit  6(846) - 2024 June

Periodization of stages of the Russian Federation pension system reforming

Received: 22 January 2024

Received in revised form: 5 February 2024

Accepted: 19 February 2024

Available online: 28 June 2024

Subject Heading: Insurance

JEL Classification: G22, J14

Pages: 1360-1380

https://doi.org/10.24891/fc.30.6.1360

Subject. This article examines the pension system of Russia in the period from 1990 to the present, the step-by-step process of its formation, development, reform, and accompanying problems.
Objectives. The article aims to periodize the process of pension reforming in post-Soviet Russia, describe the main stages, summarize the transformations, and assess the further prospects of the pension system.
Methods. For the study, we used comparative, statistical, analytical, and chronological methods.
Results. The article identifies the key stages in the development of the pension legislation of the Russian Federation and analyzes each of them from the standpoint of setting goals, their implementation and consequences, and the ensuing problems.
Conclusions. The decline in the pension replacement rate, the budget deficit of the Social Fund of Russia, the liquidation of the State-funded pension and the unclear prospects of the new long-term savings programme cast doubt on the sufficiency and effectiveness of the reforms carried out. In the future, compulsory pension insurance will develop towards a pay-as-you-go pension scheme. The funded component of the system will move to the sphere of non-State pension provision.

Keywords: pension system reform, compulsory pension insurance, non-State pension provision, old-age pension

References:

1. Ermak L.A. Pensionirovanie v sisteme sotsial'nogo strakhovaniya [Pensions in the social insurance system]. Moscow, Institute of Economics RAS Publ., 2016, 47 p.
2. Roik V.D. Pensionnaya sistema Rossii: vyzovy XXI veka i puti modernizatsii [The pension system of Russia: challenges of the 21st century and ways of modernization]. St. Petersburg, Piter Publ., 2012, 256 p.
3. Rubanova N.A. [The law of social security: features of pension insurance under Russian law]. Colloquium-journal, 2019, no. 2-6, pp. 97–99. (In Russ.) URL: Link
4. Volkov A.F. [Pension policy of Russia in the post-Soviet period: historical aspect]. Vlast' i upravlenie na Vostoke Rossii = Power and Governance in the East of Russia, 2022, no. 2, pp. 113–125. (In Russ.) URL: Link
5. Kulakov A.V. [Pension assurance: history and present days]. Nauchnye zapiski molodykh issledovatelei, 2022, vol. 10, no. 1, pp. 5–15. (In Russ.) URL: Link
6. Uryupina A.A. [Pension reforms in the history of Russia]. Gorizonty ekonomiki = Horizons of Economics, 2018, no. 5, pp. 27–34. (In Russ.)
7. Bisultanova A.A. [Characteristic features of the reform of the pension system of the Russian Federation]. Ekonomicheskii vektor, 2020, no. 2, pp. 85–88. (In Russ.) URL: Link
8. Khramchenko A.A., Abramyan M.N., Borsuk D.A. [Assessment of the structure of the dynamics of the pension system in the Russian Federation]. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge, 2020, no. 4, pp. 440–443. (In Russ.) URL: Link
9. Kruglyak L.I., Fatkhlislamova G.F. [The formation of non-state pension funds in the pension system of the Russian Federation]. Vestnik Universiteta, 2018, no. 9, pp. 22–26. URL: Link (In Russ.)
10. Klimashova Yu.I. [Prospects for the development of compulsory pension insurance in Russia]. Ekonomicheskii vektor, 2023, no. 2, pp. 19–22. (In Russ.) URL: Link
11. Chichkanov V.P., Chistova E.V. [Reforming the pension system of Russia: directions of development and evaluation criteria]. Zhurnal ekonomicheskoi teorii = Journal of Economic Theory, 2019, vol. 16, no. 4, pp. 606–616. URL: Link (In Russ.)
12. Knyazeva D.D. [Demographic aspects of pension reform in Russia]. Mezhdunarodnyi nauchno-issledovatel'skii zhurnal, 2021, no. 6, pp. 186–190. (In Russ.) URL: Link
13. Shugaeva I.V. [The replacement coefficient as an economic indicator of the effectiveness of the pension system]. Vlast' i upravlenie na Vostoke Rossii = Power and Governance in the East of Russia, 2020, no. 1, pp. 24–32. (In Russ.) URL: Link
14. Kashepov A.V. [Pension reform: preliminary results and assessment of their impact on the economic situation of older age groups of the population]. Sotsial'no-trudovye issledovaniya = Social and Labor Research, 2023, no. 3, pp. 56–67. (In Russ.) URL: Link
15. Ponomarenko K.S., Lagkueva I.V. [The development of the Russian stock market in terms of a voluntary long-term savings program]. Voprosy rossiiskogo i mezhdunarodnogo prava = Issues of Russian and International Law, 2023, vol. 13, no. 3-1, pp. 256–264. (In Russ.)
16. Dement'ev N.P. [The pension system in modern Russia: reform after reform]. EKO = ECO, 2019, no. 8, pp. 9–30. URL: Link (In Russ.)
17. Tyumeneva N.V. [Pension reform in Russia: causes and consequences]. Epokha nauki, 2019, no. 18, pp. 27–30. (In Russ.) URL: Link

View all articles of issue

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

Journal current issue

Vol. 30, Iss. 6 June 2024

Archive