Main problems of the balanced pension system and its solution

Author(s):  M.E. Kosov, candidate of Sciences, associate Professor, Financial University under the Government of the Russian Federation, Moscow, Russia,

Issue:  Volume 46, № 3

Rubric:  Public and business finance

Annotation:  Subject of studying are balance problems of the Russian pension system. The purpose of work is identification of the main problems of balance of pension system and development of approaches to their decision. Synthesis and the analysis of statistical data and also comparison, formalization and a specification act as methods of a research. Problems of balance of the pension system of Russia are connected with functioning of the Pension Fund of the Russian Federation and the sector of non-state pension insurance. Growth of demographic loading, the low income of the population are the main factors having negative effect on functioning of the Pension Fund. In too time the non-state pension funds face a problem of nobody profitability level, in view of absence risk of management and also low literacy of the population of the country in general. All these factors have negative effect on balance of the pension system of the country. Results of a research can be used by authorized bodies in the field of reforming of the pension system of Russia for the purpose of ensuring its balance and successful functioning. Changes of a system of provision of pensions in Russia happen over 18 years in view of change of the legislation. For this period effectively functioning system providing the population with pensions comparable with average world was not created and also the economy did not receive an investment resource in the form of "long-term money". A solution is lifting of restrictions on independent management of pension savings of citizens. This decision will allow differently distributes money in economy, will form a basis for development of the market of non-state pension.

Keywords:  pension system, pension insurance, pensions, Pension Fund of the Russian Federation, non-state pension funds.

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