Reforming the Russian pension system

Abstract

The article deals with current problems of development of the pension system of the Russian Federation and determines optimal directions for further changes in the Russian legislation and economic practice of the pension system functioning. This will ensure a stable and predictable position of the latter without having a significant deficit between cash inflows and outflows. Although there are active attempts to implement changes in the sphere of pension insurance of citizens, they are tactical in nature, so they do not allow to resolve all existing contradictions and eliminate imbalances. The purpose of the work is to systematize current trends in the sphere of reforming the pension system of the Russian Federation to improve its sustainability, ensuring compliance with the inflow of cash outflows. General scientific and empirical (statistical) methods are used as research methods. The latter include horizontal and vertical analysis, calculation of relative coefficients. The research process consists of several stages. First of all, the opinions of other authors are studied. At the second stage there is systematization of data concerning trends and tendencies of development of the pension system of the Russian Federation. After that optimal directions for further reforming of the pension system are formulated to eliminate existing problems and imbalances. It has been revealed that the share of assets of the pension system of the Russian Federation in the total gross domestic product is extremely low, at 5.09%. At the same time, most other developing and developed countries are characterized by a higher indicator, for example, for Kazakhstan this indicator is 16.6%. It has been determined that the average account of the insured person in non-state pension funds is low, and the return on investment of pension savings in some years does not exceed the level of inflation. Thus, it is important not only to balance the inflow and outflow of funds within the pension system, but also to protect accumulated assets from depreciation.