Experience of European pension systems reforming and the possibility of its use in the Russian Federation

Authors

  • Егор Дмитриевич Заболотский Department of collective investment and trust managing, Bank of Russia, 12 Neglinnaya Street, Moscow, Russian Federation, 107016

DOI:

https://doi.org/10.21638/11701/spbu05.2017.307

Abstract

In recent years, after the World Bank publication in 1994, there has been much discussion about pension systems reforming. A key issue considered by World Bank was increasing life expectancy and projected pension resources shortfall. Since 2000 the European Commission actively participates in the process of reforming pension systems in European Union (EU) member States. The aim of the study was to develop concept for further reforms of the Russian pension system based on the experience of EU. The need for Russian pension system change is due to increasing maintenance costs, dependence on budget revenue and participant contributions, low level of total pension system assets and anticipated growth deficit of the Pension Fund of the Russian Federation. Increasing and equalization of the retirement age between men and women, increasing contributions of employees for funded pension, lifting of the moratorium on the transfers to non-state pension funds and further development of individual supplemental pension (non-governmental) were identified as major proposals for priority directions in improving Russian pension system, based on EU experience. Refs 26. Figs 4. Tables 7.

Keywords:

pension systems, reforming, key indicators analysis, European Union, Russia

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References

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Published

2017-09-29

How to Cite

Заболотский, Е. Д. (2017). Experience of European pension systems reforming and the possibility of its use in the Russian Federation. St Petersburg University Journal of Economic Studies, 33(3), 472–497. https://doi.org/10.21638/11701/spbu05.2017.307

Issue

Section

Global economy and international finance