Author: Yulia Yu. Finogenova and Pavel A. Kozlov

Abstract:

The paper analyzes the results of ongoing transformations of the Russian pension system (starting from January 1, 2015) and the implementation peculiarities of the Strategy of long-term Russian pension system development. The findings demonstrated that the pension system is gradually evolving: the number of the people covered and the minimum level of pensions are increasing, and the scope of application of insurance principles in the system of compulsory pension insurance is steadily growing. The article generalizes on the results of the legal acts taken in the late 2013, which determined the further development directions for the Russian pension system. The research used the methods of grouping, comparison, analysis and graphic illustration.  The authors conclude that implementation of the measures relating to early retirement has led to a progressive growth in the number of pensioners, whose pensions were given on general grounds, and this process contributed to the present soundness of the pension system.

Keywords: pension system; insured retirement pension; early retirement; replacement rate; minimum cost of living for pensioner; insured pension; funded pension; individual pension coefficient.