Periodization of stages of the Russian Federation pension system reforming

Abstract

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.