THE COVERAGE OF PENSION SAVINGS PLANS IN THE OECD COUNTRIES

Abstract

In the OECD countries, pension savings plans, although it was partially discredited during the crisis period, seem to be more effective than pay-as-you-go plans in the face of the growing pension burden on the state budget as a result of aging of population and changing nature of work. The porpoise of the research. In the article an attempt is made to determine the most promising method of increasing the coverage of funded pensions of the working population. The article examines the design of pension systems, determines which plans are funded. The article presents the main directions of changes in the pension systems of the OECD members in the period 2015-2022 and the problems that provoked such reforming. It is concluded that in the last few years, insufficient attention has been paid to improving the pension coverage. The article also analyzes the coverage rates of pension savings plans and determines the main ways that OECD countries have used to increase the coverage. Results. The author concludes that in order to increase the coverage of pension savings plans, the using of the mechanism of automatic enrolment may become the main way for the OECD members and in the distant future for Russia.