Failure of the Funded Model of the Russian Pension System: Reasons and Solutions

Grigorieva, Lyubov V.; Mytareva, Leyla; Shkarupa, Ekaterina

doi:10.1007/978-3-030-00102-5_40

Cited by 3 publications

(3 citation statements)

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“…The described economic interests of each subject of pension protection for the population create an internal conflict in the system. This has a strong impact on the results of its functioning (Grigorieva et al, 2019). For clarity, it is necessary to analyze several indicators characterizing this conflict (Table 01).…”

Section: Assessment Of the Impact Of The Conflict Of Economic Interes...mentioning

confidence: 99%

Resolution Of Conflicts Of Economic Interests In The System Of Pension Protection

Yalmaev¹

2022

The European Proceedings of Social and Behavioural Sciences

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Providing the population with protection from poverty in the event of loss of labor income is an important direction of the social policy of any state. To do this, the government creates a system of pension protection for the population and involves various economic entities in it. Entering economic relations, the subjects of the pension protection system pursue their economic interests, which require increased study attention due to their fundamental nature for effective economic interactions and the stable functioning of the system. The conducted studies made it possible to identify four main subjects of the

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Section: Assessment Of the Impact Of The Conflict Of Economic Interes...mentioning

confidence: 99%

Resolution Of Conflicts Of Economic Interests In The System Of Pension Protection

Yalmaev¹

2022

The European Proceedings of Social and Behavioural Sciences

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“…In particular, securities (bonds, shares, savings certificates, investment shares and others), deposits (in national and foreign currency) in commercial banks, metal accounts, individual investment accounts, and others. Non-financial instruments include real estate, antiques, "reverse mortgages" (life care contracts for a pensioner in exchange for his real estate) and others (Grigorieva et al, 2019).…”

Section: Tools For Alternative Pension Capital In the Russian Financial Marketmentioning

confidence: 99%

Alternative Pension Capital: Opportunities Of The Russian Financial Market

Yalmaev¹

2021

European Proceedings of Social and Behavioural Sciences

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Due to the failure of the Russian pension reform, the population of the country faces the urgent need of finding other sources for the formation of individual pension capital. To do this, financial and nonfinancial instruments may be used that are not part of the state pension protection system. Thus, this concerns the formation of alternative pension capital. The paper describes the economic mechanism of the above capital, the principles of its formation. The key principle of allocating the financial capital of an individual as an alternative pension is targeting. It was this that formed the basis of further empirical research and made it possible to select the optimal financial instruments available to the population in the Russian financial market. The concentration of attention on individual investment accounts (IIA) and bank deposits showed the high prospects of the former. This is caused by an increase in the level of accessibility of this instrument (development of financial infrastructure), higher level of profitability, and the availability of tax incentives. Deposits in this case lose, since the level of real profitability is falling, and since 2021, income from deposits over 1 million rubles will be taxed on the income tax, but this does not indicate the complete futility of this instrument. Another area is the creation of pension deposits in commercial banks. They also take into account the long-term nature of investments and are more attractive to people with a conservative pension strategy and low disposable income.

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“…These problems are aggravated by the fact that the system of pension protection of population is not ready to economy digitization (Grigorieva, Mytareva, & Shkarupa, 2019). As integration in EEU increases social mobility, and economy digitization creates common digital space, the opportunities for earnings widen.…”

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confidence: 99%