Development of the Corporate Pension System in Russia

Abstract

According to the Strategy for long-term development of the pension system until 2030, the Russian Federation is transitioning to a three-tier model for the pension system. Successful implementation of this strategy requires mechanisms and additional incentives that would facilitate the development of corporate pension systems. For this, in turn, it will be necessary to systematize the Russian and international experience in the field of formation of corporate pension programs, to identify the factors that hinder the development of corporate pension programs, and to propose key measures aimed at facilitating the development of corporate pension plans. Aim. The presented study aims to determine the role and place of corporate pension plans in the pension system of the Russian Federation. Tasks. The authors assess the necessity and importance of corporate pension, evaluate the demand for defined contribution pension plans, and identify the key characteristics of the modern non-state pension market. Methods . This study uses theoretical and empirical research methods: retrospective analysis of economic indicators, comparison, synthesis, and the monographic method. Results. The role of corporate pension in the overall pension system is determined. The obstacles to the implementation of corporate pension plans are identified. The major pension indicators and performance indicators of nonstate pension funds in the Russian Federation are assessed. Conclusions. The study identifies the non-state pension market indicators that stipulate the limitations in the development strategy of most funds. A number of measures are proposed to enhance the sustainability of the pension system by increasing trust in non-state pension funds and creating an efficient tax system for investment income.