Investing Pension Savings in Russia: Results and Lessons for the Future

IF 0.4 Q4 ECONOMICS Ekonomicheskaya politika Pub Date : 2023-01-01 DOI:10.18288/1994-5124-2023-3-8-45
Alexander Abramov, Maria Chernova
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引用次数: 2

Abstract

A mandatory savings pillar was added to the Russian pension system in 2002, but by 2022 the Ministry of Finance terminated it and transformed it into voluntary pension savings. Because it was in effect for much less time than the typical life-cycle horizon, mandatory pension savings never had a chance to show its potential for increasing the pension benefits of future pensioners. The successful implementation of a mandatory savings pillar requires that general rules and regulation remain stable over at least a 40-year time horizon for the accumulation phase and a 20-year time horizon for the decumulation or payout phase. In addition to the brevity of its existence, the mandatory savings pillar also faced several other obstacles. The state prioritized the welfare of existing pensioners, and this bias eventually led to the introduction of more and more restrictions on the pension savings pillar and its coverage. Many problems arose in the administration of pension savings and in coordinating the actions of various government departments involved in its regulation. Low investment efficiency for pension savings, irrational asset allocation in non-state pension funds’ portfolios, and poor active management decisions were among other issues. Based on the problems outlined, the authors have formulated basic proposals for the future of the pension savings system
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在俄罗斯投资养老金储蓄:对未来的结果和教训
2002年,俄罗斯的养老金体系中加入了强制性储蓄支柱,但到2022年,财政部将其终止,并将其转变为自愿养老金储蓄。因为它的生效时间比典型的生命周期短得多,强制性养恤金储蓄从来没有机会显示其增加未来养恤金领取者养恤金福利的潜力。强制性储蓄支柱的成功实施要求一般规则和条例在累积阶段至少40年的时间范围内保持稳定,在累积或支付阶段20年的时间范围内保持稳定。除了存在时间短暂之外,强制性储蓄支柱还面临其他几个障碍。国家优先考虑现有养老金领取者的福利,这种偏见最终导致对养老金储蓄支柱及其覆盖范围引入越来越多的限制。在养老金储蓄管理和协调参与管理的各政府部门的行动方面出现了许多问题。养老金储蓄投资效率低、非国有养老基金投资组合资产配置不合理、积极管理决策不佳等问题。基于概述的问题,作者对养老金储蓄制度的未来提出了基本建议
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来源期刊
CiteScore
1.30
自引率
20.00%
发文量
0
期刊介绍: Ekonomicheskaya Politika is a broad-range economic journal devoted primarily to the study of the economic policy of present-day Russia as well as global economic problems. The subject matters of articles includes macroeconomic, fiscal, monetary, industrial, social, regulation and competition policyand more. The journal also publishes theoretical papers in such areas as political economy, general economic theory, welfare economics, law and economics,and institutional economics.. The character and the scope of economic problems studied in many publications require a multidisciplinary approach, consistent with the editorial policy of the journal. While the thematic scope of articles is generally related to Russia, the aim of editorial policy is to cover politico-economic processes in the modern world and international economic relations, as well. In addition, Ekonomicheskaya Politika publishes Russian translations of classical and significant modern works of foreign economists.
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