DEVELOPMENT OF NON-STATE PENSION SYSTEM IN RUSSIA

Abstract

The article describes the role of non-state pension provision in the pension system of Russia, examines the key indicators of the voluntary pension savings market. As part of the study, the analysis of the results of the activities of the leading non-state funds of the Russian Federation was carried out. The factors hindering the development of a non-state pension system have been identified. The demographic situation, namely the unfavorable ratio between the number of able-bodied population and pensioners, is among the main factors. Moreover, an increase in the retirement age in the long term will not be able to affect the change in the situation. In addition, the Russian market has a high level of public distrust of the activities of NPFs, lack of awareness and financial literacy of potential recipients of additional pension provision. The low level of wages also does not stimulate the development of this direction. Legislative initiatives such as an increase in the minimum level of own funds, a moratorium on the formation of the funded part of the pension can have negative consequences.