Reform and Challenges for Private Pensions in Russia

Private Pensions Series No. 7 The Russian Federation has undergone a major reform of the pension system which has resulted in a shift from a single, publicly managed system to one supplemented by a mandatory, privately managed occupational funded component and voluntary pension arrangements. The reform aimed to tackle a set of problems of demographic, social and economic order inherent to retirement income provision and was viewed as a way to improve old-age security of retirees in Russia by ensuring long-term financial and fiscal stability of the pension system and adequacy of pension benefits. This book examines these reforms and new challenges related to the reforms. Most prominent among the challenges is the need to further strengthen the pension system regulatory capacity and enforcement powers of the authorities in charge of the oversight of private pension institutions.

Table of contents

• Executive Summary
• Background for Pension Reform
     -Pension Reform Goals and Framework
     -Main Elements of the New Mandatory Labour Pension System
     -Adjustments in the Reform Path
• The General Design of the Mandatory Pension System
     -The Pay As You Go (PAYG) System
     -The Mandatory Funded Pillar
     -Administration and Regulation of the Mandatory Pension System
     -The Pension Fund of the Russian Federation
     -Other Institutions Involved in the Mandatory Funded Pension Systm
     -Investment Regulation of the Mandatory Funded Pillar
• Voluntary Occupational and Personal Pension Plans
     -Design and Operation of Voluntary Private Pension Systems in Russis
     -Recent Developments in the Voluntary Pensions Market
     -Investment Regulation
• Organisation of Supervision in the Funded Components of the Pension System
• Conclusions and Policy Recommendations
• Annex 1. Population Data
• Annex 2. Contribution Rates to Finance the Insurance and Funded Parts of the Labour Pension
• Annex 3. Categories of Persons Entitled to Participate in Professional Pension Plans
• Annex 4. General Scheme of Investment of Pensions Accumulations in the Mandatory Funded Pension System
• Annex 5. Investment Limits in the Mandatory Funded Pension System
• Annex 6. Investment Limits in the Voluntary Pension System: Requirements for Composition and Structure of the Pension Reserves of Non-State Pension Funds (3rd Pillar)

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