Subject The article considers the evolution of formation and use of financial resources for pension protection in the Russian Federation. Objectives The aims of the research are to find a compromise between balanced budget expenditures for pension provision and performance of social obligations of the State to mitigate the risk of loss of labor capacity due to old age, and to approximate the pension size in the Russian Federation to the level recommended by the International Labor Organization (ILO) and the Organization for Economic Cooperation and Development (OECD). Results I calculated and justified quantitative and qualitative indicators of pension protection in Russia; considered changes in the size of pension payments to pensioners at the final stage of the Soviet Union and throughout the modern history of the Russian Federation. Furthermore, I analyzed the ILO and OECD recommendations on the level of pensions in developed countries, the main results of pension reforms implemented in the Russian Federation, advantages and disadvantages of pension financing from the State budget or from the State non-budgetary fund. Conclusions Based on the findings, I conclude on the specifics of institutional reforms of the pension system, and the evolution of the level of retirees' material security in the Russian Federation. The study attempts to assess the impact of relevant transformations on the degree of compensation of disability risk due to old age.
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