Subject The article examines foreign experience in pension scheme arrangement. Objectives The aim of the study is to underpin the need for a new pension reform, and offer its basic principles, stages, and specific activities. Methods The methodology rests on general scientific methods (analysis, comparison, measurement), and special ones (statistical in particular). Results The analysis of the top 20 countries of Global AgeWatch Index 2015 shows that at least 12 States made decisions on further increase in retirement age. In the overwhelming majority of the former USSR countries the retirement age is higher than in the Russian Federation. Despite the measures taken by the Government and changes in the Russian pension system, most of the problems remained unresolved. They include raising the retirement age, a procedure and conditions for awarding social pensions, lack of confidence in private pension funds, etc.The findings may be used for decision-making on modernization of social and economic processes by specialists of public authorities. Conclusions and Relevance Russia needs a new pension reform based on ten principles (fairness, transparency, stability of pension legislation, wide publicity of amendments to pension law, promotion of responsible citizenship, etc.). The reform should be carried out in two stages with a set of measured to be implemented at each stage.
Keywords: pension reform, pension fund, retirement age, social pension
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