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Conceptual framework for pension system financing

Vol. 26, Iss. 1, JANUARY 2020

Received: 25 November 2019

Received in revised form: 9 December 2019

Accepted: 23 December 2019

Available online: 30 January 2020

Subject Heading: Financial system

JEL Classification: E61, Е65, H55, H62, I38

Pages: 50–61

https://doi.org/10.24891/fc.26.1.50

Madatova O.V. Academy of Marketing and Social Information Technologies – IMSIT, Krasnodar, Russian Federation
mokb@bk.ru

https://orcid.org/0000-0001-6441-5246

Belukhin V.V. Academy of Marketing and Social Information Technologies – IMSIT, Krasnodar, Russian Federation
alenbi@rambler.ru

https://orcid.org/0000-0002-8234-7379

Subject The transition to market relations necessitated changes to the pension system of the country. However, we do not have a unified conceptual approach to building a new system either in theory or in practice. This situation intensified the need for a fresh approach to solving the problem.
Objectives The study aims to develop a new approach to building the Russian pension system.
Methods We employed empirical (observation, study, analysis), theoretical (synthesis, deduction, induction), and quantitative (statistical) methods of scientific research.
Results The study enables to develop a fundamentally new approach to the Russian pension system financing.
Conclusions and Relevance We believe, the said system should rest on principles of justice and social security. Moreover, it should be based on individual pension savings of citizens within the framework of relevant public pension schemes. The level of pensions should be directly influenced by pension savings of individuals. For persons, who have already retired or worked for a certain time before the reform of individual pension savings, the State provides pensions in full (for pensioners) and in part (for previously employed) from the budgets of corresponding levels, as well as from proceeds from sale of State and municipal property to the Pension Fund of Russia as part of the program for investing the pension savings of citizens in profitable sectors of Russia’s economy.

Keywords: public finance, budget, pension fund, pension system

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