Subject. The article focuses on the Danish pension system, which is well known for its reliability and the return on pension savings. The study discusses Denmark, because the number of population (over 80 percent) makes voluntary pension contributions, which resonates with the pension reform in the Russian Federation and the idea of convincing the Russian people make voluntary pension contribution to non-governmental pension funds. Objectives. I make suggestions on adapting Denmark’s successful practices of using such pension products that provide for voluntary pension pension contributions. I analyze the Danish pension system by tier, statistics on people involved into various pension plans, determine strengths of cumulative mechanisms, which help independently save and preserve the standard of living of working people when they retire. Methods. The article is based on methods of comparative analysis, induction, deduction, graphical representation. Results. The article shows the amount of the governmental pension in Denmark, overviews variants of pension plans with definite contributions and payments, points out some common aspects of the Russian and Danish pension systems. I explain why the pension reform is needed due to demographic challenges, such as population aging and the inability of Russia’s pay-as-you-go pension system to ensure the decent living for the retired. Conclusions and Relevance. The Danish expertise can be borrowed for the Russian practice so as to create the second and the third components (tiers) of the pension system, which would include professional and personal pension plans to be formed on the conditionally voluntary basis The suggestions herein can be used by executive authorities to outline new pension plans. As for the practical relevance, the article adapts some elements of the Danish pension system to the Russian practice.
Per Bremer Rasmussen. The Danish Pension System – in a Class of Its Own. URL: Link
Shvandar K.V., Anisimova A.A. [World Experience of Pension Guarantees in Voluntary Pension Plans]. Finansovyi zhurnal = Financial Journal, 2019, no. 5, pp. 64–73. (In Russ.) URL: Link 10.31107/2075-1990-2019-5-64-7
Shmigol' N.S. [Foreign Experience of Stimulating People's Participation in Voluntary Funded Pension Systems and Prospects of its Application in Russia]. Ekonomika. Nalogi. Pravo = Economics, Taxes & Law, 2016, vol. 9, no. 6, pp. 57–67. URL: Link (In Russ.)
Bakhmatov S.A., Borodavko L.S., Semenova E.V. [The Development of Voluntary Pension Insurance in the Russian Federation]. Izvestiya Baikal'skogo gosudarstvennogo universiteta = Bulletin f Baikal State University, 2019, vol. 29, no. 2, pp. 244–252. (In Russ.) URL: Link244-252
Pudova D.O. [Funded Pension Systems: Evidence from the Netherlands, Denmark, and Sweden]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priority and Security, 2017, vol. 13, no. 11, pp. 2152–2165. (In Russ.) URL: Link
Andersen J.G. The Danish Pension System. Policy Network, 2016. URL: Link
Østrup F. The Optimal Pension System: Is Denmark Best? In: Muir D.M., Turner J.A. (eds) Imagining the Ideal Pension System International Perspectives. Kalamazoo, Michigan, W.E. Upjohn Institute for Employment Research, 2011, pp. 113–130.
Hougaard Jensen S.E., Lassila J., Määttänen N. et al. The Top Three Pension Systems: Denmark, Finland, and the Netherlands. The Journal of Retirement, 2020, vol. 8, iss. 2, pp. 76–82. URL: Link
Peillard P.M. El Sistema de Pensiones en Dinamarca. Asesoría Técnica Parlamentaria, 2020, enero. URL: Link
Abrahamson P., Wehner C. Pension Reforms in Denmark. Department of Sociology, University of Copenhagen, 2003. URL: Link
Andersen T.M. Robustness of the Danish Pension System. CESifo DICE Report, 2015, vol. 13, iss. 2, pp. 25–30. URL: Link