National Interests: Priorities and Security

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Non-governmental coverage of retirement benefits as part of the national socio-economic policy

Vol. 16, Iss. 3, MARCH 2020

Received: 16 January 2020

Received in revised form: 31 January 2020

Accepted: 20 February 2020

Available online: 16 March 2020


JEL Classification: E66, G18, H53, I38

Pages: 449–466

Kapranova L.D. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article examines the existing non-governmental system of retirement benefits and non-governmental pension funds, key trends and issues in the Russian Federation.
Objectives I analyze key performance indicators of non-governmental pension funds and detect the main development challenges. I also study the composition and mix of their investment portfolio, growth in pension savings and their return.
Methods The study relies upon methods of logic, statistical, qualitative and quantitative analysis, and graphical methods for representing results of the analysis.
Results I discovered that more people opt for non-governmental pension plans in the Russian Federation. I analyzed the comprehensive investment portfolio of a non-governmental pension fund and found a growth in deposited funds and their return. Non-governmental funds’ investment portfolio now include more investment in the real economy. Non-governmental pension funds may become a source of financing the real economy to implement long-terms infrastructure projects through PPP.
Conclusions and Relevance Continuing their development, non-governmental pension funds are called on to increase the standard of living and ensure the sustainability of the pension system. The stability of the national economy, growing income of the population and trust in financial institutions are cornerstones for reinforcing the non-governmental pension system. The fact that the funded part of retirement pension has been frozen impedes the development of non-governmental pension funds, since the influx of financial resources is restricted. Long-term savings people make in non-governmental funds may streamline investments in the economy. Currently, the fund raising program for non-governmental pensions funds is insufficiently implemented, with efforts to revitalize it being ineffective.

Keywords: non-governmental retirement benefits, non-governmental pension funds, investment portfolio, rate of return, pension reform


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Vol. 16, Iss. 3
March 2020