Problem of Reforming the Pension System in Russia

This paper investigates individual pensions and long-term financial sustainability of the pension system in the face of the current pension legislation from 2002 to 2015 and under the new pension formula , which comes into force in 2015, according to the Federal Law "On Insurance Pensions". The authors examined the problems and risks of introducing a new pension formula and suggested measures aimed at strengthening the long-term sustainability of the pension system and stimulating later pensions, both in terms of retention of the existing pension formula since 2002 and in terms of introducing a new pension formula from 2015. The change in the legislation on financing of early pensions is analyzed.