Keyword: «pension provision»

The author deals with the theory of pension system and problems of pension system in practice; describes the working Russian legislation and the structure of the pension provision.

The paper deals with the structure of public finances of federal states (the Russian Federation and the United States) under sanctions. The author analyze the revenue and expenditure of the budget, the public debt of these countries, the largest holder of US government debt bonds. The components of the Russian Federation budget revenues: tax and non-tax revenues, non-reciprocal transfers, as well as the operating and capital budget expenditures are studied. The role of local budgets for the development of Russian economy is considered. The authors show differences and similarities in state and budgetary systems of America and Russia, their budgetary processes, income, expenses, pensions, domestic and external debts, debt-forms, schemes of credit operations.

The article deals with the main approaches to the financing of pension systems. Their advantages and disadvantages are highlighted. The authors give basic formulas for calculating the funded part of the pension according to savings and insurance scheme. The results of the study of various factors influence on the amount of pension are considered.

The level of pension provision for citizens in modern Russia is an urgent economic and social problem. The long-term reform of the pension system as goals defines the improvement of living standards and social protection of the country's population. Many provisions of the ongoing reforms are controversial among economists, politicians and pensioners. The work reflects the main directions of reforming insurance pensions in the Russian Federation carried out in 2015. The indicators «the ratio of the average pension to the subsistence minimum of a pensioner» and «the replacement rate of wages» for the period up to 2020 were calculated; they were compared with the values in European countries. The results obtained indicate the insufficient efficiency of the ongoing pension reform.