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Comparative Analysis of the Development of Accumulative Component of the Pension System and Non-Governmental Pension Insurance of Russia

Gulnara F. Fatkhlislamova – Docent of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The cumulative component of compulsory pension insurance has exhausted its growth reserves with the recovery of the non-state pension system outlined in 2017. Competition in the segment of investment of pension savings and pension reserves remains high, the penetration of bank capital into the segment of investment of pension savings and the strengthening of the positions of a number of largest non-state pension funds can be traced. Regulatory requirements aimed at reducing the risk of investing pension funds have led to a flow of funds from the corporate sector of the securities market to the government. Investment of pension savings found its inefficiency over the period analyzed, the non-state pension provision segment, on the contrary, proved its profitability, i.e. A voluntary pension system is most effective in a market economy.

Key words: compulsory pension insurance, funded component, investment of pension funds, non-state pension provision, pension savings, pension reserves.