Pension fund of the russian federation during financial crisis
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Pension Fund of the Russian Federation. Pension Fund of the Russian Federation During Financial Crisis. Prof. А. Solovyev Head, Department of Actuarial Computations and Strategic Planning. Annual Average Pensions, 2009. PF Short-Term Objectives During Financial Crisis.

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Pension Fund of the Russian Federation During Financial Crisis

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Pension fund of the russian federation during financial crisis

Pension Fund of the Russian Federation

Pension Fund of the Russian Federation During Financial Crisis

Prof. А.Solovyev

Head, Department of Actuarial Computations

and Strategic Planning


Pension fund of the russian federation during financial crisis

Annual Average Pensions, 2009


Pf short term objectives during financial crisis

PF Short-Term Objectives During Financial Crisis

Minimal pension guarantee

(with social support)

not below subsistence level in the region

Valorization

of pension rights converted in 2002

Transformation of the “basic portion” of labor pension into

‘fixed basic” size of contributory pension determined by contributions history

Establish social top-up to

labor pension

which is below PSL in the region

Changing indexation of fixedbasic size of labor pensionin line with indexation of contributory portion

Establish social top-up to

social pension

which is below PSL in the region

Promotion of retirement income by claiming pensions later

Changing indexation of social pensionin line with the growth of subsistence level in the region


Changing indexation of labor pension

Current system

Revised Labor Pension

Changing Indexation of Labor Pension

Fixed basic size of contributory portion of labor pension

Basic portion of labor pension

Inflation-indexed

wage-indexed but not to exceed PF revenues per pensioner

Wage-indexed but not to exceed PF revenues per pensioner

Insurance component of contributory portion of labor pension

Contributory portion of labor pension


Revised labor pension from 20 10

100%

90%

80%

45.8%

48.9%

49.6%

50.4%

50.9%

70%

60%

58.8%

58.8%

58.9%

58.2%

57.9%

50%

42.1%

41.8%

41.2%

41.2%

41.1%

40%

30%

54.2%

51.1%

50.4%

49.6%

49.1%

20%

10%

0%

2010

2015

2020

2025

2030

Basic portion of labor pension

Contributory portion, BAU

Fixed basic size, baseline

Contributory portion, baseline

Revised Labor Pension from 2010


Increasing pensions

Increasing pensions

ANNUAL AVERAGE GROWTH OF LABOR PENSION

2009

2010

FIXED BASIC SIZE

BASIC PORTION

OF СONTRIBUTORY

INCREASE

=

820

2,301

PORTION

3,1

21

CONTRIBUTORY

PORTION

INDEXATION

6

.

3

%

=

390

CONTRIBUTORY

PORTION

2,917

4,446

VALORIZATION

=

1139

LABOR PENSION

LABOR PENSION

INCREMENT = 2,349

5,218

7,

567


Short term financial outcomes bln rur

Short-term Financial Outcomes, bln. RUR.


Long term goals of the pension fund of russia

Long-Term Goals of the Pension Fund of Russia

Set contribution rates for individual entrepreneurs based on a minimal value for contributing year -

fixed payment

Set contribution rates needed to create pension rights for future pensioners providing at least 40% of lost income with at least 30 years of seniority

Increase contribution portion recorded at individual accounts from 14% to 16%

Promote investments by contributors to enhance their retirement income through pension accumulations

Eliminate regressive scale and introduce a cap for contribution base at 1.5 of average annual income of worker (95% of employees)

PF of Russia to administer pension contributions


Pension fund of the russian federation during financial crisis

Rates for employers-businesses in 1999-2011

(w/o UST rate in 2002-2009)

30,0%

28%

28%

28%

28,0%

26%

26,0%

24,0%

22,0%

20%

20,0%

18,0%

16,0%

14%

14%

14%

14%

14%

14%

14%

14%

14,0%

12,0%

10,0%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Employers-businesses


Pension fund of the russian federation during financial crisis

Replacement Rate

60%

55%

47.6%

50%

45%

40.5%

40%

37.2%

35%

30%

29.5%

25%

20%

2010

2015

2020

2025

2030

Old-age labor pension, baseline

Old-age labor pension, BAU


Pension fund of the russian federation during financial crisis

Annual Average Social Pension, RUR

17,611

18000

15,853

15000

14,062

12000

12,699

10,964

10,006

9000

8,080

7,563

6000

4,835

4,835

3000

2010

2015

2020

2025

2030

BAU

Baseline


Pension fund of the russian federation during financial crisis

Availability of Funds at PF of Russia During Transition,

billion RUR

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

-262.7

-200

-323.0

-349.4

-453.8

-470.0

-400

-501.1

-632.0

-600

-845.0

-800

-1,051.4

-1 000

-1,120.9

-1,237.9

-1 200

-1,441

-1 400

-1 600

Current deficit (-), surplus (+), billion RUR


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