The Analysis of Pension System's Provision of Own Pension Fund Resources in Russian Federation

Since its inception, the Russian pension system constantly has been being reformed. The implementation of reforms is conditioned by the need in: a development from the distribution type of the pension system to the insurance one with an active funded element; in the increasing of independence of the Pension Fund`s budget; in increasing the replacement rate for the recipients of pensions; maintenance pensions above the subsistence level of pensioners. In order to understand how the current, at the time of writing, reform would be effective, it is necessary to find out the reasons and prerequisites of the emergence of the current unfavorable situation. The purpose of research is to determine the amount and reasons of the Pension Fund`s dependence in intergovernmental transfers during the period 2002-2015, and also to predict the level of financial provision of the Fund by its own resources until 2035. The theoretical result of this work is a retrospective analysis of the Fund`s budget and official documents regulating the activities of the Fund during 2002-2015. Also, author revealed the reasons for the dependence of the Fund`s budget in interbudgetary transfers and made recommendations to reduce this dependence. The practical result of the work is: compilation a model of the ratio of insurance incoming and spending of the Pension Fund in order to make insurance pension payments until 2035; Analysis of the amount of saved funds by the Fund due to the introduction of a moratorium on the payment of the funded part and the moratorium on indexing the basic part of pensions for working pensioners until 2035; Making models for raising the retirement age to 60 years for women and up to 65 years for both sexes and an analysis of the possible consequences when applying this step. The obtained results can be used for forecasting and further research of the pension system in the Russian Federation.