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The Russian Pension Reform

Student: Zhitlovskiy Mikhail

Supervisor: Natalya Rakuta

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2017

The reforms of pension system in Russia have been going on since dissolution of the USSR in 1991. The actions, which the government took, can be roughly divided into two types: “institutional changes” and “marginal changes”. The former refer to changes in organizational structure of pension system, while the latter refer to changes in pension contributions and expected benefits and coverage of the population by the pension system The most notable reforms, implemented in the institutional field are establishment of the nationwide Pension Fund of Russia (PFR) and establishment of the government’s vicarious liability before the PFR; switch to insurance principles of pension system and emergence of Non-Public Pension Funds. Among the marginal changes, the most important are changes in allocation of contributions, collected by pension funds and mechanism of forming pension claims of citizens. The main driver of the reforms was the necessity to make the pension system stable and able to pass the challenges brought up by economic and demographical changes. However, not much empirical work has been done to assess the effects of reforms on consumption, savings and labor supply of Russians. This paper will focus on the effect of “marginal changes” in pension system on consumption.

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