Russia’s New Horizons
Pavilion 8, Conference Hall 8.3

Demographic changes, aging populations, and unfunded social obligations are spurring countries both in the developing and developed world to reform their national pension systems to ensure that they are sustainable, balanced, and able to make good on their social obligations. The proposed solutions are as diverse as the problem economies: raising the pension age, reducing or encouraging the accrued component, moving towards pay-as-you-go funding, outright reduction of pension pools, and/or attempting to increase the returns earned by pension savings. What pension reform models are demonstrating success? What models and examples might Russia consider as it looks to strengthen its pension system?

Viatcheslav Pivovarov , Chief Executive Officer, Altera Capital

Zbigniew Derdziuk , President of the Board, Social Insurance Institution of Poland
Anton Drozdov , Chairman of the Board, Pension Fund of the Russian Federation
Steven A. Kandarian , Chairman, President, Chief Executive Officer, MetLife Inc.
Monika Queisser , Head of Social Policy Division, Directorate of Employment, Labour and Social Affairs, OECD
Alexei Moiseev , Deputy Finance Minister of the Russian Federation
Michal Rutkowski , Country Director for Russia, The World Bank
Jean-Pierre Thomas , President, Thomas Vendome Investment

Key moments

The pension system should be sustainable and affordable, there should be a reasonable element of individual choice, and we also believe in the principle of diversification.
Michal Rutkowski
During the last two decades the life-expectancy for newborn children has increased by 5 years.
Zbigniew Derdziuk
There is a potential conflict in the sense that we want the pension assets to help stimulate economic growth, which means in many people’s minds investing in equities or riskier assets to drive new growth. But if you think about what we are trying to accomplish at the same time, from a social point of view, this is a fixed amount of money for life, ideally with an inflation escalator to make sure people live out their lives in dignity.
Steven A. Kandarian
I am fully confident that the current level of development of the Russian economy requires a long-term domestic investment resource. Either we create it and then the economy growth recovers, or we don’t create it and then the economy growth continues to slow down.
Alexey Moiseev