Programme

PROSPECTS FOR THE DEVELOPMENT OF A THREE TIER PENSION SYSTEM IN RUSSIA

Realizing Russia's Competitive Edge
Panel Session
Mercedes Bar


Pension systems centered exclusively around state insurance schemes have often proven inadequate, and most major economies have developed corporate pension plans as well as voluntary private pension schemes to provide a more balanced approach. In Russia, less than 10% of the population are enrolled in corporate or private pension programmes, compared to over 70% in Europe and the United States. To what degree can international pension models be effectively adapted to the Russian market? What is the potential for expanding corporate pensions? What are the right incentives to encourage workers and individuals to save for their old age?


Moderator:
Oleg Kiselev , President, Renaissance Life; Member of the Board, Non-Government Pension Fund Renaissance Life & Pensions

Panellists
Alejandro Bonilla-Garcia , Director of the Social Security Department, International Labour Organization
Anton Drozdov , Chairman of the Board, Pension Fund of the Russian Federation
Irina Lisitsyna , President, Non-Government Pension Fund of the Electric Power Industry (NPF Elektroenergetiki)
Yury Lyublin , First Vice-President, National Association of Non-State Pension Funds Self-Regulatory Organization Nonprofit Partnership
Vladimir Nazarov , Head of Budget Policy Department, Gaidar Institute
Michal Rutkowski , Russia Head, World Bank
Jean-Pierre Thomas , President, Thomas Vendome Investment

Broadcast

Key moments

“The participation of average citizens in the creation of both public and corporate [pension] systems is a very promising idea, which has found support in our discussions with both labour unions and employers.”
Anton Drozdov
“Just using all levels of pension provision – the state-run distributive system, individual retirement savings, and corporate pension plans – makes it possible to maintain the replacement ratio (pension to salary ratio) at a respectable level. This is a strategic objective that is common to all countries, and Russia is no exception."
Vladimir Nazarov