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Goncharova M.V., Goncharov A.I. Peculiarities of the Financial Legal Regime of the Pension System in the Russian Federation

Goncharova Marina Vyacheslavovna

Doctor of Economic Sciences, Professor, Department of Economics, Volgograd Branch of Russian State Trade and Economic University

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Volgo-Donskaya St., 11, 400066 Volgograd, Russian Federation

 

Goncharov Aleksandr Ivanovich

Doctor of Juridical Sciences, Doctor of Economic Sciences, Professor, Department of Constitutional and Municipal Law, Department of Civil and International Private Law, Volgograd State University, Base Department of Southern Scientific Center of the Russian Academy of Sciences (SSC RAS)

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Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation

Abstract. The authors investigate the foreign practice of the financial guarantee of pension payments. In the present decade of 21st century the pension systems of almost all countries experience large financial stress, first of all, because of the increase in the lifetime of people that leads to the increase in the quantity of pensioners in relation to the number of working population. If in 1950 the average life expectancy on the Earth was 47 years, then in 2010 – already 69. In 1998 the quantity of pensioners in the developed countries exceeded the number of children, by 2050 this ratio is expected all over the world. Because of the changes
in demographic situation countries are forced to expend most part of their GDP (Gross Domestic Product) on pension payments. Only individual and storage system remains active, because it is not impersonal public fund for cash resources, distributed on principles of wage-leveling and supplemented by the payments of working population. Within the framework of individual and storage system a working citizen gets the right to choose and the right to make independent financial decisions, and the amount of their wages directly influence their own pension accumulations. Furthermore, a worker is interested in receiving net cash, since the retirement insurance is allocated from officially accounted and taxed wages. Why is a citizen originally considered to be incompetent and incapable of savings accumulation for retirement? Why is the government responsible for fund formation for endowment period? Why there is no alternative mechanism of savings accumulation? This article gives detailed answers to these questions.

Key words: citizen, financial assurance, pension payment, compulsory insurance, insurance payments, endowment period, financial solvency.

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