Pension provision in Russia

The only measure of the level of pension provision in the Russian Federation set by the law has been for a long time the subsistence minimum of pensioners (SMP). The article provides estimation of the level of pension provision using another indicator - replacement rate, which allows characterizing the living standards of people after retirement in comparison with those in the employment period, i.e. in terms of replacement of the lost earnings by pension, or in comparison with the living standards of the present-day employees. The author also analyses trends and dynamics in the change of these indicators in the course of the pension reform.