Pensioning age as a regulator of the state pension obligations

Social spending (on pension provision, health care, education, social assistance, etc.) makes up a quarter of the budget expenditures, and the main place is given to pension obligations. Therefore, pensioning age becomes actually one of the budget-forming parameters in the process of strategic planning and forecasting in our country. Under the conditions of the aggravating systemic fiscal crisis, the most socially important issue of raising the pensioning age is more and more actively discussed as the essential instrument for overcoming the ‘fiscal crisis’ and the cornerstone of longstanding stability of the state pension system, thus puting to the background dollar rate, oil price, and other important macroeconomic parameters. The article analyses the consequences of raising the pensioning age for further development of the national pension system, examines the impact of this measure on budget savings, and provides reasonable actuarial calculations of measures for stabilization of the financial condition of the pension system in the long term.