The impact of regulatory innovations on the development of the Russian pension system

The article discusses the transition to a new model of the Russian pension system, due to the need to improve the efficiency of pension portfolio management in order to increase the return on investments of pension funds. For these purposes, a long-term savings program for citizens will be introduced in Russia from 2024. The author compares the existing and new pension models and justifies specific steps towards their reform. The relevance of the study consists in conducting a comparative analysis of the main contours of the Russian pension system, on the basis of which the higher efficiency of the functioning of the model with a funded pension was proved. The methodological base of the study is based on the analysis of data from information and analytical reviews of the collective investment market of the Bank of Russia. The article proves that the preferences offered in the long-term savings program are not new in their content for the Russian pension system, therefore, replacing OPS with NGOs may not lead to the expected increase in the efficiency of using pension funds as “long money” in the Russian financial market. During the work on the article, important conclusions were obtained that allow us to outline further steps in transforming the pension model in Russia in order to improve the effectiveness of its functioning. The significance of the conducted research is to substantiate possible directions for the development of corporate pension systems as an essential element of non-state pension provision based on the use of foreign experience in stimulating their development to improve the effectiveness of the functioning of the Russian pension system.