Analysis of the Formation and Use of Means of the Pension Fund of the Russian Federation in 2011-2016 and Evaluation of Performance Indicators of the Russian Pension System

Abstract

The pension system is one of the most important elements in the field of social security in developed countries, it affects the formation and change of social status of citizens, and it is a reflection of the performance of the main functions of the state. Thus, currently the Russian pension system is going through a hard time and rightly criticized because of low pensions, costly and inefficient operation, and also it requires the additional sources of financing both from the budget and from other fields. The pension system of Russia plays a huge role not only in social and political life of the state, but also in its fiscal operations, exerting the significant influence on the formation and redistribution of financial resources, regional and sectoral aspects on the stability and balance of the financial system of the state. The relevance of the study of the pension system is due to the fact that the current pension reform did not achieve its goals. The deficit of the budget of the PFRF is growing, the welfare of pensioners in the conditions of growing inflation is decreasing and the dissatisfaction with the reform of insured persons, on the contrary, increases. In order to understand the reasons for the failure of the pension reform, one should start with primary analysis of the formation and use of means of the Pension Fund of the Russian Federation in 2011-2016, and also evaluate the performance of the pension system of the Russian Federation.