Author(s): Elena Ivanovna Kulikova, Lyudmila Nikolaevna Andrianova, Irina Alekseevna Guseva, Svetlana Anatolyevna Panova
The main financial institutions that play the role of a major institutional investor in the Russian stock market are non–state pension funds, which are an integral part of the pension system. However, their activities, as well as the activities of the entire pension system, cannot be considered effective. In order to solve the issue of improving the efficiency of the functioning of the Russian pension system, an analysis of its quantitative and qualitative parameters was carried out, which allowed us to draw the main conclusion that the state pension system formed in Russia is incomprehensible to the vast majority of the population and does not meet the expectations of citizens about the desired retirement provision in old age. As a result of the study, the authors conclude that in order to further expand the practice of mandatory and voluntary accumulation of funds, measures are needed to stimulate the development of non–state pension funds as institutions that, on the one hand, provide the national economy with investment resources, on the other hand, allow for the formation of an additional pension for citizens.