Journal of Scientific Papers


© CSR, 2008-2015
ISSN 2071-789X

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Strike Plagiarism

  • General Founder and Publisher:

    Centre of Sociological Research

  • Publishing Partners:

    University of Szczecin (Poland)

    Mykolas Romeris University (Lithuania)


    Alexander Dubcek University of Trencín, Faculty of Social and Economic Relations (Slovak Republic)

    University of Entrepreneurship and Law, (Czech Republic)


  • Membership:

    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




Optimal Pension System: Case Study

Vol. 11, No 1, 2018

Alexander Nepp,


Ural Federal University, Ekaterinburg, Russia,




Viola Larionova,


IUral Federal University, Ekaterinburg, Russia,


Ostap Okhrin,


Technische Universität Dresden,

Dresden, Germany,


Alexander Sesekin,


Ural Federal University, Ekaterinburg, Russia,




Abstract. Any reforms of pension systems inevitably involve their optimization, which is a challenging task since pension systems are dynamic, multidimensional and are affected by a variety of demographic, investment-related, and institutional random impact factors. The model described in this article aims at demonstrating the dependence of the target functions of pension systems on such factors. The current research sheds light on the influence of demographic parameters on funded and unfunded pension systems and shows the importance of institutional risks in both types of systems. The values of the state-regulated parameters for 2030 are specified, which allows us to maximize the key target functions: the replacement rate and pension benefits. Further, the results of empirical analysis of the impact factors affecting pension systems of OECD countries are described. The novelty of the paper lies in the analytical and quantitative methods used for the optimization of the pension system on the basis of the replacement rate


Received: September, 2017

1st Revision: December, 2017

Accepted: February, 2018


DOI: 10.14254/2071-789X.2018/11-1/18

JEL ClassificationG23, H55, H75

Keywordspension systems; demographic risks; investment risks; institutional risks; reforms