Models of the pension system: international experience and local practice

Abstract

The article substantiates the nature of the national models of the pension system and its structure in accordance with the concept of the Organization for Economic Co-operation and Development (OECD). The basis of the national models of pension system are two well-known models of social security: Bismarck and Beveridge Social Insurance Systems. Thus, authors prepared the comparison of this models. The features of pension system in the countries of Europe (Germany, Great Britain, Sweden, Poland), the United States and Chile are analysed. The analysis of the national models of the pension system in Asian countries identifies three institutional patterns: the statist pension system (Taiwan and China), the dualist pension system (Japan and Korea) and individualist pension system (Hong Kong and Singapore). Based on trends of development of pension provision in foreign countries, authors determine the main tasks and ways to improve the domestic system, namely, introduction mandatory funded pension system and reforming the voluntary private pensions insurance.