The issue of reforming pension systems is acute for most countries in the world. Ensuring a decent standard of living after reaching retirement age the basic aim of the pension system and solidarity of the pension system can not cope with its responsibilities. In order to conduct an effective pension reform, you must first perform foreign experience of construction of pension systems in countries with a high level of development.
The purpose of this article is to analyze the pension systems of different countries to implement effective pension reform.
Under the pension system, we understand the totality of state and non-state institutions that established to provide the citizens with material support in the form of a pension after reaching certain conditions (retirement age, disability, loss of breadwinner, etc.).
Then each state needs an individual approach to the choice of pension system, taking into account economic, demographic and social problems. Therefore, countries with developed economies when it reaches a certain level of development need to reform the pension sector with the aim of guaranteeing a decent standard of living after retirement.
The pension system of Germany is based on the principle of solidarity of generations — working pay the current retirees in the state Fund, then he get his pension. The more contributions they pay now, the more pension rights will receive later.
The average German citizen contribution to the pension Fund is about 20 % of the monthly wage, with half paid by the employer. During the service of the citizen in the military or maternity, leave in women, the contributions paid by the state. Pension formula based on individual coefficients, accumulated over the entire working life. They depend on the age of retirement (in Germany, 67 years), length of service, salary and the pension. In addition to the state pension there is the production of enterprises, many workers participate in private pension funds and have a personal pension plan.
The pension system of the UK is one of the oldest in the world (established in 1908) and the most complex in organization, management and set of features. British pensioners to receive basic state pension and an occupational pension from the national insurance system, earnings and seniority.
The basic state pension receive men over 65 and women over 60 years, its size depends on the length. Its level is limited and is indexed by the state in accordance with inflation. The state guarantees for 20 % of the employee's average wage. The employment pension is also formed by contributions of the employee, but in half with the employer. It depends on the size of payouts and is just over 20 % of income.
In addition, there are many ways of accumulating private pensions from corporate programs at the enterprises to a developed system of voluntary pension savings in the NPF.
The pension system in France is distribution, that is, payments to pensioners are made from the earnings generated by contributions of the active population. On average, the pensioner receives a pension from the three banks, and in the case of a diversified career, that number may exceed five. Modes can be changed on an equal footing «social partners», i.e. representatives of trade unions or associations of both workers and employers, under state control. Participation in basic and supplementary insurance is mandatory, pension contributions are divided between employee and employer.
For persons of liberal professions, artisans and small entrepreneurs monthly payments to the pension Fund provided for 16.35 % of.
Most employees pay the same amount, but half of them employer. Pension in France is 50 % of the average wage, calculated over the last 11 years of labor. But there is such a thing as the minimum and maximum state pension. Today the minimum pension — about 6 thousand euros per year, maximum two times more.
The minimum age for retirement is 60 years. If the Frenchman worked for 41 years, he will get a full pension. If seniority less the amount of pension is reduced by 1.25 % per missing quarter of experience or number of years left to reach 65. If a citizen goes to a well-deserved rest at 65, he will receive his allowance completely, regardless of when he began to work.
In 2013 the French government presented the draft of the next pension reform. This step will help to cope with the deficit in the pension system, which in 2011 amounted to 14 billion euros, and by 2020 could reach 20 billion euros.
In the United States operate both public and private pension systems. Because of this, Americans can achieve not one but three pensions: state, private collective at the place of work and the private individual by opening a personal retirement account. In distribution (state) system, pensioners get the money now working and paying contributions to the appropriate pension funds of the citizens.
The largest state pension system of the States — General of the Federal program, covering almost all employed in the private sector, built on a distributive principle. The program operates in accordance with the social security act of 1935 and provides a minimum pension. To a storage, system includes both public and private pension programs. The state funded program designed to provide citizens, working for the government and local authorities. Workers in the private sector, have the opportunity to participate in the additional state pension system, organized according to place of work. The program defined benefit is formed by contributions from employers and employees in such financing do not participate. Pension plans defined contribution usually financed by employers and employees in equal shares. In addition, each participant has a personal account in the pension Fund and has the right to choose between different investment programs offered by management companies. He is responsible for the results and to a certain extent determines the amount of the subsequent pension payments. Participant in the private pension program is open to any employee of the company. The right to a pension can be earned, having experience in this company about 5–10 years.
Every American can also bring your personal pension account at commercial & savings banks, mutual funds, insurance companies.
Annual contributions to the personal pension account is limited to an upper limit of 2 thousand dollars. Funds from the account can not be removed until the age of 59 and a half years, and after reaching 79 and a half years the account is closed on a mandatory basis. During the accumulation funds, these funds are not taxable, however, at the time of their withdrawal and account closure from the accumulated amount is deducted income tax.
Full retirement age in the US is 65 for persons born before 1938. In connection with the increase in life expectancy to the social security act was amended to speed the transition to the age limit to 67.
In advanced economies, as a rule, the pension system is represented by 3 levels of solidarity (state), rollup (state) and private pensions. The average retirement age for women is 60 years and for men — 63 years. However, raising the retirement age should consider life expectancy in each country. Therefore, to the present time, the average life expectancy in Germany is 82.6 years and 77.5 years for women and men, respectively, in the UK, it is 76.2 years for men and 81.3 years for women, in France, life expectancy is one of the highest at 82.8 years, US — 75, 2 years for men and 81 years for women. In Uzbekistan, the median age for males is 71.1 years, and women, 75.8 years. Currently, the retirement age in Uzbekistan is 60 for men and 55 years for women. If Uzbekistan will raise the retirement age for men to 65 years, then men will be retired 6 years, and women in contrast, will be retired almost 14 years.
In the UK and USA, the main burden falls not on public provision, and private accumulation of citizens. Therefore, the percentage of deductions from wages in the state is significantly different from Uzbekistan and Russia. In Uzbekistan, fully functional, mostly PAYG pension system, that is why such a large proportion of Pension Fund contributions.
Summing up, it can be argued that for the sustainable development of the economy and to allow for effective reforms of the pension system and other areas of life, you need to:
1) to reduce the level of shadow economy;
2) to reform the social insurance funds.
Thus, the comparative analysis of different pension systems, perfect and effective is the pension system in the UK. 3-tier pension system with developed non-state pension insurance — the key to a prosperous life after reaching retirement age.