These insights into the pension law trends peculiar to the USSR and Russian federation: analysis of the results achieved

Pension law trends peculiar to the USSR and Russian Federation, their fundamental influence upon the ultimate results of pension provision as to the citizens of the USSR and the ones of post-Soviet Russia are the concern of the present study. A brief review of Soviet pension law is provided herein, key elements of legal regulation of pension entitlement during Soviet period are analyzed along with the results achieved both in the USSR and Russian Federation as to the old-age insurance. The information about scales of pensions at the periods of time listed above – their minimum, medium and maximum values – is represented therewith; the purchasing power of Soviet and Russian pensions is compared, figures concerning coefficient of substitution of lost wage with pensions are dealt with. It is pointed out that the unified public pension system of the USSR has been a beneficial experience along with the establishment of proper social standards in the domain of pension provision, opportune getting the pension law development priorities right, approach and coherent rise in the standard of living of pensioners. The results of legislative work through the 90s of the 20-th century in the domain of pension provision in Russia are also summing up herein, correlation of reformative decisions made during the last decades and their consequences for the Russian pensioners are considered. Relying on the analysis above the following conclusions can be reached: pension provision reforming in Russia nowadays has not brought to rise in the standard of living of most pensioners. Moreover the level of pension provision in Russia has become lower than the one in the USSR. By this means it is concluded that fundamental reforming of pension provision setup in Russian Federation is extremely necessary and thereafter some ways of its improvement are suggested.