Peculiarities of the pension systems in different countries

Abstract

The purpose of the study is to assess the pension systems of different countries and to study their features in order to highlight significant differences in their implementation in practice. The relevance of the topic is related to the need to ensure the stable functioning of the pension system in modern conditions, which require reformist approaches to its implementation. The study carried out a comprehensive analysis of the pension systems of six countries: Sweden, Germany, England, the USA, Spain and Austria. During the study of scientific sources, it was established that the information field of the pension system is so diverse and extensive that to present all its areas, even tangentially, would be a task that goes far beyond the scope of this study. Therefore, the theoretical knowledge has been generalized and the characteristics of the pension systems of the above countries have been presented. The article examines the main concepts that most often arise in connection with the functioning of pension systems. A comprehensive picture of the characteristics of the pension systems of the above-mentioned countries is also provided. A comparison of three types of pension systems was made: joint, in which pensioners' payments are financed by the contributions of current, economically active workers; accumulative, in which contributions paid by different age groups, as well as private and public pension funds, are collected and invested, and pensions are paid from their income; a mixed system that comes from a combination of the following. In the research work, a holistic conclusion was formed that there is no single model that would be suitable for all countries, since they all have different characteristics and cannot be adapted in any country in their original form. It was found that the pension system of most of the studied countries is based on a three-level structure. It was found that the functioning of these systems is characterized by the provision of various types of discounts for citizens depending on age, but there are significant differences between the models. The results obtained make further in-depth study of the topic even more important and allow to form the own approach when developing an effective pension system as an important attribute of the national economy.