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Generations according to which payments of the working finance payments left on
Pension. Differently, at distribution system working do not require in
Accumulation of savings to provide to itself pension on the future, as them
Pensions will be financed by representatives of following generation.
To this conclusion it is necessary to add some additional remarks.
First, transition to the system based on accumulation, has the huge
Value for the capital market. Therefore a formed financial system
Savings should have the intermediary providing considerable on
To the scales of the transaction in the capital market. As a principle
Acquisitions of the promissory notes which are let out by public sector,
Gradually leaves in the past, at pension funds the free start to appear
Means which can be used for financing of the long-term
Projects in a private sector.
Secondly, it is necessary to mention indirect influence of new pension system on
Dynamics of savings in a society. As in new system payments more low, it
Promotes increase of an occupation level and increase in cumulative savings.
As investors of new pension system will be more and more
To be convinced of its advantages, stimulus to entering of payments will grow that
Will promote also to accumulation.
_it reforms on the state budget _
_1. General provisions _
Consequences of reform for the state budget usually occupy the considerable
Place in discussion of a question on a provision of pensions. Advocates of reform
Consider that functioning of old pension system was accompanied
Gradual increase in financing from public sector, which with
It became more difficult to provide all with time current. Opponents of reform
Declare that no deficiency at old system existed, as it is a question
About a book keeping problem, also that negative influence of new system on
The state budget much more, than it is accepted to think.
For the decision of the numerous questions considered in this discussion, and
Formations of more logical approach to a problem it is expedient again
To differentiate short-term and long-term effects of reform.
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