At present, Russia pays the following types of pensions:
- An insurance pension;
- Old age;
- Loss of breadwinner;
- A state pension (long service, old age, disability, loss of breadwinner);
- A social pension;
- A funded pension.
An insurance pension – a monthly payment compensating for the wage or another type of income citizens were receiving in the period of their work or compensating for the income unemployable members of the family of the insured person lost after his or her death.
A fixed-rate payment is established for the insurance pension depending on the insurance pension’s type. The payment is subject to annual compensation according to inflation rates of the previous year.
An old age insurance pension – is the most widely spread type of pension in Russia. Men older than 60 and women older than 55 qualify for this pension on the condition of the required labor record and the minimal amount of pension points (with due account of transitional provisions of the pension laws). Some categories of citizens can qualify for an insurance pension earlier. The lists of works, industries, professions, positions, occupations and institutions (organizations) that qualify for early retirement are approved by the Russian government.
A disability insurance pension is assigned to people with disabilities of the first, second and third groups on the condition of a labor record irrespective of its duration and irrespective of the cause of disability and the time of its appearance. Whether or not the person with disability is employed at the moment of the assignment of pension is not important.
A loss of breadwinner insurance pension is assigned to unemployable members of a dead breadwinner’s family for whom the deceased breadwinner was providing. The exception is made for persons whose felony causing the death of the breadwinner is established by court.
State pension – a monthly state payment to citizens compensating for their wage (income) lost upon the end of their federal public service due to old age (disability) retirement, or compensating for the lost income of cosmonauts or test pilots upon the end of their long service and retirement, or compensating for health damage suffered in the course of military service, radiation or man-made accidents, or compensating for disability or loss of breadwinner, or paid upon the achievement of the pension age, or paid to unemployable citizens as subsistence means.
A long-service state pension is assigned to federal civil servants, servicemen, cosmonauts and test pilots.
An old age state pension is assigned to citizens who suffered health damage in radiation or man-made accidents.
A loss of breadwinner state pension is assigned to unemployable family members of killed (deceased) servicemen, citizens who suffered health damage in radiation or man-made accidents, cosmonauts.
A disability state pension is assigned to servicemen, citizens who suffered health damage in radiation or man-made accidents, WWII veterans, holders of the Besieged Leningrad Resident badge, and cosmonauts. The current employment is irrelevant for the assignment of a disability state pension.
A social pension is assigned to unemployable citizens permanently residing in the Russian Federation.
A funded pension – is a lifelong monthly payment of pension savings formed with insurance contributions of employers and return on their investment.