Abstract: The object of the study is pension systems of foreign countries. The subject of the study is the strategic management of pension system development. The paper considers the main characteristics and provisions of the long-term plans of foreign governments for managing the development of national pension systems, interconnected with the long-term goals of the development of the state and containing a set of reasonable tasks, tools, methods and financial resources to achieve this goal. The author has conducted a comparative analysis of strategic planning documents for the prerequisites for their adoption and the planning period, the formulation of indicators of implementation and the main directions of development, the details of development activities and the complexity of the planned changes. The factors influencing and influencing the management of foreign pension systems in the long term are noted. The study examines the question of how much more changes in pension systems are caused by socio-economic shocks and impulses than by government plans. The work uses coefficient, factorial, comparative, vertical and horizontal analysis of pension provision indicators and the implementation of strategic planning documents in foreign countries, and highlights the main components of long-term plans. Conclusions are drawn about the partial preservation of situational management of the development of pension systems and the presence of difficulties in strategic management, complemented by the correlation of waves of increasing and decreasing the number of pension reforms with business cycles. The deterioration of the demographic burden is presented as the main prerequisite for reforms, and the inclusion in the tasks of plans in all countries to introduce or improve the funded component of pension provision and the development of a multicomponent pension system determines the construction of a multi-level and diversified pension system as the main general trend of strategic management. The development planning horizon is from 5 to 14 years. Among the main indicators of their implementation are the replacement rate, the real growth in the size of pensions, indicators of poverty and inequality. In turn, indicators of the balance of the pension system and the absence of an increase in the retirement age are provided only in Moldova and Ireland, respectively.

Abstract: The object of the study is the pension system of the Russian Federation, the subject is the long-term strategic planning for the development of the national pension system. The purpose of the research is to develop proposals for improving the strategic planning of the development of the pension system of the Russian Federation. Special attention is paid to the structure and key provisions of the Strategy for the Long-term Development of the Pension System of the Russian Federation until 2030 (the "Strategy"), the possibility of assessing its implementation, the comparability of the parameters of the functioning of the Russian pension system and data from the long-term budget forecast and forecasts of socio-economic development of the Russian Federation, the interconnection of the goals and objectives of the Strategy and national development goals of the Russian Federation, which makes it possible to develop and implement a comprehensive and coordinated state policy in the field of pension provision for the population. The author considers the expediency of maintaining the current high-level goals of the Strategy in the context of modern socio-economic parameters and trends in the functioning of the Russian economy. The author proceeds to systematization and comparison of the provisions of normative legal acts that are strategic planning documents, modeling of the volume of pension rights, coefficient, graphical, comparative, vertical and horizontal analysis of pension provision indicators. In the course of the study, it was found that the strategy is being implemented in conditions of imperfection of strategic planning documents in terms of pension provision, characterized by low reliability of forecasts, outdated terminology and weak alignment of medium- and long-term planning documents in terms of goal setting, forecasting and programming, weak alignment with the national development goals of the Russian Federation until 2030 and for the future until 2036 the year, the lack of program-oriented cost management in the compulsory pension insurance system. The strategy does not contain unambiguously interpreted indicators of its implementation, does not take into account a significant change in the macroeconomic situation, the transition to a point pension formula, does not contain an assessment of the risks of its implementation, and indicators of the implementation of many of its tasks are not disclosed in other types of strategic documents. We have proposed a number of principles for developing a long-term plan for the development of the pension system, including risk assessment, internal stabilizers and a phased breakdown of the values of indicators of its implementation, as well as defined guidelines for its long-term development, including limiting the growth of the share of the budget mechanism in the national pension system.

Abstract: The subject of the study is the liquidity of green bonds in the countries of the Eurasian Economic Union as an important investment characteristic of a financial instrument for non-institutional investors and the development of green finance in the EAEU countries. The author analyzes the liquidity of green bonds traded on the Moscow Stock Exchange in the context of groups of liquidity indicators: urgency (time), volume and transaction costs proposed by domestic and foreign authors and whose application has been experimentally tested in the scientific literature. The factors influencing the liquidity of green bonds, the interrelation of liquidity indicators are considered, the main tools for stimulating supply and demand for green bonds in the EAEU countries and their applicability in the Russian Federation are highlighted. The paper provides grouping and rating of green bonds by liquidity levels. To calculate the liquidity levels, data is collected using the methods of the Moscow Exchange Information and Statistical Server on the specification of financial instruments, the history of transactions on it for the date interval and for the last trading day. The main conclusions of the study are as follows: the Russian green bond market has a cluster of illiquid bonds, the feature of which is the placement of bonds on the market until 2020. Stimulating demand for green bonds is possible by expanding the practice of sub-federal green loans, including through development institutions, together with an active policy of informing about the issue of green bonds. The imbalance in the volume of transactions and their frequency can be offset, among other things, by increasing the participation of non-institutional investors in debt green financing. Potentially successful is the placement of federal green bond loans in the Russian Federation based on the experience of issuing green government bonds in the Republic of Belarus and the exemption of individuals from taxation on personal income from the sale and repayment of green bonds in order to increase demand for green bonds. Increasing the liquidity of green bonds and the growth of their market volume through the implementation of the proposed measures will allow for positive effects on the socio-economic development of the EAEU countries: on the environmental situation, the sector of collective investments and the welfare of citizens.