The focus of the study is placed on the institute of funded pension, which has been repeatedly transformed throughout its existence. In this regard, the first part of the article analyzes the results of the theoretical comprehension of forming the accumulative element of the pension system, presented in foreign sources, as well as reforms in a number of countries. The next round of reforming the institution of funded pension in the Russian pension system is associated with its transformation from a system of obligatory pension insurance to a system of non-state pension provision. Based on the results of comparative analysis, SWOT analysis, analysis to identify correlation dependencies, the hypothesis is put forward that the transfer of the funded pension to a voluntary format will not lead to the construction of a full-fledged three-tier pension system and will not solve the problem of increasing the level of pension provision for the majority of future Russian pensioners by itself. Despite the fact that the official version of the future configuration of the domestic pension system has not yet been presented, but based on its previous versions developed by the Ministry of Finance and the Bank of Russia (in this regard, a SWOT analysis of the Guaranteed Pension Plan scheme is carried out in the second part of the article), it can be concluded that the main goal of the reform - to establish the status quo for the funds of pension savings "frozen" on the individual pension accounts of insured persons in 2014; to transfer the obligations for a funded pension to the insured persons themselves, making its format voluntary. The risks of such a transformation are already visible: a decrease in the coverage of those who can form such a pension, continued stagnation of the system of non-state pension provision. This was confirmed by the data of the conducted survey of participants and experts on the pension market, who preferred the mandatory format of a funded pension (which is disclosed in the third part of the article). In conclusion, calculations are presented that reveal a direct relationship between the growth of wages and the amount of a funded pension, as well as an inverse relationship between the level of wages and the coefficient of replacement of lost work with a pension. It is concluded that the voluntary formation of a funded pension can be successful if, simultaneously with the reform of the pension system, the salary system is reformed, incentive measures and mechanisms for employers ' participation in this process are developed; the mechanisms of state participation in the formation of a funded pension are defined, guarantees for ensuring the safety of pension savings are legally established. The practical significance of the work is that its results can be used in the development of the final configuration of the Russian pension system.