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News / 27 January 2014 | 15:27
Funded pension system will be ready in 2014

Funded pension system will be ready in 2014

Ukraine's Minister of Social Policy Natalia Korolevska has instructed the Pension Fund to take during 2014 all required technical steps to prepare for introduction of the second level of the funded pension system, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

"The Pension Fund will manage the funded pension system. Thus, the issue of technical readiness to introduce this level of the pension system must be solved today. And it is your priority job for the near future," Korolevska said at a meeting of the Pension Fund.

She also noted that introduction of the mandatory contribution system is a strategic objective which calls for an appropriate base. In particular, the Pension Fund shall prepare an estimated introduction schedule of the new system, its participation requirements and size of contributions.

Experts say currently new draft legislation is preparing to improve the management of the fund and tighter requirements for protection of pension assets. In this process, one should first consider the need for the best balance of solidarity system after channeling a portion of contributions into a funded system.

The funded system of the mandatory state pension insurance is a system where a portion of the mandatory pension contributions (up to 7% of the employee's salary) will be transferred in the personal accounts. These funds should be invested in the Ukrainian economy, and investment income will increase the size of future pension benefit.

For the record, on July 8, 2011 the Verkhovna Rada of Ukraine approved in its entirety the Law of Ukraine "On measures to ensure legal environment for reforming of pension system."

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