Implementation of the foreign experience of the distributional pension system of Ukraine

Slobodyanyuk, Natalja and Слободянюк, Наталя Олександрівна and Yunackiy, Mariyan and Юнацький, Мар’ян Олегович and Reha, Camilla and Реха, Камілла Хозратівна (2019) Implementation of the foreign experience of the distributional pension system of Ukraine. Вісник Донецького університету економіки і торгівлі імені Михайла Туган-Барановського (1(70)). pp. 159-171. ISSN 2079-4819

Preview

Text Slobodyanyuk_article_20_03_2019.pdf Download (606kB) | Preview

Abstract

The purpose of the paper is to conduct an analysis of foreign experience in the direction of the functioning of voluntary pension insurance and build on its basis an adaptive mechanism for reforming non-state pension provision in Ukraine. The research was conducted using the following methods: general scientific methods of cognition - analysis and synthesis, induction and deduction; methods of analogy, systematization and generalization; Comparison method for comparing pension assets to GDP of some countries; method of graphical representation of research results; a method of statistical analysis to study the dynamics of pension assets in some countries and their investment directions. It has been established that most European countries are developing non-state pension provision infrastructure at the expense of non-state pension funds and insurance companies, while some, in particular, the United Kingdom, the United States, Canada, at the expense of trust (trust) funds. There are five types of pension protection in Germany, three of which are financed at private expense and two are state-owned, while in Ukraine only one level of pensions is full-fledged, while the participation of non-state pension funds and insurance companies is insignificant. It has been determined that pension assets in foreign countries are a powerful source not only for pensioners' protection of future pensioners, but also free long-term investment resources that can successfully invest in the development of priority sectors of the national economy. It has been proven analytically that over the last twenty years the largest volume of pension assets was invested in shares, while from 57% in 1997, the investment in the stock in 2017 decreased to 46%, bonds from 35% to 27%, cash from 4% to 2%. Instead, other financial instruments had an increase, so since 1997 they have grown from 4% to 25% in 2017. Having analyzed Willis Towers Watson's consulting firm, it has been found that in some countries the most commonly used pension schemes are DBs, in particular, in 2017, they accounted for such shares - in the UK (81%), the Netherlands (94%), Canada ( 95%), Japan (96%), while DCs are popular in Australia (87%) and the United States (60%). The peculiarities of corporate pension plans of the countries of the West, which give an opportunity to receive one-time assistance before retirement within the limits of 20-30% of the sum of pension savings of the employee, are considered. The constructed adaptive mechanism for implementing foreign experience in reforming non-state pension provision will help to identify the main parameters of further ways of developing the system. The offered tools of activation of insurance activity in the system of non-state pension provision can increase the level of coverage of voluntary pensions in the pension system of Ukraine.

Actions (login required)

View Item