IMPROVEMENT OF THE EFFICIENCY OF THE NON-GOVERNMENTAL PENSION INSURANCE IN UKRAINE

Abstract

Private pension funds are a crucial tool for accumulating old age provision; through trust management, they collect insured persons' cash deposits in the country's economy to enhance them further. It is worth noting that the necessity to enhance the pension system in Ukraine is significant in today's world. The purpose of the study is to identify areas for improvement of the non-state pension insurance system in Ukraine based on foreign experience and to consider a model for the effectiveness of pension saving. Research methods are based on a system of general and specific scientific methods that allow an objective and comprehensive analysis of the subject under study. To define key concepts, categories and techniques of formal logic are used (concept, definition, proof and refutation, judgement, synthesis, analogy, comparison, generalisation), observation, graphic methods. Results. An analysis of world experience has shown that private pension funds play an important role in the smooth functioning of financial markets (debt market, partial financing market). Increasing the wealth of institutional investors helps to replace short-term financing sources with long-term ones and to reduce market investment risks. Non-state pension funds as agents are less susceptible to changes in market behaviour and can increase the stability of the pension system and the Ukrainian financial market. Practical value. The use of non-state pension funds to develop an effective innovation, marketing and risk management strategy aimed at increasing the competitiveness of integrated financial services and their interaction in general. Value/оriginality. It is revealed due to the need for an integrated approach to the analysis of similar non-state pension insurance systems in other countries with the identification of positive and negative results in this area, the development of a new model of non-state pension insurance.