Problems of application of the provisions of the law on the prohibition of withdrawal of assets of public pension funds located in liquidated banks

Abstract

The article analyzes the current legislation of Ukraine on private pension funds provision and liquidation of banks. In particular,the inability of a private pension fund to be the owner of pension assets, which are accumulated in it, identified and described by thestatutory guarantees of preservation of pension assets, is analyzed and substantiated. The practice of application of the specified provisionsof the law by courts is analyzed. The problem of practical application of the guarantees of preservation of pension assets definedby the law is revealed and the general ways of the decision of this problem are offered.Today Ukraine is preparing for the practical introduction of the second level of the pension system – mandatory pension accumulation,which should ensure the long-term accumulation, investment and safekeeping of pension assets of future retirees. Thus thereliability of the functioning of all levels of the pension system of Ukraine requires reliable long-term storage of pension assets. In particular,there is the issue of protecting the safety of pension assets during the bankruptcy of custodian banks of pension assets.The current legislation of Ukraine contains norms that guarantee the preservation of pension assets. But in practice there arewidespread cases of non-return of pension assets to private pension funds from liquidated banks. Therefore, there is an urgent need toidentify the source of this problem and suggest ways to solve it.
 Ukrainian legislation needs to be improved in terms of establishing a clear legal mechanism and normatively setting deadlinesfor the Fund to return deposits of individuals to private pension funds of pension assets owned by insured individuals participating insuch funds, and accumulated and accounted for in such funds.