Prospective directions of investment of pension assets as a factor of economic development of Ukraine

Abstract

It is indicated that both economic and social reforms have been stalled in Ukraine for a long time. For example, 25 years have passed since the adoption of the Fundamentals of Legislation on Mandatory State Social Insurance, 19 years since the Law of Ukraine "On Mandatory State Pension Insurance" and the Law of Ukraine "On Non-State Pension Insurance" partially entered into force. However, the situation in the field of pension provision has not fundamentally changed. We are proud of the diversity of types of social security, but the size of many of them does not meet the requirements of the Law of Ukraine "On State Social Standards and Guarantees", the European Social Charter, the Convention on Minimum Norms of Social Security and other normative acts. One of the reasons is populism in the adoption of laws in the field of social security, lack of economic analysis of the state's ability to fulfill its positive obligations. The negative effects of this approach for the legal system have been repeatedly pointed out by both domestic and foreign scientists, for example Cass Sunstein in the well-known publication "Against positive rights".
 The idea of investing pension assets in land certificates did not materialize. However, investing in agricultural holdings is quite promising. The majority of Ukrainians are still against land reform and the open land market, as they fear that it will be used to steal land resources. If the population were sure that their savings would really be invested in the land business and they would receive their investment income from the results of economic activity in the agrarian sphere, then the emphasis of public opinion could be shifted in the direction of land reform.
 These are only separate and far from exhaustive areas of potential investment. But the full implementation of the above-mentioned ideas requires the real completion of social insurance reforms and, in particular, the pension reform. For its legislative completion, it is necessary to cancel individual clauses of the transitional provisions of the Law of Ukraine "On Mandatory State Pension Insurance", make changes to the "guarantees" section and immediately put them into effect together with a new well-thought-out economic strategy. At the same time, investment of pension assets in highly profitable sectors of the economy should be carried out in clear correlation with the UN Guiding Principles on Business and Human Rights and the European Green Course.