Non-state Pension Research Articles

Pension reform in Ukraine

The pension system is an important area that ensures the stability of any society. In the conditions of a full-scale invasion of russia into Ukraine, in accordance with the essence of the solidarity pension system, there is an increase in deep disparities between the available number of persons who need pension protection and persons who have to form this protection with their contributions. The aim of the research is to evaluate the pension system of Ukraine under the conditions of martial law and to substantiate the directions for its improvement. The hypothesis was tested that the level of financial stability of the pension system affects the countryʼs ability to maintain social justice and the effectiveness of state regulation of human potential. In this research it was used a systematic and logical approach; method of theoretical generalization, comparison, analysis and synthesis, scientific abstraction. A feature of the pension system in Ukraine is the functioning of the first and third levels of the system, while the second is in a state of reform (does not work). The foundation of pension protection is the solidarity pension system, which suffered the most negative impact from the military operations on the territory of Ukraine. It is substantiated that today the Ukrainian and European pension systems have similar problems, which allows us to generalize the acquired experience and use advanced measures to improve the pension protection of Ukrainian citizens. Given the factors of the pension fund deficit and existing disproportions between the working population and pensioners, the following main approaches to the develop­ment of pension provision in Ukraine are proposed, such as comprehensive support for the development of non-state pension funds, the introduction of accumulative pension insurance; taking into account the European experience – the formation of an additional fund to the Pension Fund of Ukraine (PFU) to ensure a fair pension in the future. It is assumed that the use of European experience in the process of pension reform, taking into account the state of war in the country (which has no time frame for ending) will make it possible to harmonize the existing stratification between the working population and pensioners

Trends in the development of the practice of using accumulative mechanisms of pension provision in OECD countries

The relevance of the study of issues related to the development of the practice of using pension provision accumulative mechanisms is out of question due to the challenges faced by pension systems of countries around the world. The research methodology is based on economic and mathematical tools for processing data characterizing the indicators of using accumulative mechanisms of pension provision in OECD (Organization for Economic Cooperation and Development) countries. The paper defines groups of OECD countries depending on the supplier of pension products, as well as the type of pension plan. Based on the analysis of data on the use of pension plans depending on the above factors, the author identified the countries-leaders in each of the identified groups. Based on the results of the study, a list of key trends in the development of the practice of using accumulative mechanisms of pension provision in OECD countries was formulated. The largest group of countries included those states where contracts for pension products are concluded mainly with non-state pension funds. Among the results obtained, it is necessary to highlight the lack of parity in the application of all types of pension plans supplied by non-state pension funds, since the dominance of any one of the types is recorded in each state. The results of the study will have practical significance when implementing substantiations of state decisions on issues of regulating the practice of using accumulative pension mechanisms as an integral component of the pension system of the Russian Federation. This is especially important in the context of achieving the national goals of the development of the Russian Federation for the period up to 2030, implementing the Strategy for the Development of the Pension System of the Russian Federation for the period up to 2030 and the Strategy for the Development of the Financial Market of the Russian Federation until 2030.

Корпоративные инициативы духовенства Тобольской епархии по материальному обеспечению священно-церковнослужителей (последняя четверть XIX – начало XX в.)

The article deals with the initiatives of the clergy of the Tobolsk diocese in the issue of material provision of clergy and clergymen in the last quarter of the XIX - early XX centuries. The article characterizes the clergy in the context of the socio-economic status of clerics, based on the regional material. It shows the transition from institutional to corporate method of material provision of the clergy due to the critical attitude of the clergy to the reforms of the pension system, as well as the process of formation of new forms of non-state pension provision among the clergy. For the first time on the basis of the material presented in Tobolsk diocesan bulletins the evolution of the statute of the mutual aid fund of the clergy of the Tobolsk diocese, as well as the factors that influenced its changes and additions were traced. It is shown that in the process of administration of the new diocesan structure there were issues that were not spelled out in the first draft of the fund, which did not provide for all cases of issuing a lump-sum allowance, return of membership fees to the participants of the fund and the issuance of refundable loans and required immediate consideration. On the basis of the reports of the Mutual Aid Fund of the clergy of the Tobolsk diocese the cash flow, the issuance of lump-sum allowances and loans of the Mutual Aid Fund of the clergy of the Tobolsk diocese in 1894-1914 are traced. The author comes to the conclusion that the evaluation of the activities of the mutual aid fund of the clergy of the Tobolsk diocese can not be considered only through the prism of the received lump sum benefits and loans. In spite of the fact that the main task of the fund was not achieved - the transformation into an emeritus fund, and the clergy did not receive non-state pensions, it was possible to achieve a positive impact on the material situation of the clergy, who were in extremely difficult financial situation.

Periodization of stages of the Russian Federation pension system reforming

Subject. This article examines the pension system of Russia in the period from 1990 to the present, the step-by-step process of its formation, development, reform, and accompanying problems. Objectives. The article aims to periodize the process of pension reforming in post-Soviet Russia, describe the main stages, summarize the transformations, and assess the further prospects of the pension system. Methods. For the study, we used comparative, statistical, analytical, and chronological methods. Results. The article identifies the key stages in the development of the pension legislation of the Russian Federation and analyzes each of them from the standpoint of setting goals, their implementation and consequences, and the ensuing problems. Conclusions. The decline in the pension replacement rate, the budget deficit of the Social Fund of Russia, the liquidation of the State-funded pension and the unclear prospects of the new long-term savings programme cast doubt on the sufficiency and effectiveness of the reforms carried out. In the future, compulsory pension insurance will develop towards a pay-as-you-go pension scheme. The funded component of the system will move to the sphere of non-State pension provision.

AKPIN fintech application as one of the drivers for non-state pension system development

The article studies the subject of improving the non-state pension provision mechanism considering the fintech application implementation into the system. The purpose of the study is to develop an application conceptual model in the framework of pension planning and individual pension strategies formation considering constant monitoring of changes in the legislative, economic, and other spheres to ­create an additional way for citizens to independently form long-term savings for developing the third level of the pension system. Information synthesis and analysis, available literature review, comparison, the results obtained formalization and specification have been carried out. The paper presents problems and analysis of existing programs to motivate long-term savings and proposals in the field of pension savings formation for developing the third level of pension provision. AKPIN fintech-application will allow to develop individual strategies for pension savings formation and will be aimed at a long-term strategy implementation for developing the accumulative component of the pension system in Russia. The proposed application has the ability to analyze the user’s data and, based on it, offer recommendations to increase their savings. If the user decides to spend funds, it can also issue recommendations on request. Due to continuous monitoring of the news background, financial regulators’ actions, financial indicators and changes in legislation, the application can offer up-to-date recommendations and assist users in making effective individual decisions in the area of pension savings management for citizens of the Russian Federation.

Pension security in Ukraine: current trends and directions of development

The article aims to substantiate the directions for reforming and developing the pension system in Ukraine. To achieve the goal, the following research methods were used: methods of analysis and synthesis; abstract logical method; methods of theoretical generalization − formulating definitions of the concepts "pension security", "accumulated pension", etc.; systemic approach − changes and problems in the indicators of the pension system and the development of measures to solve them. As a result of the research, the concept of pension security and the pension system as a process of securement financial support in the form of pensions to a specific category of unemployed citizens, which is aimed at reducing the level of poverty due to its positive impact on such social risks as old age, disability and loss of working capacity, is defined as a set of legal, organizational, financial and economic institutions and norms, as well as professional organizational structures aimed at reducing the level of poverty by positively influencing such social risks as disability and loss of working capacity. The main problems of the pension system of Ukraine at the current stage are substantiated, namely the rapid deterioration of the ratio between the working age and the retirement age due to the drop in the birth rate and the increase in emigration, a permanent deficit of pension funds due to budget imbalance; low level of pensions; underdevelopment of non-state pension security; decrease in the number of payers due to economic instability, military events and other factors; significant lack of public awareness of pension provision; lack of trust in state financial programs and reforms. The main direction of the reform of the pension system has been determined − the introduction of non-state pension security, based on the principles of voluntary choice of the type of pension security and the creation of conditions for non-state pension security at the legislative level, as well as taking into account the risks associated with non-state pension security, such as the risk of investment losses, the instability of the financial market and the possibility of abuse by pension funds. Additional areas of pension development have been identified: increasing the efficiency of the system of tax collection and control over their payment to ensure stable financing of the Pension Fund; support for programs and initiatives aimed at increasing financial literacy among the population, which will contribute to more effective management of personal finances and retirement planning; introducing mechanisms to encourage additional voluntary contributions to the pension fund, such as tax benefits or special support programs for those who actively plan their financial future; development of social programs and services for pensioners aimed at improving their quality of life, access to medical care, cultural and educational events; strengthening mechanisms for controlling the Pension Fund's expenses and effective use of its resources to meet the needs of pensioners as much as possible; open and transparent control over the activities of pension funds and the functioning of the pension system. The scientific novelty of the study consists in substantiating the set of measures for the development and reform of the pension system of Ukraine, which involves the development of non-state pension schemes. The practical significance of the work is that the research results can be used at the level of individual organizations and industries and at the level of individual regions of Ukraine. Prospects for further research are the substantiation of the toolkit for the practical implementation of non-state pension funds. Keywords: pension security, accumulative pension security, pension system, non-state pension security, corporate pension fund

СИЛЬНЫЕ И СЛАБЫЕ СТОРОНЫ ПРОГРАММЫ ДОЛГОСРОЧНЫХ СБЕРЕЖЕНИЙ

Russian President Vladimir Putin has signed a law providing for the launch of a long-term savings program for citizens starting in January 2024. The law introduces a new document – the agreement on long-term savings between a citizen and a non-state pension fund. The article discusses the strengths and weaknesses of this program for a potential investor

Improving pension savings investing: The case of Russia

Many countries seek to improve their pension systems by introducing corporate and individual savings plans to address the challenges of demography, social security, and economy. However, the establishing of a long-term, reliable savings system encounters multiple impediments. The retrospective analysis of Russian pension reforms offers some recommendations on solving the typical problems faced by reformers. Thus, in 2002 the Russian pension system was implemented by a mandatory savings pillar, which 20 years later the Ministry of Finance substituted by voluntary savings­. As this period appeared shorter than the average life span, this measure proved ­ineffective in increasing pension payouts for future retirees. The frequent regulatory changes and the shrinking workforce coverage as the state prioritized the welfare of the current pension recipients also infringed upon the interests of future retirees. Pension savings investments were further affected by the economic policy aimed at the minimal return requirements which resulted in a more conservative asset allocation strategy and inefficient active management in non-state pension funds. The study demonstrates that policy actions to overcome these impediments and to raise the replacement rates for future retirees should include (a) steady regulations within a pension savings system of no shorter than 40 years; (b) the savings pillar covering no less than 80% of the workforce; and (c) the asset allocation strategy involving a bigger share of equity, longer time horizon and clear benchmarks. These recommendations can be applied to emerging market economies concerned with improving and reforming their pension systems.

Civil and legal regulation of investment activities of life insurance companies

The paper is devoted to some features of the investment activity by life of insurance companies, as well as their civil law regulation. Attention is focused on the fact that life and health insurance is a direction of non-state pension provision in the context of pension reform in Ukraine. A range of questions from potential consumers of insurance services in the field of life and health insurance regarding the investment activity of insurers, methods and means of placing investments, their legal regulation, guarantees of the integrity and safety of accumulation under the life insurance contract has been determined. Scientific approaches to the understanding of investments in general, and the peculiarities of investment activity by life insurance companies have been studied. The norms of national legislation, international financial reporting standards regulating long-term life insurance contracts, including those with an investment component, were analyzed. The civil law procedure for investing funds raised by insurance companies under long-term life insurance contracts and investment life insurance contracts is defined. Examples of investment activities of insurance companies that are leaders in the life insurance market are given. It is indicated that according to statistical data, as of January 1, 2024, 12 life insurance companies are registered and operating in Ukraine. There are life insurance companies provide services exclusively in the field of long-term life insurance, health and pension insurance. Currently, only 8 insurance companies are actively working. It was concluded that financial instruments such as securities in the form of bonds, bank deposits and investment (income) real estate are most popular among life insurance companies for investing.

ФІНАНСОВА ГРАМОТНІСТЬ ЯК ФАКТОР ЕКОНОМІЧНОГО ЗРОСТАННЯ ГРОМАДИ

The article highlights the problematic issues of financial literacy of the population. The necessity of increasing the level of financial literacy of the population is considered. Some aspects of the interaction between financial literacy and financial behavior of households are highlighted, taking into account current trends. It is determined that Ukraine has a low level of financial literacy of the population. The level of financial literacy is analyzed based on sociological studies and surveys of our citizens. It was found that half of Ukrainians have only a general idea of their income and expenses, which does not allow them to determine what is happening to their budget and where their money goes. Ukrainians practically do not use so-called investment services, in particular financial instruments such as stocks, bonds or investing in non-state pension or investment funds. Studies have shown that Ukrainians are not interested in news from the financial sector. It was determined that the most financially illiterate groups of the population are young people and the elderly. The study provides a clear breakdown of the level of financial illiteracy by age. At the same time, objective factors are also catalyzed by the appropriate mentality and inability to adapt to the market economy. The author substantiates the understanding that financial literacy implies the ability to effectively manage the budget; includes the ability to manage loans and debt; and has an understanding of the principles of investment. The existing ratings of financial literacy of the population of foreign countries are analyzed. It has been determined that even in countries where a modern system of economic education is being implemented, a significant number of citizens are poorly versed in personal finance. The factors that influence the level of financial literacy are systematized. It is substantiated that financial literacy is not only the key to financial well-being, but also an important element of personal development and life success. A financially literate population is able to prevent poverty, make more effective and informed financial decisions, promote the stable development of financial markets and stimulate economic growth in the country.

СУЧАСНІ АСПЕКТИ ДІЯЛЬНОСТІ НЕБАНКІВСЬКОГО ФІНАНСОВОГО СЕКТОРУ

The national economy is in dire need of long-term investments. The economic stability of the state in modern conditions depends on the effective operation of banking institutions and the non-banking financial sector, and in this matter such institutions as: non-state pension funds, insurance companies, leasing institutions, etc., could provide significant assistance. In the wartime period, their role is most obvious, since the level of such macroeconomic indicators as: real GDP growth, unemployment rate, inflation rate, balance of payments depends on the development of non-bank financial intermediaries. An important feature for the formation of funds of the non-banking sector is the fact that the funds are formed, firstly, on contractual terms, and secondly, on the terms of the sale of securities. The purpose of the article is to study the activities of institutions of the non-banking financial sector, analyze their impact on the investment of industrial enterprises, and develop proposals for intensifying their participation in investment processes. The theoretical and methodological basis of the research is the work of domestic and foreign scientists in the field of determining the peculiarities of the functioning of enterprises of the non-banking financial sector. The information base consists of scientific, economic and reference literature, works of leading domestic and foreign scientists, methodical materials, information portals, Ukrainian periodicals. A set of methods and approaches were used: system analysis, theoretical generalization, methods of analysis and synthesis. In the article, the author states the importance of researching the theoretical and methodological foundations of the functioning of non-banking financial institutions. An analysis of the legislative framework regulating the activities of enterprises of the non-banking sector has been carried out, characteristic features inherent in each of the individual types of these institutions have been highlighted. The structure and dynamics of investments in the economy of Ukraine over the past ten years have been studied. The dynamics of the number and economic activity of enterprises of the non-banking financial sector have been analyzed. The scientific novelty consists in deepening the essence and researching the dynamics of increasing the investment potential of the non-banking financial sector, which, in contrast to existing research, emphasizes the special relevance of the development of this sector of the economy of Ukraine during the martial law and post-war reconstruction, and also takes into account the international

Genesis of the Russian Financial System and Ways of Its Transformation: Soviet and Modern Periods

The financial system is derived from the economic model of society. The purpose of our research is to develop the scientific foundations of the genesis of the Russian financial system, allowing us to determine the conditions, causes, factors and elements that can form scientific and practical proposals for its further development, taking into account the current political and economic situation. The Russian financial system has gone through several stages of development: catch-up development finance, war communism finance, new economic policy finance, Soviet finance, neoliberal and globalist finance, national finance. At each of these stages, fundamental changes occurred both in the financial system itself and in its elements. In theory and practice, there is high theoretical, methodological and methodological uncertainty regarding the elements of the financial system. In this context, their study from a historical perspective is relevant. It is proposed to highlight the following main elements: national currency, payment system, monetary relations, tax system, banking system, insurance system, mortgage system, public finance, securities market, mutual investment funds and non-state pension funds, exchange trading, existence of relationships with international finance. The research methodology is based on a theoretical analysis of the basic scientific principles of the formation of the financial system and its elements. The information and empirical basis for the study were scientific research, statistical data, and analytical reviews. The object of observation is the Russian financial system for the period 1928 to the present. The scientific novelty lies in the formation of the author's conceptual approach to the financial system and its elements, and the imperatives for the emergence of economic problems caused by the underdevelopment of the financial system are identified. The study showed the need to further improve the elements of the financial system to ensure economic growth and development.

Genesis of the Russian Financial System and the Ways of its Transformation: the Period Before 1928

The life of modern human society is impossible without an effective economic model. In turn, functioning economies are ensured by the financial system of society. The purpose of this scientific research is to formulate a scientific approach to the development of the domestic financial system, which, unlike most foreign ones, has gone through stages of a complete change in the current paradigm. The Russian financial system has gone through mutually exclusive stages of development: finance of catch-up development, finance of war communism, finance of the new economic policy, Soviet finance, neoliberal and globalist finance, national finance. Each of these stages reflects fundamental changes in the methods and methods of management, which could not but affect the elements of the financial system. In financial theory and practice, there is high theoretical, methodological and methodological uncertainty regarding the elements of the financial system. In this context, their study from a historical perspective is relevant. It is proposed to highlight the following main elements: national currency, payment system, monetary relations, tax system, banking system, insurance system, mortgage system, public finance, securities market, mutual investment funds and non-state pension funds, exchange trading, existence of relationships with international finance. The research methodology is based on a theoretical analysis of the basic scientific principles of the formation of the financial system and its elements. The informational and empirical basis for the research was scientific research by Russian and foreign scientists, data from state and corporate statistics, and information and analytical reviews. The object of observation is the Russian financial system before 1928. The scientific novelty lies in the formation of the author's conceptual approach to the financial system and its elements, and the imperatives for the emergence of economic problems caused by the underdevelopment of the financial system are identified. The study showed the need to further improve the elements of the financial system to ensure economic growth and development.

Analysis of regional activities of non-state pension funds

The subject of the study is the factors influencing the activities of non-state pension funds (NPFs). To analyze the differences in the performance of NPFs in different regions, the article uses a graphical and statistical method. In the study, indicators of the activity of NPFs were developed, and then factors that can influence the indicators were proposed, then a correlation matrix was built to determine the closeness of the relationship between indicators and factors. The result of the work was the identification of the main factors influencing the performance indicators of NPFs, as well as the conclusion that it is necessary to take into account the difference in the level of development of regions when developing recommendations to improve the efficiency of non-state pension funds.

Перспективи розвитку накопичувальної складової пенсійної системи України під впливом шоків збройної агресії

The author demonstrates the assessment of the current state of the Ukrainian pension system and the analysis of the possibilities and prospects for launching the secondary (state) and development of the tertiary (non-state) levels of the accumulative component of the pension system of Ukraine under the conditions of the active phase of military aggression by Russia. The urgency of the work is due to the critical state of the pension system in Ukraine, which today not only cannot perform its functions regarding the pension provision of citizens in the medium and long term but is bankrupt. The research is also relevant given the repeated unsuccessful attempts to launch the state accumulative component of the pension system and reform the non-state pension provision system. This necessitates a scientific understanding of the possibilities of building an accumulative resilient element of the pension system in current conditions, which involves a clear understanding of the challenges and threats to the viability of such a system. Thanks to this, timely awareness and construction of such a model of the pension component of the accumulation system is possible, which will minimize political (low-quality state policy in this area) and material losses for the pension system participants. The purpose of the article is to analyze and evaluate the use of institutional tools to build a resilient accumulative component of the pension system of Ukraine. The novelty of the research lies in the identification of institutional mechanisms for building a resilient model for the launch of the second and transformation of the third accumulative levels of the pension system of Ukraine, which will allow for solving a complex of current and strategic issues: from reducing the burden on the Pension Fund of Ukraine in the current conditions to forming the prerequisites for obtaining a decent pension for citizens of our countries in the future. The research methodology in the article is based on the use of information from open sources, assumptions, expert opinions and assessments, the experience of building the accumulative component in different countries, etc. The choice of such a methodology is conditioned by the impact of Russia’s military aggression on all elements of life in our country, particularly the acquisition and formation of operational and reliable statistical information.

Implementation of Non-state Pension Provision in Ukraine in the System of Strengthening Social Protection

This paper is devoted to identifying the features and finding solutions to the problems of the formation and improvement of the non-state pension provision of Ukraine in the system of strengthening social security and preventing the degradation of the social structure. It presents the results of a study of emergent dynamics of the main performance indicators of non-state pension provision in Ukraine and the behavioural aspects of its beneficiaries when choosing a financial intermediary in the implementation of a new metadata specification based on three areas: banking institutions, non-state pension funds (NPFs) and life insurance companies. These results are the following: identification of key trends in non-state pension provision in Ukraine; disclosure of problems, obstacles, and major shortcomings of an organizational and legal nature; determination of directions for solving problems and the dominant factors in the development of non-state pension provision in Ukraine.

Non-state social security: International legal comparative experience

Ukraine’s social security system faces significant difficulties. The challenges of the war add to the previously existing economic and demographic problems. The painful issue of ensuring social standards of the population in conditions of shortage of funds brings to the forefront ways to reduce the burden on budgets. In this regard, non-state social security is of great importance. In view of this, it is important to study the international experience of the functioning of non-state social security systems. The purpose of the work was to analyze the effectiveness of the Ukrainian system of non-state social security in comparison with the corresponding systems of other countries and to study international standards. The methodological basis of this research used such methods as: historical, statistical, comparative legal, formal legal and emergency method. In the conclusions of the case, the peculiarities of the non-state pension system of Ukraine are explained and the problems it faces are investigated. Several mechanisms that can lead to an increase of its efficiency and popularity among the population are considered. It was remarked that it is necessary to introduce changes, including through the implementation of international legal documents.

Legal principles of the implementation of the accumulative system of mandatory state pension insurance

Introduction. The implementation of the mandatory accumulative component of the pension insurance system of Ukraine has been proceeding for over 20 years. The existing level of pension provision for citizens of Ukraine does not meet the constitutional and legal standards and does not ensure the effective functioning of the system of protection of human life, health and dignity. Gaps in the scale,comprehensiveness and decent level of pension benefits are primarily related to the lack of investments in pension insurance. The aim of the article is to carry out a scientifi c analysis of the implementation of the accumulative system of mandatory state pension insurance and to formulate separate proposals on this issue. Results. Attention is focused on the existing problems of the functioning of the current solidarity system of pension provision. Proposals have been made regardingthe necessity: introduction of international social standards in the field of pension provision, changes in the amount of social contributions, implementation of pension insurance through professional pension funds. The issue of compliance of the level of subsistence minimum with the realities of today does not lose its sharpness. The currentlaw-making activity regarding the implementation of the accumulative pension system has been analyzed, comments have been made regarding the provisions of the draft Law (Reg. No. 2683). The need of financial and economic calculations regarding the preparation of relevant projects of regulatory and legal acts has been emphasized. Proposals have been made to ensure the targeted use of pension savings, to ensure state guarantees of the functioning of the savings system, to observe systematicity in the development of regulatory legal acts in the field of pension insurance. Conclusions have been made regarding the possibility of introducing a mandatory accumulative component of the pension insurance system of Ukraine in the near future,taking into account the economic and demographic consequences of the russian military aggression. Key words: social security, social insurance, pension insurance, solidarity system, accumulation system, non-state pension security, contribution, fund, draft law,employee, employer.

ОСОБЛИВОСТІ ФУНКЦІОНУВАННЯ НЕДЕРЖАВНИХ ПЕНСІЙНИХ ФОНДІВ

The article is devoted to the research of peculiarities of the functioning of non-state pension provision. A theoretical analysis of methodical approaches to the organization of activities of non-state pension funds was carried out. The functional components of their activity have been studied. The structural and logical scheme of relationships between the participants of the non-state pension system is presented. The expediency of using a complex approach in researching the specifics of the activity of non-state pension funds is substantiated. A systematic approach was used to investigate theoretical approaches to determining the role and importance of non-state pension provision. Considerable attention is paid to the analysis of the current state and quantitative dynamics of non-state pension funds and their administrators. With the help of the system analysis method, the pension contracts of legal entities and individuals were assessed using structural division. Restrictions on the implementation of this process in Ukraine are defined. The factors that restrain the active participation of the population in placing their own savings in non-state pension funds as financial intermediaries have been identified. Contradictions in the formation of pension assets by non-state pension funds were investigated and revealed. Based on this, it was concluded that pension funds are able to mobilize significant amounts of long-term financial resources and transform them into an investment resource for the stabilization and development of not only the country's financial market, but also the economy as a whole. Such approaches make it possible to explore possible options for attracting investment resources and to determine ways to increase their quantitative volumes and qualitative investment in various assets. The dynamics of changes in the quality of asset diversification of non-state pension funds are analyzed. This made it possible to confirm the hypothesis that state securities in the form of state bonds continue to be the predominant investment direction of pension assets. Measures to increase the effectiveness of the functioning of non-state pension funds are proposed. The use of a combined approach to the regulation of the investment activities of pension funds, namely: rules of reasonable behavior and quantitative restrictions on investments of NPFs, will allow solving the main problem of their activity - increasing the efficiency of using the investment potential of non-state pension funds.

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

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.