Combined model of functioning of the accumulative pension system

Abstract

Ukraine faces a serious pension problem, as its system is in a state of crisis and no significant changes have been made in its functioning. Solving this problem requires the implementation of an effective strategy for reforming the pension system, which is an important task for both scientists and practitioners. In view of the deepening of the demographic crisis and regular world financial and economic crises, in combination with the difficult domestic political and economic situation, it is necessary to develop a mechanism for the introduction of a modern pension system, based on advanced world experience. The purpose of this research is the theoretical justification of the formation of the system of social protection of the population, the assessment of its current state in Ukraine during the implementation of the pension reform, a theoretical introduction to the concept of "Pension models", the scheme of the formation of the pension system, the structure of the pension system in accordance with the Organization for Economic Cooperation and Development, the connection between the social protection model and the pension system, features of the pension systems of the leading countries of the world, and justification of the priorities for further development. To achieve the goal, the following research methods were used: abstraction - when the essence of the pension reform is determined, disclosure of the content of its main stages, analysis and synthesis - for an in-depth study of the mechanism of the pension reform, analysis of the current state of the pension system, development of measures to improve pension provision and pension insurance , analogies - when comparing and comparing pension reforms carried out in Ukraine and other countries, generalizations - to find optimal mechanisms for the implementation of certain elements of foreign pension reforms in Ukraine with the aim of improving the welfare of socially vulnerable sections of the population and, first of all, pensioners. The proposed combined model of the functioning of the accumulative pension system, which provides for the accumulation of contributions in an authorized pension fund created by the state, for the period until December 31, 2025, after which the system participant can choose for himself any authorized non-state pension fund, where contributions will be paid for its benefits and the formation of pension savings. The adoption of the model of the Law of Ukraine foresees the expenditure of the State Budget of Ukraine in the first year of the introduction of the accumulative pension system according to approximate calculations in the amount of UAH 30.8 billion, of which UAH 15.4 billion is for compensation to the mandatory state social and pension insurance funds for losses from shortfalls in the single social contribution, UAH 15.4 billion - for the payment of an additional accumulative contribution at the expense of state budget funds for the benefit of system participants. The implementation of the envisaged model will create a legal basis for the introduction of the second level of the pension system - a mandatory accumulative component of pension provision, the functioning of which will gradually lead to an increase in the level of social protection of people of retirement age, and the attraction of a powerful internal long-term investment resource, which will contribute to the increase of investments in the national economy.