Prospects for Improving the Non-State Pension System in Ukraine
Zvarych O. I., Voloshyn V. V.

Zvarych, Olena I., and Voloshyn, Volodymyr V. (2025) “Prospects for Improving the Non-State Pension System in Ukraine.” The Problems of Economy 3:273–282.
https://doi.org/10.32983/2222-0712-2025-3-273-282

Section: Finance and banking

UDC 368.914(477)

Abstract:
Demographic challenges and structural imbalances in Ukraine’s solidarity-based pension system underscore the need to develop alternative mechanisms for providing pensions to the population. The non-State pension insurance, as a component of a multi-tier pension architecture, requires conceptual reconsideration and modernization in line with European standards and national specifics. The aim of this study is to identify the key directions for transforming Ukraine’s non-State pension insurance system and to develop mechanisms for its optimization, ensuring long-term financial stability and social protection for citizens. The study is based on a comprehensive approach combining comparative analysis of global experience, statistical analysis of the development dynamics of the domestic market, and expert evaluation of regulatory initiatives. Priority directions for improvement have been identified, including: flexible models of accumulative insurance, diversification of pension fund investment instruments from a risk management perspective, enhancing the transparency of market participants, strengthening the corporate segment through the creation of incentivizing fiscal mechanisms, and digitalizing administration. The necessity of harmonizing national legislation with European Union directives on pension provision and implementing a deposit guarantee system has been substantiated. It is found that the systematic modernization of the non-State pension insurance requires synchronization of institutional, regulatory, and fiscal reforms, which will ensure the development of a competitive segment of the financial market and foster increased public trust in the non-State pension programs as a reliable tool for securing a decent standard of living in old age. The implementation of the proposed measures will provide a real opportunity to align the Ukrainian model of the non-State pension insurance with the best European practices and enhance its efficiency in the context of demographic transition.

Keywords: pension system, pension provision, pension system reform, non-State pension provision, directions for improving the non-State pension provision, non-State pension provision system, prospects for the development of pension provision, pension insurance.

Fig.: 2. Tabl.: 1. Bibl.: 21.

Zvarych Olena I. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Management and Marketing, Vasyl Stefanyk Carpathian National University (57 Shevchenka Str., Ivano-Frankіvsk, 76018, Ukraine)
Email: lena_zl@ukr.net
Voloshyn Volodymyr V. – Postgraduate Student, Department of Economic Cybernetics, Vasyl Stefanyk Carpathian National University (57 Shevchenka Str., Ivano-Frankіvsk, 76018, Ukraine)
Email: voloshyn86@gmail.com

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