Shymko Y. Development of non-state pension funds in the pension system of Ukraine

Українська версія

Thesis for the degree of Candidate of Sciences (CSc)

State registration number


Applicant for


  • 08.00.08 - Гроші, фінанси і кредит


Specialized Academic Board

Д 27.855.01

University of the State Fiscal Service of Ukraine


In the dissertation the theoretical foundations and scientific and methodological approaches aimed at development of non-state pension funds in the pension system of Ukraine have been developed. Based on the results of a critical analysis of scientists' approaches to treating the nature of NPFs as a non-profit institution, an institutional unit of the financial corporations sector, a qualified institutional investor, and a financial institution, a definition of the NPF was improved. Types of NPFs are systematized on the basis of the allocation of such classification features as: organizational structure, composition of founders, separation of fund assets from assets of founders, participation of founders in the distribution of the fund profits, management structure, accessibility of participation in the fund, affiliation of fund participants, form of participation in the fund, principle calculation of pension payments, ownership of pension assets, riskiness of investments, availability of guarantees, the value of the fund for the non-state pension system, the stage of financial maturity fund, the ratio of the dynamics of the individual financial indicators and the dynamics of the aggregate financial indicators of all funds. The development of the NPF is characterized by quantitative changes in the financial performance of the Fund, in particular, the volume of pension contributions and pension payments, the total amount of pension assets and its ratio to GDP, the number of depositors and fund participants, financial reliability of the fund, as well as improving the quality of management of the pension assets of the fund. On the basis of constructing a logical-meaning model by the Ishikawa method, exogenous factors of NPF development were identified, which include economic demographic political legal investment and cultural factors. It is determined that the endogenous determinants of NPF development are: the competitiveness of funds, the client base of the fund and NPF's investment potential. A hierarchical cluster analysis of NPF activity indicators was made, which resulted in two main periods of NPF development in Ukraine - the period of spontaneous development (1991-2004) and the period of managed development (2005 - up to now), with a distinction within the last six stages: formation of principles, managed development (2005), early development (2006-2007), progressive development (2008-2012), accelerated development (2013-2014), crisis development (2015-2016) and restorative development (2017-2018). The scientific and methodological approach to NPF rating in terms of estimation of the integral indicator of NPF development based on the calculation of five development indicators (net asset value, number of participants, pension contributions, pension benefits, investment income of NPF assets). It is substantiated that the role of financial regulation of NPF development in the pension system of Ukraine is to create a favorable financial environment for the functioning of the NPF by improving the legal foundations of the activities of the funds, the implementation of a special tax policy, encouraging citizens and employers to participate in non-state pension-funding providing. The economic and mathematical modeling of the introduction of a professional pension program was carried out. In the process of calculations, a modified aggregate actuarial method of calculating the optimal rate of pension contributions was used, taking into account the age distribution, the level of remuneration and the likelihood of survivors' retirement benefits. The financial reliability of individual NPFs was estimated by calculating a set of ratios: real return on retirement assets, variations in the value of a retirement asset unit, conservativeness of the investment portfolio, current (general) liquidity, and immediate solvency of the fund. Conceptual directions of NPF development are formed, which include taking measures on differentiation of pension products of NPF, modification of funds types, expansion of stock market instruments for investing pension assets, improvement of limitations of the investment portfolio of NPFs, increase of risk management efficiency of funds and investments, raising financial literacy of the population, creating favorable external conditions for the development of funds. Keywords: non-state pension fund, financial development, factors of development, pension system, financial resources, financial regulation, rating, pension program, actuarial calculations, financial reliability


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