New standards for non-state pension funds (NPFs): digitalization and enhanced social protection

The National Securities and Stock Market Commission approved a new version of the Regulations on the administration of a non-state pension fund. The main purpose of the changes is to make the system more convenient, transparent, and accessible to citizens.

The updated rules provide for active digitization of processes and the transformation of most procedures into electronic format. From now on, interaction between a fund administrator and the depositors or participants can be carried out online—via email or special electronic services. As a result, almost all key actions and communication will become available remotely.

This means that:
• it will be easier to conclude a pension contract;
• documents will start to be submitted and received remotely;
• most issues will be resolved without the need for a personal visit;
• remote identification will become available.

Special attention is paid to social protection issues. Given the growing number of socially vulnerable categories of citizens, namely those who have gone missing under special circumstances or died (recognized by a court as missing or deceased), the new Regulations clearly define the actions of a fund administrator in such cases.

In particular, the Regulations:
• defined a procedure for interacting with heirs;
• clarified procedures for working with guardians and custodians;
• provided for the possibility of pension payments being received by heirs or legal representatives.

This makes the system fairer and more responsive to citizens’ life circumstances. This updating of the rules will increase trust in non-state pension funds, make them more efficient, and create additional conditions for the development of the non-state pension system in Ukraine.

The Commission remains committed to ensuring that the financial market stays modern, transparent, and focused on the needs of citizens.