NSSMC officials discussed further legislative development in non-state pension provision

The Commission held a working meeting with representatives of the non-state pension market. The event was attended by Commissioners Arsen Ilin and Maxym Libanov, as well as representatives of such non-state pension funds (NPFs) as VPF OTP Pensiia, VPF PrivatFond, VPF Dynastiia, VNPF Emerit-Ukraine, VPF Farmatsevtychnyi, and a representative of the EU international technical assistance project “Further regulatory approximation with the EU legislation and international standards in financial markets in Ukraine.”

During the meeting, the following issues were discussed:

– further legislative development based on the White Paper;
– implementation of EU directives;
– strengthening accountability in the NPF management system;
– mechanisms for protecting participants’ pension savings.

It was noted that as of today, about 900,000 citizens are participants in non-state pension funds, and the system’s assets amount to about UAH 6.7 billion. At the same time, almost 90% of assets are concentrated in the nine largest funds.

Market representatives generally expressed support for the need for reform and implementation of EU standards. In particular, they emphasized the importance of preserving participants’ funds and preventing a decline in revenue due to excessive regulatory costs and, most importantly, maintaining participants’ trust in NPFs.