On August 3, 2021, Ruslan Magomedov, the Chairman of the NSSMC, and Yurii Boiko, the Commissioner, took part in the first founding meeting of the working group on pension savings development in Ukraine, with the participation of Denis Shmygal, the Prime Minister of Ukraine.
The participants of the working group discussed the introduction of mandatory funded pension provision and the development of private pension provision. The Prime Minister of Ukraine spoke about the work done to develop pension savings. In particular, the introduction of mandatory pension savings is provided for in the three-year Budget Declaration recently adopted by the Verkhovna Rada.
“The absence of the funded pension system in Ukraine for 30 years, as well as the stock market, is a crime against the state and Ukrainians. It is in our hands to stop and correct this crime. In addition to provide people with a decent pension, we will also provide the real sector of the economy with a long, inexpensive and reliable resource”, – the Prime Minister said, as reported by the press service on the Government’s official website.
During the meeting, Ruslan Magomedov spoke about the prospects of the stock market development in Ukraine and the benefits of introducing a funded pension system for the market and the economy in general.
However, there is a problem of investment – there are no financial instruments in our country. Now, citizens are faced with getting a vicious circle – there are no instruments, because there is no money, and there is no money, because there are no instruments. The NSSMC is working on the development of financial instruments in the stock market, both in the direction of regulation and in the direction of working on specific cases.
The Chairman of the NSSMC noted: “Pension reform will allow to accumulate capital in Ukraine. In turn, the attraction of capital will create a favorable environment for Ukraine’s economic growth and for attracting foreign capital. Classic financial instruments will be developed: DGBs, deposits, real estate, etc. Enterprises and private investors will develop together with the instruments.”
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