NSSMC approves White Paper on reforming the voluntary funded pension system

Today, the National Securities and Stock Market Commission (NSSMC) approved the White Paper on reforming the voluntary funded pension system in Ukraine. This document defines key areas of pension system transformation aimed at ensuring financial stability of citizens and integration of the Ukrainian model into the European system.

The NSSMC aims to create a stable and efficient voluntary funded pension system based on the following principles:
– transparency and accountability: the system’s actors should act in accordance with the best international standards, providing clear and open information to participants;
– investment diversification: implementation of a long-term investment policy and protection of assets from risks;
– protecting the interests of participants: compliance with EU standards, in particular Directive (EU) 2016/2341.

«The White Paper is a roadmap that will ensure a new stage in the development of pension provision in Ukraine. We are adapting European approaches to guarantee citizens stability and trust in the new system», said Maksym Libanov, Сommissioner.

The approval of the White Paper paves the way for the modernisation of Ukraine’s pension system, which will ensure
– reliability and stability of accumulative pension funds;
– protecting participants’ savings through a new infrastructure system and corporate governance standards;
– Involvement of socially responsible businesses in the voluntary pension system.

In the future, the NSSMC plans to hold a series of public consultations with market representatives, experts and international partners. This will result in the preparation of legislative initiatives to implement the key provisions of the White Paper. Another important aspect is to hold educational events for citizens to promote funded pensions.

Together we are building a reliable pension system for every Ukrainian!