“The partnership is the key to successful launching of pension reform”, – said Yurii Boiko, the Commissioner of the NSSMC

This view was expressed by Yurii Boiko, the Commissioner of the NSSMC (the National Securities and Stock Market Commission) following the results of the working group meeting on the introduction of obligatory cumulative pension benefits and the development of non-state pension provision. This discussion was held jointly with the Ministry of Finance, the Ministry of Social Policy of Ukraine and other authorities and government departments. 

“I am convinced that today we must join forces and follow partnership principles for the well–timed, settled and successful launching of the second level of pension reform. The NSSMC supports the proposed scheme, according to which employers will pay compulsory contributions for the people’s benefit through the reduction of the single social tax and without increasing business rates. And citizens will pay contributions voluntarily. At the same time, the State will additionally pay incentive contributions in an amount as people pay. This State model is really revolutionary and generous, and it is important that there will be no pressure on citizens for paying saving contributions for own expense.” – said Mr. Boiko.

Meanwhile, the NSSMC supports first the functioning of the exclusively Government Pension Fund of the renewed Pension System. This will ensure of the efficiency of performance and preparing all necessary regulatory framework. In a year or two the private funds may be admitted to work.

According to the meeting it is planned that the participants will develop the Cabinet of Ministers of Ukraine Recommendations on the introduction of obligatory cumulative pension benefits.

Remind that the Regulator aims at extending the list of effective financial instruments for the creation of Pension Investments high-quality portfolio.