Commission approved changes to the voluntary pension system

The National Securities and Stock Market Commission endorsed amendments aimed at modernizing Ukraine’s voluntary pension system. These amendments involve three related draft laws: one on voluntary pension funds, and amendments to the Tax Code and the Civil Code.

All three documents were registered with the Verkhovna Rada on 28 August 2026. They are currently being reviewed by parliamentary committees.

The main draft law No. 15570 proposes setting up a modern model for voluntary pension funds. It is intended to strengthen protection for participants, raise standards for the management of pension assets, and make the operations of such institutions more transparent.

In particular, there are plans to implement modern standards for corporate governance, internal control, risk management, and internal audit.

Instead of a formal list of permitted investments, it is proposed to apply the “prudent person” rule. This means that when making investments, the long-term interests of the participants must be prioritized, and their assets must be diversified to reduce risks.

A significant part of the changes concerns the information provided to fund participants. People need to clearly understand where their pension savings are held, who manages them, how they are invested, and what results all this brings.

To ensure the new model operates seamlessly, certain amendments are proposed to the Tax Code and the Civil Code. The draft Law of Ukraine No. 15571 specifies how voluntary pension funds, their contributors, participants, and beneficiaries will be taxed. The draft Law of Ukraine No. 15572 is intended to align the provisions of the Civil Code with the new rules governing the establishment, operation, and termination of voluntary pension funds.

Updating the rules is intended to strengthen the protection of pension savings and bring Ukrainian regulations in line with EU standards. In the long term, this may also create better conditions for the development of voluntary pension savings and for attracting long-term capital to the Ukrainian economy.

Background information. The draft Law of Ukraine No. 15570 incorporates the provisions of European Directives 2014/50/EU and 2016/2341/EU regarding supplementary pension rights and the operations and supervision of occupational pension institutions.

The draft laws are available on the website of the Verkhovna Rada of Ukraine:

No. 15570 “On Voluntary Pension Funds”
No. 15571 on amending the Tax Code of Ukraine
No. 15572 on amending the Civil Code of Ukraine