{"id":1184374,"date":"2026-09-11T14:59:37","date_gmt":"2026-09-11T11:59:37","guid":{"rendered":"https:\/\/www.nssmc.gov.ua\/?p=1184374"},"modified":"2026-09-14T14:39:11","modified_gmt":"2026-09-14T11:39:11","slug":"ua-pensiia-iaku-nakopychuiesh-sam-iak-zminiuiut-systemu-nederzhavnoho-pensiinoho-zabezpechennia","status":"publish","type":"post","link":"https:\/\/www.nssmc.gov.ua\/en\/ua-pensiia-iaku-nakopychuiesh-sam-iak-zminiuiut-systemu-nederzhavnoho-pensiinoho-zabezpechennia\/","title":{"rendered":"A pension that you accumulate yourself: how the non-state pension provision system is being changed"},"content":{"rendered":"

When a person saves money for an additional pension, it\u2019s not just a matter of a year or two. Decades can pass between the first contribution and the time when the person begins to make use of those savings.<\/strong><\/p>\n

This is what makes non-state pension provision unique. Individuals voluntarily make contributions to a non-state pension fund to build up their own savings for a future additional pension. These funds are meant to grow over many years; therefore, it is important not only where they are invested, but also who manages them, who oversees this process, and the rules according to which the entire system operates.<\/strong><\/p>\n

The non-state pension system in Ukraine has been developing since 2004, when the Law of Ukraine \u201cOn Non-State Pension Provision\u201d was adopted. As of the end of Q1 2026, there were 54 non-state pension funds (NPFs) listed in the Register of non-state pension funds. According to reports submitted by 13 fund administrators, 47 of these funds were operating, with a total of 889,200 participants and total assets of UAH 7.07 billion.<\/p>\n

Behind these figures lies people\u2019s money, which may remain in the system for many years. It is precisely this long-term savings horizon that makes the rules for managing these funds \u2014 and ensuring compliance with them \u2014 particularly important.<\/strong><\/p>\n

What already changed<\/strong><\/h2>\n

In light of current circumstances, the Commission adapted its regulatory legal acts to meet the needs of participants in the non-state pension system; specifically, in early 2026, the Commission updated the rules governing the administration of NPFs. The new requirements allow administrators to interact remotely with participants and contributors and to sign documents with an electronic signature. This, in turn, has expedited interaction between the parties.<\/p>\n

Separate procedures have been established for situations in which a pension fund participant is officially declared missing in action, killed in action, or declared missing by a court order, as well as specific guidelines for interacting with guardians and custodians. This is particularly relevant in today\u2019s context.<\/p>\n

Starting 01 October 2026, the reporting rules also change. Administrators will submit data separately regarding their own activities and the activities of each NPF they administer. The new requirements specify the procedure and deadlines for submitting this information to the Commission and NPF boards. This is intended to make reporting more structured and comparable. It will allow the Commission to identify issues, respond in a timely manner, and take measures to protect the property rights and legitimate interests of participants in the non-state pension system.<\/strong><\/p>\n

However, administration and reporting are only part of the changes. The next stage is much broader: it concerns the very model of how the system operates.<\/strong><\/p>\n

The next step is to change the model itself<\/strong><\/h2>\n

In May 2026, the Commission presented the concept for a draft Law of Ukraine on voluntary pension funds, prepared within the framework of the FINMAR project. The proposed model calls for reforming the non-state pension system and laying the groundwork for the further development of a cumulative pension system in Ukraine.<\/p>\n

On 28 August, the draft Law of Ukraine No. 15570 \u201cOn Voluntary Pension Funds\u201d was registered in the Verkhovna Rada. Along with it, the draft law No. 15571, regarding amendments to the Tax Code, and the draft law No. 15572, regarding the regulation of the activities of voluntary pension funds in the Civil Code, were also registered.<\/p>\n

This is no longer just a matter of making isolated updates to individual procedures. The draft law proposes to change the approach to how pension assets are managed.<\/strong><\/p>\n

The concept calls for the establishment of a pension company with a system of corporate governance and internal controls. Existing non-state pension funds are to be transformed into voluntary pension funds in accordance with the new model.<\/p>\n

Simply put, the idea behind the reform is to tighten the requirements for those responsible for managing pension funds. For pension companies, the proposal is to establish requirements for corporate governance, internal controls, and risk management. In other words, the system should more clearly define how decisions regarding assets are made, how risks are controlled, and how the long-term interests of the people whose money is under management are safeguarded.<\/strong><\/p>\n

For pension savings, this is fundamental: a decision made today can affect the money a person will have access to in ten, twenty, or more years. Therefore, the requirements for managing such assets must take this long-term horizon into account.<\/strong><\/p>\n

A separate proposal calls for the creation of a mechanism to guarantee pension savings. Among the issues that require further consideration are guarantees for pension fund participants, the possibility of cross-border operations, and the tax regime.<\/p>\n

At the same time, it is important to distinguish between what is already in effect and what is still only being proposed.<\/strong> The draft law No. 15570 is currently being reviewed by the relevant committee of the Verkhovna Rada. Therefore, the new model, proposed by this draft law, has not yet been put into effect.<\/strong><\/p>\n

For people already making contributions to an NPF the current rules remain in effect. Any further changes will depend on the result of how the draft laws have been considered in Parliament.<\/p>\n

Pension savings differ from many other financial decisions in one key way \u2014 time. Money can remain in the system for decades. Over that period, the economy, markets, and financial institutions will be changing.<\/strong><\/p>\n

Therefore, the rules governing the management of pension funds must also be designed with the long term in mind.<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

When a person saves money for an additional pension, it\u2019s not just a matter of a year or two. Decades can pass between the first contribution and the time when…<\/p>\n","protected":false},"author":367,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,4,851],"tags":[],"class_list":["post-1184374","post","type-post","status-publish","format-standard","hentry","category-golovn-novini","category-nederzhavn-pensyn-fondi","category-news","category-pensiine-zabezpechennia"],"_links":{"self":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1184374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/users\/367"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/comments?post=1184374"}],"version-history":[{"count":2,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1184374\/revisions"}],"predecessor-version":[{"id":1184384,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1184374\/revisions\/1184384"}],"wp:attachment":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/media?parent=1184374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/categories?post=1184374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/tags?post=1184374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}