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Economy 2019-03-15T05:05:43+02:00
Ukrainian news
Cabinet Approves Action Plan On Implementation Of State Saving Pension Insurance For 2017-2018

Cabinet Approves Action Plan On Implementation Of State Saving Pension Insurance For 2017-2018

The Cabinet of Ministers has approved an action plan that envisages measures on implementation of a state compulsory saving pension insurance for 2017-2018.

The Cabinet adopted a relevant decision at its Wednesday, October 11 meeting, Ukrainian News Agency reports.

In particular, the document envisages that the Verkhovna Rada must draft and approve a bill on re-distribution of functions between the National Commission for Regulation of Financial Services Market and the National Commission for Securities and Stock Market in the field of regulation of subjects of non-state pensionable insurance, including overseeing functions and risk assessment.

In addition, before 2018, the Rada must develop and adopt bills outlining criteria for selection of non-state pension funds - subjects of the secondary level of the pension insurance system; on creating conditions for free movement of capital; on creation of new financial instruments for investment; on ensuring transparency in activity and financial reporting of subjects of saving pension insurance system; on upgrading requirements to companies managing assets of pension insurance; on rules for selection and replacement of non-state pension funds with a system of saving pension insurance.

As Ukrainian News Agency earlier reported, a pension reform that envisages raising mandatory pensionable service to 25 years in 2018 with annual subsequent increments to 35 years in 2028 came in effect on October 11.

The pension reform also envisages launching a saving pension insurance system from January 1, 2019.

The Cabinet instructed to procure for creation of relevant bodies and institutions to ensure functioning of the saving pension insurance system before July 1, 2018.