ORGANIZATIONAL PROBLEMS OF FUNCTIONING OF ACCU-MULATIVE AND DISTRIBUTION PENSION SUBSYSTEMS IN UKRAINE
Abstract
Despite the number of reforms, the issue of improving the pension system in Ukraine remains quite acute. The low replacement rate and the marked increase in public pension expenditures, caused by the sharp increase in the budget deficit of the pension fund of Ukraine, show that the national pension system is one of the least efficient pension systems in the world. The article considers the structure of pension systems of developed countries, which in their absolute majority are combined. The mixed type of pension system is the most effective in terms of financial stability and the level of paid pensions. In its pure form, cumulative and distribution models are not common in world practice. The indicator of the coefficient of replacement of pension subsystems of OECD countries is presented and conclusions are drawn about their efficiency. The basic models of management of accumulative pension funds are summarized. Based on the analyzed data, it is obvious that in most leading countries of the world the basis of pension provision is the distribution subsystem. With rare exceptions, the bulk of the substitution factor is created within distribution systems. Accumulation systems can also play a significant role. Comparing data on replacement rates in Ukraine with the countries of OECD, it is clear that by 2019 the situation in Ukraine is one of the worst. The ratio of the average pension to the average salary in Ukraine is 2 times lower than the average for the OECD countries. Analysis of world practice leads to the conclusion that to increase the level of pensions requires simultaneous strengthening of the distribution and development of the accumulative parts of the pension system. The analysis of functioning of each subsystem of pension provision in Ukraine is carried out. The problems of functioning of the distribution pension subsystem in Ukraine during the last years are described. The dynamics of the budget deficit of the Pension Fund of Ukraine is graphically presented. The reasons for refusing to introduce the compulsory pension subsystem have been identified. The results of the activity of the voluntary accumulative pension subsystem are analyzed. The directions of im-provement of functioning of the pension system of Ukraine are defined.
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