ORGANIZATIONAL AND ECONOMIC APPROACH TO THE IMPLEMENTATION OF THE ACCUMULATIVE SYSTEM OF GENERALLY MANDATORY STATE PENSION INSURANCE

Abstract

The article stated and analytically proved that the solidarity system of pension provision is ineffective and unable to ensure a decent standard of living of persons of retirement age in the conditions of war, economic, demographic, migration challenges and threats. It was emphasized that the second level of the pension system of Ukraine – cumulative mandatory state pension provision should become the direction of transformation of the pension system of Ukraine and combine the solidarity and cumulative system on the basis of security with a clear regulation of advantages and disadvantages, risks and dangers. The purpose of the article is to develop an organizational and economic approach to the implementation of the accumulative system of mandatory state pension insurance. It was determined that the main advantages of the introduction of accumulative pension provision are social, economic, and financial.Social means the possibility of accumulating funds in personal accounts for future payments, their diversification and capitalization due to investments in financial assets, and the growth of pension payments in the future. From an economic point of view, accumulated pension funds are a long-term investment resource for the modernization and postwar recovery of the economy. In the financial aspect, these are additional resources for the country's financial system, banking and insurance business. An organizational and economic approach to the implementation of the second, accumulative level of the pension system is proposed, which should be based on the appropriate systemic approach and contain such components as: target orientation, objects, subjects, principles, functions and the corresponding regulatory, financial, economic, information, control and security support. The principles of the organization of the accumulation system have been developed, which include the following: legality, obligation, financial stability, adequacy, target use, efficiency, transparency, social responsibility. Further research in this direction should relate to the development of mechanisms for guaranteeing and preserving pension assets in the accumulation system and assessing investment risks, the functional powers of custodians – authorized banks, investors – asset management companies, pension payment institutions – authorized insurance companies, the principles of ensuring control and security at the second level of the pension system.