Insurance companies and private pension funds in the system of private pension insurance in Ukraine.

Abstract

The system of private pension insurance, built in 2004 on the basis of the Law of Ukraine «On Non-Governmental Pension Provision» is an important reform and integral part of the reform of the pension system in Ukraine. In modern conditions the significance of the system increases. Private pension occupies an extremely important place in the social protection of the working population. It is this kind of personal savings insurance that must become an effective tool in achieving a balance of interests between the State and citizens with regard to their pensions they have earned by their retirement age as well as provide stable payment of pensions to the citizens of Ukraine. Nowadays there is a need to determine the role of insurance companies and private insurance funds in a funded system, which is one of the conditions set by the  International Monetary Fund, an organization that is one of the largest investors in Ukraine.