International experience in organising non–state pension provision models: features and opportunities for Ukraine

The subject of the research is the theoretical and practical aspects of the global experience of
organising non–state pension provision models, as well as identifying features and opportunities for
Ukraine.
The aim of the research is to analyse the global experience of organising non–state pension
provision models, which will allow Ukraine to create an effective, reliable and sustainable non–state
pension provision system.
Research methods. The following methods were used in the article: analysis of literature sources;
comparative analysis method; case study method; tabular and graphical methods, etc. The combination
of these methods allowed to obtain a variety of data for a comprehensive study of the topic.
Results of the investigation. The author researched and analysed the world experience of
organising non–state pension provision models, which demonstrates a wide range of approaches to the
formation of financial stability of citizens after retirement. It is determined that one of the key aspects
of the successful functioning of private pension provision is public confidence in financial institutions
and the stability of legislative regulation. It is established that countries that have achieved significant
success in this area (Sweden, Chile, Germany, the United Kingdom, the United States and Australia) are
actively implementing mechanisms to stimulate pension savings. The experience of different countries
demonstrates the effectiveness of combining mandatory and voluntary accumulation systems. The
main global models of private pension provision are identified and analysed: Model 1: Three–pillar
pension system; Model 2. Non–state pension funds; Model 3. Corporate pension programmes; Model
4. Individual pension savings. It is established that the use of international experience is especially
important for Ukraine, since the state pension system is under significant financial pressure due to
demographic changes and the Pension Fund deficit.
Scope of the results. National economy, budgetary policy, insurance, labour economics, financial
system, state regulation.
Conclusions. Based on the analysis of international experience in the field of private pension
provision, the following recommendations for Ukraine were formulated and proposed: introduction of
an automatic participation mechanism (UK); development of corporate pension programmes (Canada
and Japan); diversification of investment instruments (USA and Australia); increasing confidence in
private pension funds; improving financial literacy of the population; optimisation of state regulation and
tax incentives; introduction of a mandatory funded pension system. Implementation of the proposed
recommendations will allow Ukraine to create an efficient, reliable and sustainable private pension
system that will contribute to the financial stability of future generations.