Non-Governmental Pension Provision.
What is non-governmental pension provision?
Unlike the state pension, non-governmental pension provision is based on voluntary, rather than mandatory, participation by individuals and companies in the formation of pension assets, which would then eventually be distributed to the participants of the non-governmental pension fund (the NPF).
In Ukraine, non-governmental pension provision is mainly governed by the On Non-Governmental Pension Provision Act of Ukraine of 9 July 2003, No.1057-IV (the Act), and it offers a number of opportunities to both employees as well as employers. However, unlike in Western jurisdictions, its potential is yet to be fully discovered by the local market. The purpose of this article is to provide an introduction to the structure of the non-governmental pension provision in Ukraine and to review the main benefits it may offer…
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