to a decent state pension in old age yet can only deputies, generals, judges and members of the Cabinet. All other citizens of the Ukrainian state does not offer much compensation for their old age. The situation of the pension fund compounded by the fact that the number of working people who pay contributions to the Pension Fund from their salary, is constantly decreasing, and the army of pensioners is increasing.

pension reform that Ukrainians do not want in old age depend on the state can use the services of private pension funds and have to earn their allowance to the basic - the state - pensions, as well as earn additional income.

How does the non-governmental pension fund

First NPF

appeared in Ukraine in 2004. By 1 January this year, that number had reached 109. In 2008, the number of participants in private pension funds rose to 482.5 thousand and the total amount of pension contributions had reached 582.9 million hryvnia.

NPF pensions is only there for the money of their depositors, who can serve individuals and their relatives, as well as employers and trade unions. All non-state pension funds have the status of non-profit organization, that is, their profits are not distributed among the founders of the fund, and directed to increase the pension assets of its depositors.

of the Fund, received from investors dispose of an independent administrator - asset management company (AMC). To generate income and increase in the amount of pension money is invested in a variety of SPF tools: shares of Ukrainian and foreign companies, bank deposits, government securities, bank metals and currency.

According to the law, all assets of private pension funds should play in different baskets to reduce the risks of depositors. All pension contributions and investment income that belongs to NPF, that is, its depositors, and the administrator receives a fixed percentage of the total assets of the Fund.

According to Ukrainian legislation, non-state pension funds can be of three types: public, corporate or professional. Participant Open NPF can be a citizen of Ukraine, without restrictions on the location and nature of his work. Clear Fund able to attract the widest range of investors, and therefore this type of NPF prevails in Ukraine - 86 out of 109 Ukrainian non-governmental pension funds are public.

Corporate Pension Fund is based one or more employers to build up pensions for their employees. Accordingly, parties to such an SPC can only be individuals who have or have had employment relationships with employers - members or founders of such a fund.

Finally

professional NPF may form trade unions or trade organizations, and its investors will be only people certain profession.

Benefits NPF

first and main advantage of non-state pension fund for private investors - it is an opportunity to receive a supplementary pension, which can be much more public. In doing so, future retirees were able to determine the frequency and amount of contribution, date of retirement (from 50 to 70 years for males and from 45 to 65 for women), as well as the amount and duration of pension payments. Customer SPF can also reduce the amount of regular payments or stop making them at all - without penalties.

second plus: pension contributions from member of NPF does not merge into a common pot, as the solidarity pension system, and is credited to a personal account of the depositor. He could always see how much he has already accumulated.

third advantage: future pension is well protected. All are the property accumulation investor (or his heirs). He may at any time to transfer money to another pension fund, insurance company or bank. The State makes demands, and to the NPF, and the company that manages the pension assets. This control eliminates fraud and guarantees the safety of future pensions. Most of the assets of private pension funds is invested in instruments with a high degree of reliability - bank deposits, government securities securities, precious metals. They are not the biggest revenue, but allows to minimize risks. In addition, the NPF under the law can not be considered bankrupt.

Another nice bonus: a contribution to the NPF are exempt from taxation until the retirement age of the depositor.

Disadvantages of non-state pension

The main negative

private pension funds due to their objective - the accumulation of pensions. Therefore, to obtain money from the NPF before the stipulated retirement age will be very problematic. At the hands of investors with all the accumulated amount of grant only if the critical state of health (disability, cancer, stroke) or when the customer leaves NPF for permanent residence abroad. In all other cases, the accumulation of transferred to another fund, insurance company or bank.

second drawback - the retirement savings account can only be in UAH. Therefore, the investor that the money is not devalued, stock returns should be higher than the rate of inflation over for 10-25 years. In other words, the amount of your main savings will not be changed, but the level of additional income from the investment of NPF is difficult to predict.

Third

trouble - taxes on the accumulated amount will be paid, but with the onset of the contractual retirement age. However, the law provides incentives: taxes on income (15%) are subject to only 60% of payments. Thus, the tax rate of 9%. But the investor to achieve a SPF 70 years old be exempt from taxes if it paid a pension for a definite period (not less than 10 years). This rule does not apply to businesses as well as those of working age was freed from income tax.

Fourth

minus - the inexperience of private pension funds. Not every risk to entrust their money structure, which works on the market just 3-4 years. Most NPF only kopyat money, and massive non-payment of pensions in the near future do not have to wait.

The general situation with the development of SPF is not very optimistic. The second phase of pension reform, which funded pension insurance system will be compulsory and will be introduced personalized retirement accounts, has been postponed at least until 2011.

the emergence of private pension funds could help the funds, perebroshennye in the NPF from gosfondov. However, reform slows down due to financial crisis, and non-state pension funds hireyut without new blood.

NPF system without the second level can not grow and develop will not. Come on reduction of funds and we are now forced to liquidate those assets in a relatively large number, - said the head of Gosfinuslug Viktor Suslov.

With the elimination of NPF, let's accumulated pension deductions are not lost but merely transferred to another, more efficient fund. Therefore, the crisis will only lead to consolidation of assets and consolidation of certain SPF. Most private pension funds by diversifying their investments, and long survive the crisis without losses.

Sergei Pasyuta

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