funds from the JII, its volume has declined substantially (by 10.8% in 2013, by 22.9%
in 2014, by 88.4% in 2015, and in 2016 - 38.9%).
At the same time, the concentration
of the capital outflows in the net asset value of open-end JII increased steadily (from
11% in 2011 to 62% in 2014) and only 2016 is marked by a significant drop in the
value of this indicator to 7.9%.
Such an extremely negative situation is explained by
the fact that investors continued to withdraw funds from the funds against the backdrop
of further narrowing of the financial sector, the absence of real positive changes in the
stock market and the deepening of the economic consequences of the military
operations in eastern Ukraine. However, 2017 is marked by the positive influence of
this factor, namely the availability of the inflow of investment revenues to open JII that
amounted to 2179 million UAH.
NPF that as non-profit organizations carry out their activities solely for the
purpose of accumulation of pension contributions in favour of their participants and
the further investment of accumulated funds for their preservation and multiplication.
In the domestic financial market in 2017 there were 58 NPFs.
According to the
geographical location the largest representation of the NPF was in Kyiv.
Moreover, the number of open NPFs constantly exceeded their other types, due
to the greater availability of NPF data for the general population, while professional
individuals or corporate NPFs can only be individuals connected by the nature of their
professional activities or are in labour relations with employers-founders or employers-
payers.
The state of NPF market development is characterized by such an important
indicator as the number of NPF depositors.
After all, it is the depositors who take into
account that the additional pension becomes more attractive to improve the standard of
living and in the future will be a significant help to many pensioners, significantly
increasing the level of social protection of the citizens [27, p.258]. It should be noted
that 2017 is not characterized by growth, but by decrease in the number of NPF
depositors compared to the previous year by 0.8%, which is connected not only with
the difficult economic situation in the country, but also with the growth of the number
of retired participants.
Most of those who make contributions to the NPF are legal entities whose share
of pension contributions in 2015 amounted to 95.7% of their total.
At the same time, it
should be added that NPFs have a significant potential for their further development,
namely by attracting new investors - individual and corporate investors.
This is
evidenced by data showing that in 2015 the employed population of Ukraine of
working age was 15.7 million people, the number of registered legal entities was 3.43
million, and only 0.34% of the working population of working age became the
contributors to the NPF, respectively, as well as 0.67% of registered legal entities
- 525 -