5. The Pension Fund shall compile reports on the results of its activities, submit
them to the central executive body and make them public in mass media. The Fund
publishes the above reports in terms of income and expenses. The rest of the activity
information is not subject to mandatory disclosure. Its publication in the printed media
or the Internet, including on the official site, is a matter of its own accord from the
management of the fund. The Pension Fund conducts annual actuarial calculations of
the financial state of the system of compulsory pension insurance for the following 1.5,
10 and every 5 years.
The analysis of the described approaches to the functioning of the Accumulation
Fund in Ukraine, allows to define its following features:
-
the introduction of the Accumulation Fund was initiated by the state, the
conceptual foundations are determined by the legislation;
-
the contributions to the fund are of obligatory character, their size and
mechanisms are also determined by the legislation;
-
the accumulation fund will have the status of the target extra budgetary fund,
and by its administrative and organizational nature it will be a state institution
supervised by a council of 14 persons, which, on a pro rata basis, are appointed by the
President of Ukraine and the Verkhovna Rada of Ukraine;
-
the right to participate in the second level will have a pension fund that has
received a license to provide services in the accumulation system of pension insurance;
-
the pension fund of the second level is required to use the services of the
administrator of the pension fund (obliged to calculate the net value of pension assets
every working day), the asset management company (obliged to provide each
administrator with information on the value of pension assets of the fund which are in
their management), the keeper of the pension fund (checks the accuracy of the
calculation of the net value of pension assets of the accumulation system of pension
insurance) [8].
Non-state pension funds are financial institutions that form long-term financial
resources at the expense of individuals and legal entities in order to secure future
retirement benefits and fulfilment of obligations under their activities.
Non-state pension funds:
-
have non-entrepreneurial status but have the status of financial institution, but
they must not be engaged in other activities, except for accumulation of pension
contributions of participants, their investment and implementation of pension
payments;
-
are obliged to invest pension funds in accordance with the established
restrictions, distribute the income received from investing between the fund
participants in proportion to the funds in their individual accounts, which makes it
impossible to use the funds for commercial purposes of its direct founders;
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