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Electronic System of Comprehensive Information Disclosure (ESCRIN)
http://eds.ssmsc.gov.ua
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Overview

The Capital Markets Project has a number of basic pension objectives. The first is to provide assistance in completing the legislation necessary to implement Pillar 2 pensions in Ukraine. The second is to assist in improving the legal basis and regulation of Pillar 3 pensions. The third is an over arching goal to assist in making pensions financially sustainable in the long term.

Pillar 2: Ukraine completed the first stage of a major reform of mandatory state pensions in 2003. That reform created a basic legal framework for a mandatory Pillar II individual accumulation account scheme. After two yeas of study, a draft law for implementing Pillar 2 was completed during the first year (2006) of the Capital Markets Project. In April 2007, the draft passed its first reading in the Verkhovna Rada. CMP is assisting in analyzing amendments proposed by stakeholders to Pillar 2 Bill for the second reading. Currently the Verkhovna Rada Committees have started to consider the Bill and CMP plans to participate in this process.

Pillar 3: The Pillar 3 law on voluntary non-state pensions became effective 1 January 2004. Since that time the number of Non-State Pension Funds began to grow rapidly. There are now about 70 active funds, with 495,000 participants and $100 million in assets. In spite of their rapid growth, NPFs are still a minor financial actor in an economy with over 16 million workers. The CMP is working on three fronts to promote voluntary pension participation. First, the project has prepared several rounds of amendments to improve the legal framework for these pension schemes. Second the project has and continues to work to improve the regulation of NPFs, including implementing electronic reporting and developing new compliance and enforcement tools. Third, the project has promoted NPF growth through a national campaign to inform the public, journalists, labor unions and employers of the existence and advantages of this voluntary form of saving for retirement. With Project support in 2009 the Financial Sector Regulator implemented pension disclosure system (PDS) that provides free of charge excess for people to information on NPFs activity via Internet and complies with international best practice.

Financial Sustainability: The center piece of this effort is an effort to move privileged (occupational) pensions out of pay-as-you-go Pillar 1 to full funded status in Pillar 3.

Pension Reform Site:

Pension Reform Site




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