Denys Uliutin (Photo: Ministry of Social Policy)

Social Policy Minister Denis Ulyutin stated that the main challenge in launching a mandatory funded pension system is finding reliable instruments for investing these savings. He made this remark on Monday during the presentation of the government’s program.

He emphasized that the key issue is safeguarding resources, rather than debating whether the system can be implemented under conditions of full-scale war or martial law.

Disable ads
Disable ads

According to Ulyutin, employees who contribute to a funded pension system must be confident that their savings will be preserved over the long term.

"Anyone who invests in the funded pension system should be assured that these savings will be protected and ultimately guarantee a pension. The previously proposed options did not resolve this issue. When we divert resources from public finances and place them into domestic government bonds through the accumulation fund, we only create a deferred problem," the minister explained.

"That is why we are now working, including with international partners, to develop a stopgap financial instrument until a fully functional financial market is established," Ulyutin added.

  • Ulyutin’s predecessor, Oksana Zholnovych, earlier noted that the legislative framework for introducing the funded pension system in Ukraine is expected to be adopted in 2025, with the first contributions starting in 2026.
  • In April 2024, however, the Verkhovna Rada failed to pass draft law No. 9212 on funded pensions.