Introduction of second level of defined contribution pension system possible from 2012, says vice premier
Kyiv, March 12 (Interfax-Ukraine) – The introduction of the second level of the defined contribution pension system in Ukraine is possible from January 1, 2013, Vice Premier and Social Policy Minister Sergiy Tigipko said at a press conference at Interfax-Ukraine on Saturday.
"By that time we'll have studied all of the problems, and if in early April 2011 we are successful in the adoption of the law, from this month we will start a serious analysis of Ukrainian law and those laws that have to be adopted," he said.
Tigipko said that this was linked to the necessity to take into account all errors, as today the second level of the defined contribution pension system is proving to have serious drawbacks in those countries in which it has been introduced.
"We're waiting for a delegation from Slovakia and we have created a working group, which includes specialists from the National Bank of Ukraine, insurers and representatives of regulators, to study the issue," he said.
The vice premier said that the development of the second level of the defined contribution pension system cannot be restricted by the participation of the state, as it would not produce the required effect. Tigipko said that it was necessary to introduce tough requirements for nongovernmental pension funds.
"Now we need the better practice that we can find in the experience of other countries, such as Poland, Estonia, Slovakia and Kazakhstan," he said.