Economic nature of private pension funds

  • Marija Rippa The University of State Fiscal Servise of Ukraine
  • Yaroslav Shymko Ivano-Frankivsk National University of Oil and Gas
Keywords: nonprofit organization, institutional unit, private pension fund, institutional investor, fund management, personal finances

Abstract

The desire to reach the level of European quality of life standards leads to an increase in the importance of the non-state pension system. Such a system is one of the alternative forms of development of social protection of the population, since it contributes both to the formation of additional pension protection and the ability to meet the investment needs of the real sector of the economy. That’s why the studies of the nature, specifics and principles of operation of non-state pension funds require updating in this aspect. The purpose of this work is a scientific and critical analysis of theoretical approaches to the interpretation of the essence of “non-state pension fund” (NSPF) concept, identifying the characteristics of funds as institutional investors. In the article the author used general scientific and special methods. They are: analysis, synthesis, induction, deduction, comparison, analogy, generalization. The methodological basis of the research is the systematic approach and the dialectical method of scientific knowledge. In the article the author clarifies the distinctive features of non-profit organizations, the main characteristics of an institutional unit and an institutional investor. A discussion on the dualistic nature of non-state pension funds is presented, which is determined both by the goals and objectives of the activities of the NPF and investment management, taking into account the effectiveness of using the tools of the market economy mechanism. The author's interpretation of the economic content of non-state pension funds is proposed. Conclusions. We believe that the role of NSPF, which they are intended to play in the life of citizens from the standpoint of their personal finance, undeservedly remains out of sight in academic circles. So, we propose to consider the economic content of an NSPF as a special organizational and legal form of a financial institution, designed to create an individually significant level of pension provision for citizens due to the redistribution of their income part between capable and disabled life cycle phases through the accumulation of pension savings, preserving and increasing their real value and the further implementation of retirement benefits on an individual basis. Unlike other ones, such an interpretation reveals the importance of the NSPF in planning citizens’ personal finances during their life cycle in order to preserve their social status in case of disability.

Downloads

Download data is not yet available.

References

1. Vitka, Yu. V. (2008). Nederzhavni pensiini fondy: osoblyvosti tsyvilno-pravovoho statusu [Uncontrolled pensions fund: special features of civil legal status]. Extended abstract of candidate’s thesis. Lviv: Lviv. nats. un-t im. I. Franka [in Ukr.].

2. Horeva, O. M., Osypova, L. B. & Savastyna A. A. (2015). Rol nehosudarstvennыkh pensyonnыkh fondov v obespechenyy sotsyalnoi zashchytы naselenyia [The role of non-state pension funds in ensuring social protection of the population]. Sovremennыe problemы nauky y obrazovanyia – Modern problems of science and education,1. URL: https://www.science-education.ru/ru/article/view?id=18815 [in Rus.].

3. Ermakov, D. N. (2007). Investicionnaja dejatel'nost' negosudarstvennyh pensionnyh fondov v realizacii regional'nyh social'nyh proektov [Investment activities of non-state pension funds in the implementation of regional social projects]. Extended abstract of candidate’s thesis. Moskva: Institut regional'nyh jekonomicheskih issledovanij [in Rus.].

4. Korol'kova, N. V. (2012). Predprinimatel'skaja dejatel'nost' negosudarstvennyh pensionnyh fondov: zakonodatel'noe regulirovanie i voprosy pravoprimenenija [Entrepreneurial activities of non-state pension funds: legislative regulation and enforcement issues]. Pensija – Pension. URL: http://skarabey.ru/files/8.pdf.

5. Mykhailov, A. V. & Tkach, O. I.(2001). Nederzhavni pensiini fondy: sohodnishnii pohliad u maibutnie [Inadequate Pensions Fund: Curious Years of Maybut]. Kyiv: Vyd-vo «SPD Savchyna» [in Ukr.].

6. Chugunov, V. I. (2014). Sovershenstvovanie mehanizma investirovanija pensionnyh rezervov kak faktor razvitija negosudarstvennyh pensionnyh fondov [Improving the mechanism of investing pension reserves as a factor in the development of non-state pension funds]. Finansy i kredit – Finance and credit, 12(588), 31-36 [in Rus.].

7. Suhanov, E. A. (2005). Grazhdanskoe pravo [Civil law]. Moskva: Statut [in Rus.].

8. Golovchenko, A. V. (2014). Negosudarstvennye pensionnye fondy: teorija i praktika programmnyh napravlenij razvitija [Private pension funds: theory and practice of program areas of development] Extended abstract of candidate’s thesis. Ekaterinburg [in Rus.].

9. Ermakov, D. N. & Hmelevskaja, S. A. (2014). Sovremennoe pensionnoe obespechenie [Modern pension provision]. Moskva: Dashkov i Ko [in Rus.].

10. Mamij, E. A. & Novikov, A. V. (2016). Negosudarstvennye pensionnye fondy: sushhnost', svojstva i funkcii [Non-state pension funds: the nature, properties and functions]. Nauchnyj zhurnal KubGAU – Scientific Journal of KubSAU. 116. URL: http://cyberleninka.ru/article/n/negosudarstvennye-pensionnye-fondy-suschnost-svoystva-ifunktsii [in Rus.].

11. Novikov, A. V. (2016). Sovershenstvovanie instrumentarija ocenki i povyshenija jeffektivnosti investicionnoj dejatel'nosti negosudarstvennyh pensionnyh fondov [Improving the assessment tools and improving the efficiency of investment activities of non-state pension funds]. Extended abstract of candidate’s thesis. Krasnodar: Kuban. gos. un-t [in Rus.].

12. Chursina, K. M. (2007). Negosudarstvennye pensionnye fondy v Rossijskoj Federacii: sushhnost', mehanizm funkcionirovanija i perspektivy razvitija [Non-state pension funds in the Russian Federation: the essence, the mechanism of functioning and development prospects]. Extended abstract of candidate’s thesis. Voronezh: Voronezhskij gosudarstvennyj unіversitet [in Rus.].

13. Kormil'ceva, L. V. (2001). Negosudarstvennye pensionnye fondy v sisteme social'noj zashhity naselenija regiona [Non-state pension funds in the system of social protection of the population of the region]. Proceedings from: Mezhdunarodnaja nauchno-prakticheskaja konferencija «Problemy regional'noj jekonomiki: teorija i praktika» – International Scientific and Practical Conference «Problems of the Regional Economy: Theory and Practice»(pp. 187–189). Gomel' [in Rus.].

14. Shavkunova, I. S. (2015). Institucional'naja jekonomika [Institutional economy]. Irkutsk: BGUJeP [in Rus.].

15. Nakaz Derzhkomstatu Ukraїni «Pro zatverdzhennja Klasifіkacії іnstitucіjnih sektorіv ekonomіki Ukraїni» [Mandate Derzhkomstatu Ukraine "About the hardening of the classifications of the institutional sectors of the economy of Ukraine"] (n.d.). zakon.rada.gov.ua. URL: http://www.ukrstat.gov.ua/klasf/st_kls/op_kise_2016.htm.

16. Nebaba, N. O. (2015). Upravlinnia finansovymy potokamy nederzhavnykh pensiinykh fondiv [Management of financial flows of non-holding pensiyny funds]. Extended abstract of candidate’s thesis. Sumy: Ukr. akad. bank. spravy [in Ukr.].

17. Smovzhenko, T. S., Tkachenko, N. V. & Tsikanovska, N. A. (2012). Nederzhavni pensiini fondy u strukturi suchasnykh pensiinykh system [Non-state pension funds in the structure of modern pension systems]. Kyiv: UBS NBU [in Ukr.].

18. Talykova, A.A. (2010). Negosudarstvennye pensionnye fondy v Rossii: zakonomernosti razvitija i sovershenstvovanie upravlenija [Non-state pension funds in Russia: patterns of development and management improvement]. Extended abstract of candidate’s thesis. Moskva: Gos. un-t upr. [in Rus.].

19. Jur'eva, I.A. & Masjuk N.N. (2017). Negosudarstvennye pensionnye fondy: perspektivy i prognozy razvitija [Non-state pension funds: prospects and development forecasts]. Vladivostok: Izd-vo VGUJeS [in Rus.].

20. Istomina, N.A. (2013). Investicionnaja politika negosudarstvennyh pensionnyh fondov: teoreticheskij aspekt [Investment policy of non-state pension funds: a theoretical aspect]. Finance and credit – Finansy i kredit, 33(561), 64–65 [in Rus.].

Author Biographies

Marija Rippa, The University of State Fiscal Servise of Ukraine

Ph.D in Economic, Assosiate Proffesor

Yaroslav Shymko, Ivano-Frankivsk National University of Oil and Gas

assistant lecturer

Published
2019-03-30
How to Cite
Rippa, M., & Shymko, Y. (2019). Economic nature of private pension funds. University Economic Bulletin, (41), 162-170. https://doi.org/10.31470/2306-546X-2019-41-162-170
Section
Еconomic Theory