THE ROLE OF THE STATE IN ENSURING THE FINANCIAL STABILITY OF THE PENSION SYSTEM OF UKRAINE

Abstract

The pension system of Ukraine is constantly searching for the optimal model of pension relations in society. To do this, it goes through the appropriate stages of reform, which take into account the peculiarities of the development of the national economy, demographic processes, and the state of the labor market. The main emphasis in the implementation of the pension reform is on ensuring the financial stability of the domestic pension system. According to the authors of the article, the state should play a key role in ensuring it. Through its financial institutions, it should form a general strategy for the development of the country's modern pension system, ensure legal regulation of relations between the main subjects of the pension sphere, create conditions for the protection of citizens' pension assets, form a mechanism for controlling their use, and promote the development of the national stock market. The purpose of the study is to determine the role of the state in the functioning of the national pension system, ensuring its financial stability, and characterizing various aspects of its influence on increasing the efficiency of pension relations between the main subjects of the pension sphere in the process of pension reform. Scientific research was carried out on the basis of the study of special economic literature, the analysis of the relevant regulatory and legal framework related to domestic pension legislation, the use of research results of domestic scientists and international financial institutions, and the use of relevant economic methods. The main aspects characterizing the role of the state in ensuring the financial stability of the domestic pension system are determined. Among them are highlighted: legislative regulation, financial planning and budgeting, investment policy. monitoring and regular updating, protection of pension assets of accumulative pension programs, provision of financing of pension payments to citizens in conditions of military conflict. The characteristics of the legislative support for the functioning and further development of the pension system of Ukraine have been characterized, the role of state legislative bodies in the development of legislative documents has been noted. It is substantiated that financial planning and budgeting carried out by state financial institutions is important in ensuring the financial stability of the pension system. Special attention was paid to the role of the state in forming a system of protection of pension assets of citizens' accumulative pension programs.