Saving for retirement in a new way: when Ukrainians will be able to receive double pensions.

The Ministry of Social Policy of Ukraine has developed a draft law on the accumulation pension system, which is planned to be adopted in 2025. This was reported in an interview with journalist Serhiy Korobkin by the First Deputy Minister of Social Policy Daryna Marchak.

Attempts to implement the accumulation pension system in Ukraine have been ongoing for more than 20 years, but they are constantly postponed. According to Marchak, the main reasons for this decision were the low level of trust in economic institutions, instability of the legislative framework, and the absence of effective state regulation.

'We thoroughly analyzed why questions arose regarding the legislative projects that had already been registered, took into account all the remarks, and prepared a new government draft law that addresses all key risks,' emphasized Marchak.

The accumulation pension system provides that every working citizen will form their pension savings in their individual account. Unlike the solidarity system, where contributions are directed to pay pensions to current retirees, accumulation funds will be stored in an individual's account and will increase over Time.

During the interview, Korobkin asked whether Ukraine would repeat the negative experience of other countries in implementing such a system. Marchak replied that it was difficult for many countries, but they improved the reform using additional guarantee tools similar to those in the banking sector.

In the first three years, the accumulation system will be fully state-owned to protect citizens' funds. 'The state will form this fund, ensure a quality management vertical, and the funds in it will be managed transparently with clear investment rules,' assured Marchak.

According to Marchak, the analysis of the work of private pension funds in Ukraine, which have been operating for more than 15 years, shows that their average return exceeds inflation. In addition, the new draft law includes additional guarantee tools similar to those in the banking sector.

Korobkin notes that the accumulation system will not bring immediate results for current retirees. 'This is a reform that will work for the future. But to ensure that pensions grow in the long run, changes need to start now,' emphasized Marchak.

The draft law is currently submitted for government consideration. After being approved by the Cabinet of Ministers, it will be presented to the Verkhovna Rada for the first reading.

It has also become known which years do not count towards insurance experience for pensions.