Pension Fund of Ukraine
The Pension Fund of Ukraine is a central executive body that manages a solidarity system of compulsory state pension provision, collects, accumulates and records insurance premiums, allocates pensions and prepares documents for their payment, provides timely and full financing and payment pensions, burial assistance and other social benefits. Legislative status According to the law, all pension payments are made from the Pension Fund of Ukraine. The Pension Fund of Ukraine monitors the target use of funds that go to payouts. The Pension Fund of Ukraine shall, in accordance with the established procedure, submit proposals to the Ministry of Labor and Social Policy of Ukraine on the issues of formation of the state pension policy and control the implementation of official legislative acts. Activities of the Pension Fund of Ukraine are subordinated and coordinated by the Cabinet of Ministers of Ukraine through the Ministry of Social Policy of Ukraine. Pension reform The implementation of pension reform proceeds through the gradual introduction of a three-tier pension system: The first tier is a Solidarity system The send tier is Mandatory Accumulation System The third tier is Voluntary Non-State Pension Savings System The main objectives of the pension reform are: to raise the living