The National Securities and Stock Market Commission of Ukraine has endorsed three bills that would modernize the voluntary pension fund system, strengthen protection of participants’ savings and align regulation more closely with European standards. The bills, registered in parliament on Aug. 28, 2026, are under consideration by parliamentary committees and cover the operating framework for voluntary pension funds and related tax and civil law changes. The main bill would introduce stronger corporate governance, internal control, risk management and internal audit standards. It would replace a prescriptive list of permitted investments with the prudent person rule, requiring investment decisions to prioritize participants’ long-term interests and diversify assets to reduce risk. Funds would also have to provide clearer information on where savings are held, who manages them, how they are invested and the resulting performance. Companion bills would establish the tax treatment of funds, contributors, participants and beneficiaries, and align the Civil Code with the proposed rules for creating, operating and terminating funds.
2026-09-24Ukraine National Commission on Securities and Stock Market
National Securities and Stock Market Commission of Ukraine backs three bills to overhaul voluntary pension funds
The National Securities and Stock Market Commission of Ukraine has backed three bills to modernize voluntary pension funds and strengthen protection of participants’ savings. The proposals would tighten governance, risk management and disclosure, introduce the prudent person investment rule, and align tax and civil law with the new framework.