Ukraine National Commission on Securities and Stock Market chair links Stock Market 2.0 personal investment accounts to funded pension reform

In an interview, the Ukraine National Commission on Securities and Stock Market (NSSMC) chair Ruslan Magomedov rejected allegations that the regulator is holding back pension reform and argued that the solidarity pension system cannot sustain its burden, making a transition to a funded savings model inevitable. He framed the core policy challenge as designing savings arrangements that protect pensioners’ long-term purchasing power. Magomedov said pension fund investing should avoid high-risk assets and aim to grow at least in line with inflation, given the social sensitivity of pension money. He linked the success of pension reform to stock market development, including the emergence of “blue chip” equities and a clearer differentiation of instruments for riskier investments versus long-term savings. In that context, he highlighted personal investment accounts (PIRs) as the starting point for the Stock Market 2.0 initiative, with a five-year horizon intended to bridge shorter-term investing and the 20–50 year horizons typical for pension funds.