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Investment Portfolios of Accumulative Pension Programs of Non-Government Pension Funds in Ukraine
Zvarych O. I., Voloshyn V. V.

Zvarych, Olena I., and Voloshyn, Volodymyr V. (2025) “Investment Portfolios of Accumulative Pension Programs of Non-Government Pension Funds in Ukraine.” Business Inform 7:419–432.
https://doi.org/10.32983/2222-4459-2025-7-419-432

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 368. 914 (477)

Abstract:
The article is dedicated to a comprehensive study of the structure and characteristics of the functioning of investment portfolios of accumulative pension programs of non-government pension funds in Ukraine amid modern dynamic financial markets. The study examines the theoretical foundations for developing optimal investment strategies for long-term pension asset accumulation, analyzes the specifics of portfolio diversification depending on the investment time horizon, the age characteristics of program participants, and their risk tolerance. The study also explores in detail the main approaches to risk management in pension investing, including comprehensive life-cycle strategies, target-date strategies, and balanced allocation of assets across different classes. Particular attention is devoted to analyzing the optimal ratio of stocks, bonds, alternative investments, and cash instruments in the context of maximizing long-term returns while minimizing volatility and ensuring portfolio liquidity. A comparative analysis of international experience in managing pension portfolios of leading countries has been conducted, highlighting the features of national regulatory requirements for asset structure and the constraints on the investment activities of non-government pension funds. The impact of macroeconomic factors, inflationary processes, currency fluctuations, and demographic changes on the efficiency of accumulative pension systems in the Ukrainian context has been studied. The study’s results demonstrate the critical importance of an adaptive approach to constructing investment portfolios based on the individual needs of participants, changing market conditions, and a dynamic regulatory environment. Practical recommendations have been proposed for optimizing portfolio structures to ensure financial stability and the long-term availability of pension savings.

Keywords: pension system, pension provision, pension insurance, investment activities of non-government pension funds, pension asset management, investment portfolios of non-government pension funds, pension investment portfolios, pension programs.

Tabl.: 6. Bibl.: 21.

Zvarych Olena I. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Management and Marketing, Vasyl Stefanyk Carpathian National University (57 Shevchenka Str., Ivano-Frankіvsk, 76018, Ukraine)
Email: [email protected]
Voloshyn Volodymyr V. – Postgraduate Student, Department of Economic Cybernetics, Vasyl Stefanyk Carpathian National University (57 Shevchenka Str., Ivano-Frankіvsk, 76018, Ukraine)
Email: [email protected]

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