DSc Rajabov Sherzod Umurzokovich
Tashkent Financial Institute
Quality control of education
department head,
Tashkent, Uzbekistan. Email: rajabov_sherzod@tfi.uz
ORCID: 0000-0003-2148-5302
Abstract. The essence and socio-economic necessity of the structural change of the pension system is studied in the article. the nature, formation and development of non-state pension funds as one of the main directions of structural changes in the pension system, and the experience of foreign countries in the implementation of investment activities of non-state pension funds. Non-state pension funds have essentially a dual nature. First of all, these funds are an important social institution aimed at improving the material condition of members of the society who are unable to work. With their help, people get an opportunity to receive an income higher than the minimum amount guaranteed by the state in old age. Workers have the option of organizing their own pension contributions or transferring these tasks to their employers through trade unions. Secondly, these funds are specific financial institutions that perform a specific function in the country’s economic system.
In some countries, this pension system is mandatory, that is, participation in this system and the minimum contribution amount are set, and payment of contributions other than the minimum contribution is organized voluntarily. In non-state pension systems operating on a voluntary basis, participation and contribution payments are made voluntarily. In addition, there are mixed pension models, in which participation is mandatory and contribution is voluntary, and vice versa, systems where minimum contribution is mandatory and participation is voluntary.
Today, along with the state pension system, non-state pension systems are also developing in many developed and developing countries. It can be built mainly on the basis of a corporate or individual fund. Today, a third of the European population participates in systems structured on the principle of corporate pension insurance of the population. Corporate schemes, unlike state and individual schemes, are funded by employers, subject to voluntary company contributions or intervention in existing terms of collective agreements, and have lower administrative costs. An individual pension system differs from a corporate pension system in which participants participate on an individual basis and at their own discretion, and this fund can be managed through various organizations.
Keywords. pension system, non-state pension insurance, non-state pension insurance, pension costs, financial resources, pension fund, pension contributions.