World experience of the pension security institution functioning in the public management system

Abstract

Thus, the evolution of pension systems shows a global trend shifting from pay-as-you-go schemes to mixed systems, and from mixed systems to privately funded pension models. Government policies are aimed at encouraging and developing individuals' potential for self-provision. The current situation is complex: fully funded pension systems have proven to be ineffective and have failed to ensure an increase in the replacement rate, while the high administrative costs of maintaining private pension funds reduce their efficiency. The functioning of global pension systems and the extensive experience of these countries - if not in full, then at least in part- can be useful for Ukraine as it undertakes its own reform or implements the much-needed changes.