Asset management strategies of non-state pension funds

Анотація

Introduction. In today's world, the main trend in social security development is the transition from a solidarity-based to a funded non-state pension system. Therefore, there is an urgent need to develop strategies for managing the assets of non-state pension funds, taking into account the latest opportunities offered by information and communication technologies and the need to adapt to a turbulent environment, which will increase interest in participation and improve the stability of pension payments. The purpose of the paper is to define strategic directions for managing the assets of non-state pension funds to ensure the effective functioning of non-state pension provision in the long term. Results. The paper discusses modern approaches to managing the assets of non-state pension funds for the effective functioning of non-state pension provision in the long term, which include personal strategies depending on: the age of contributors; types of funds (defined benefits, defined contributions); types of behavior (conservative, moderate, aggressive). It has been established that the management of non-state pension fund assets should include asset diversification, which will significantly reduce investment risk. It is shown that key determinants shaping asset management strategies for non-state pension funds in the long term include: the structure of contributors-participants, the frequency of contributions and payments; the expansion of ICT capabilities; the protection of participants' rights; risk factors; the state of legislative restrictions; tax incentives; the possibility of creating specific financial instruments; the organization and quality of the investment process; the state and trends of the stock, bond, currency, and real estate markets. Conclusion. Non-state long-term pension provision is an integral part of social security in economically developed countries, where pension funds act as powerful institutional investors. For this system to work effectively, it is necessary to ensure the trust of contributors through effective management of the assets of non-state pension funds. The domestic practice of investing in low-risk and low-yield assets is not justified. In the current environment, it is strategically important to develop an appropriate strategy for managing the assets of non-state pension funds that would correspond to the realities of life and the market situation and would ensure the maximization of investors' income and the development of the national economy. In particular, when choosing an investment strategy, it is advisable to take into account: the legally defined distribution of pension assets, the state of financial markets and the investment real estate market, as well as the long-term horizon of investment planning.

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