Peculiarities of Formation of the System for Protection of Pension Assets of Accumulative Pension Programs

European countries widely use multi-level pension systems, and Ukraine has also gone the way of building a three-level pension model. The use of funded pension programs is associated with the need to create a system of preservation and protection of their pension assets from the manifestations of various risks. The article aims to reveal the peculiarities of the formation of the system of protection of pension assets of accumulative pension programs and to determine the state's role in improving its reliability and efficiency. In Ukraine, the state has a key role in shaping the protection system of pension assets of funded pension insurance. However, the level of protection of pension assets of participants in funded pension programs in the private pension system is insufficient. The main measures for the protection and preservation of pension assets were analyzed. Particular attention is paid to the characteristics of guarantees for the protection of pension assets of the second and third levels of the pension system of Ukraine by the state and its financial institutions. These should include: state control over the preservation and use of pension assets, investment policy to attract financial resources of funded pension insurance in the stock market, promote the development and expansion of the national stock market, disclose information on changes in the value of pension assets and reporting on them, regulation of remuneration of financial institutions servicing pension assets. Issues related to the tax regulation of pension savings were analyzed. Among the options for tax benefits is proposed one that provides that pension benefits are not taxable. The investment income of participants in funded pension programs and their contributions are also exempt from taxation. A set of measures for forming a reliable and effective system of protection of pension assets of funded pension programs was proposed.