EUROPEAN EXPERIENCE IN THE FIELD OF PENSION PROVISION

The sustainability of pension systems directly depends on the quality of life of the population of retirement age, due to the fact that they form a social security system. The high level of life expectancy and the decrease in the number of births contribute to an increase in the elderly population, which thus provokes an increase in the cost of retirement provision of citizens. The COVID-19 pandemic has also left its mark on the stable functioning of the pension system. The purpose of this research is to study the effectiveness and relevance of the implementation of a multilevel pension system in European countries. The introduction of a multilevel pension system will create a more sustainable pension system, which will allow to balance the costs of social security for individuals in some way and reduce the level of social inequality between generations. To reduce the pressure on the working population and the state budget, we have proposed the transition to a 2-level pension system. The functioning of such a system is more promising and effective compared to the use of the system of state payments or the accumulation system