Subject. This article discusses the investment mechanism within the framework of the Long-term Savings Programme (LTSP) implementation. Objectives. The article aims to assess the effectiveness of participation in the LTSP for private investors, as well as develop recommendations for improving it by creating conditions to reduce the costs of non-State pension funds (NSPF) and their commission fees. Methods. For the study, I used the general scientific methods and performed scenario calculations. Results. The article analyzes the sensitivity of investment results to changes in inflation rates, real investment returns, the level of investors’ labor income, and NSPF commission rates. It shows that with the current high level of commission fees and ongoing inflation risks, the LTSP is primarily attractive for investors with low incomes and limited financial literacy, which prevents them from independently investing via individual investment accounts (IIA). At the same time, a reduction in NSPF commission rates would make the LTSP attractive for experienced investors as well. As well, the article proposes certain measures to expand the long-term savings market. Conclusions. It is advisable to develop and implement a basic investment strategy for LTSP participants, based on passive investment in federal loan bonds with indexed nominal value. It is necessary to create a resource for disclosing information on the level of commissions and investment results of LTSP operators.
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