Author: Viktor M. Pishchulov, Dr. Sc. (Ec.), Prof., Head of Economic Theory Dept.

Abstract: The article discusses the possible sources of filling the pension fund. The main asset that generates cash flows then accumulated in the pension fund is workforce or “human capital”. Pension fund should perform the function of the direct connection between the fund contributors and recipients, i.e. retirees.

Key words: retirement cycle; period of the retirement cycle; contributory pension system; distributive pension system; workforce; human capital; interest of taxpayers; contribution rate; territorial structure of the fund.