When it comes to personal savings, many Ukrainians have long stopped relying on just one financial instrument or one currency. Some combine hryvnia and foreign currency savings, while others use different investment instruments to make their capital more resilient to changes in the economic environment.
In the investment world, this approach is called diversification. Its main idea is not to find one “best” instrument, but to combine different approaches to saving.
The same principle can be applied to non-state pension provision, that is, by using different investment strategies to build up future retirement capital.
Can you save in two non-state pension funds at the same time?
Yes. Ukrainian law does not limit an individual to one non-state pension fund. You can enter into several pension contracts — both with different NPFs and with funds managed by the same company. Each contract has separate accounting for pension savings, its own investment strategy and an individual investment result.
Opening another pension contract does not mean giving up an existing one. On the contrary, it can be an opportunity to complement one strategy with another if it aligns with your long-term financial goals.
Two long-term saving strategies from OTP Capital
OTP Capital manages two open non-state pension funds, each implementing its own investment strategy.
This allows participants to use one of the funds or combine both, creating a more diversified model for long-term savings.
OTP Pension – hryvnia savings
OTP Pension NPF is a fund with a hryvnia-based savings strategy. Its assets are invested primarily in hryvnia-denominated instruments, such as Ukrainian government domestic bonds (OVDPs), bank deposits and other financial instruments permitted by law.
This strategy is focused on long-term savings in hryvnia and generating a return that exceeds inflation. The fund is suitable for those who plan to build capital in the national currency.
“OTP Pension” has been operating since 2009 and is the largest open non-state pension fund in Ukraine by net assets and the number of individual contributors. As of June 30, 2026, the fund’s net assets amounted to UAH 931.5 million, while the number of participants exceeded 66,000.
FreeFlight – foreign currency investment strategy
FreeFlight NPF has been managed by OTP Capital since 2019. Since then, the fund has implemented a foreign currency investment strategy. As of June 30, 2026, the fund’s net asset value amounted to UAH 94.3 million, with 2,800 participants.
“FreeFlight” is the first open non-state pension fund in Ukraine to implement a foreign currency investment strategy. Its goal is to protect funds against depreciation of the national currency.
The fund’s investment declaration allows for investments in foreign currency-denominated OVDPs, international ETFs and other financial instruments in accordance with Ukrainian legislation.
In 2026, the fund took another step in developing its foreign currency strategy by adding an ETF tracking the S&P 500 index to its portfolio — read more about this in the article NPF FreeFlight adds the S&P 500 to its portfolio: a new stage in its currency strategy. In addition, the FreeFlight portfolio was recently diversified through investments in Microsoft shares, securities of the Ukrainian !FEST group of companies, as well as gold-related instruments.
Why combine two pension strategies?
Hryvnia and foreign currency strategies are not competitors. They address different investment objectives and can be used in parallel. This approach is consistent with one of the basic principles of long-term investing — not concentrating all savings in one type of asset or one currency.
At the same time, the decision to open one or several pension contracts always depends on individual financial goals, the savings horizon and personal investment strategy.
Who might this approach be suitable for?
Combining two pension contracts may be relevant for those who:
- view retirement capital as one of the components of their overall financial plan;
- want to combine hryvnia and foreign currency strategies;
- seek to diversify their long-term pension savings.
How to open a second pension contract
If the principle of diversification aligns with your financial goals, you can enter into another pension contract, combining hryvnia and foreign currency savings strategies.
There is no need to close your existing contract or transfer your accumulated savings to another fund. The new pension contract will operate alongside the existing one, while the savings under each contract will be accounted for separately.
To open a second pension contract:
- go to the pension contract application page;
- choose a fund — OTP Pension or FreeFlight;
- specify who the pension contract is being opened for — yourself or a loved one. Read more about opening a contract for a loved one in the article How to support your loved ones’ financial future;
- complete the identification process and sign the documents using Diia.Signature.
After that, all that remains is to make contributions under each pension contract in accordance with your chosen savings strategy.
If you still have questions about how non-state pension funds work, their investment strategies or how to open a pension contract, our specialists will be happy to help you choose a solution that aligns with your financial goals.
Combining two pension contracts is not a mandatory condition for saving, but one of the possible approaches to long-term financial planning.
Ukrainian legislation allows an individual to participate in several non-state pension funds at the same time. This means that each investor can independently determine whether combining hryvnia and foreign currency investment strategies is appropriate based on their own financial goals, savings horizon and risk tolerance.
