Armenia to have a pension scheme acceptable to all, prime minister

Armenia to have a pension scheme acceptable to all, prime minister

YEREVAN, May 7. /ARKA/. Armenia’s Prime Minister Hovik Abrahamyan welcomed today a delegation of AMUNDI-ACBA ASSET MANAGEMENT, one of the two foreign companies selected by the previous government to manage Armenia’s pension funds.

The delegation, headed by the deputy CEO of the company, Bernard De Uht, has arrived in Yerevan to discuss new technical proposals concerning the pension reform with the Central Bank officials.

"We attach great importance to the implementation of pension reforms and we will show political will to implement them successfully. To this end, we will continue to cooperate with other political forces and civil society," Abrahamyan was quoted as saying by the government press office.

Bernard De Uht also stressed the importance of  pension reforms and expressed readiness to support their implementation  He said the company he represents is ready to cooperate with the government of Armenia to help increase popular trust in the pension reform.

On April 2 Armenia’s Constitutional Court declared a number of provisions of the new funded pension plan law conflicting with the country’s constitution and, hence invalid. The Court set September 30 as the deadline for harmonizing the funded pension legislation with its decision.

According to a survey conducted February 13-28 by Gallup International Association Armenia  among 1,066 adult residents of Yerevan,  88% of respondents did not  support  the new pension scheme that requires that all Armenian citizens born after 1973 pay social security taxes equivalent to 5 percent of their monthly wages. 

As mush is to be allocated by the government. That money has to be deposited with private pension funds licensed by the government late last December. 

C-QUADRAT Ampega Asset Management Armenia is a joint venture of Austrian C -QUADRAT Investment AG. The other company is a joint venture of German Talanx Asset Management GmbH and French Amundi. -0-

19:20 07.05.2014

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