Deadline set for harmonization of funded pension laws with Armenian constitutional court ruling – September 30

Deadline set for harmonization of funded pension laws with Armenian constitutional court ruling – September 30

YEREVAN, April 2. /ARKA/. Armenia’s Constitutional Court approved September 30 as deadline for harmonizing the funded pension legislation with the decision of the court made Wednesday.

The court completed today consideration of constitutionality of the new funded pension law it started Wednesday March 28. The court found a number of provisions of the law conflicting with the constitution and declared them invalid.

The provisions declared invalid are linked to about 50 other laws and over 80 legal documents, which need to be revised as well, the chairman of Armenia’s Constitutional Court Gagik Harutiunyan said. The court set September 30 as the deadline for invalidating the above-mentioned legislation, he said. This will give the National Assembly and the government a chance to ensure compliance with the court ruling, says the decision.

All payments to pension funds charged under the new funded pension law must be refunded, the Constitutional Court ruling says.

The pension reform drew a wide response in the Armenian society. The constitutionality of the new funded pension law was challenged by three opposition parties in the National Assembly — the Armenian National Congress, the Armenian Revolutionary Federation, and the Heritage Party — along with the usually pro-government Prosperous Armenia Party.

On January 24 Armenia’s Constitutional Court suspended Article 76 of the new pension law, which provides for penalties for failed or delayed pension tax payments, and the third paragraph of Article 86, which obligates employed citizens to choose a pension fund, among other parts of the law.
According to a poll by Gallup International Association, over 88% of some 1,066 respondents in Yerevan have not supported the new funded pension scheme. –0--

14:32 02.04.2014

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