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Funded Pension System

In 2014 Funded Pension System was launched in Armenia.

According to the contract signed between the RA Government and the Central Depository of Armenia OJSC, the Depository will keep the registry of Mandatory Funded Pension System participants, as well as perform custody of pension funds assets, according to the Legislation.

The Depository provides services in pension system via Account operators, as well as "My Account" system. Through Account operators and "My Account" system Participants can have access to a number of opportunities for managing their pension accounts. Such as:

1. Amend personal data of pension account,
2. Select pension fund and fund manager,
3. Exchange pension fund units,
4. Receive annul statements on pension account,
5. Receive the contributions available on his pension account by lump-sum payment before the pension age,
6. Transfer the contributions available on his pension account to his another pension account in a foreign country,
7. Select type of pension,
8. Inherit pension fund units,
9. Reject/accept ownership of pension fund units,
10. Receive information on the balance of pension account, as well as account activities,
11. Receive information on pension account for choosing pension type.

All the mentioned activities, except point 5, 6, 7 (in case of choosing the option to receive annuity pension payments) and 8, can be implemented both by applying to the Account operator and "My Account" system.

More information on pension account management can be found here (information is available in Armenian).

 

It is imporatant to know, that 

In case the participant doesn't chose pension fund and fund manager by himself the selection on behalf of the participant will be done by Pension information system randomly.

-» The participant can select new pension fund and fund manager and make his further pension contributions to a pension fund of the same or the new fund manager.

 

-» By making pension funds units exchange the participant replaces the units (or a part of them) on his account with the units of a new fund. In this case further contributions of the participant continue to go to the acquisition of funds mentioned in the application on selection of fund/fund manager. By submitting the application on selection of fund/fund manager also, the participant can acquire new fund units for his further contributions as well.

 

-» Once a year the funded pension system participant can receive a report on his pension account free of charge by submitting Application for receiving information on pension account (Annual report for previous year). For receiving the report in electronic format the application is provided only once, after which the participant receives the report for future years continually. To receive the report in paper format the participant shall submit the mentioned application every year.

 

The inheritance of funded pension system participant's pension funds by the inheritor is registered based on inheritance certificate issued by notary, which is compiled according to a notary request. The notary request is submitted to the Depository by the inheritor to which the Depository gives the query response later.

 

 


 

Additional information about pension reform in Armenia is available on the following web-sites:  

Pension system awareness center - www.epension.am.

ABC finance -  www.abcfinance.am

This page was last updated on [12.07.2016 15:01].

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