In 2014 Funded Pension System has been 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.
Currently "AMUNDI-ACBA ASSET MANAGEMENT" CJSC and "C-QUADRAT AMPEGA ASSET MANAGEMENT" LLC act as mandatory pension fund managers in Armenia. Each of them offers 3 pension funds: Fixed Income (FIX), Conservative (CON) and Balanced (BAL).
The structure of above-mentioned pension funds' assets as of 31st of December 2016 is shown below:
It is important 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