According to the Law of the Republic of Armenia "On Funded Pensions" pension system participants have the following opportunities to receive their funded pension:

  1. A lump sum transfer of funded pension to the funded pension account opened in foreign country
  2. Inheritance of pension fund units
  3. Receiving of funded pension as a lump sum payment before pension age
  4. Choosing of pension program
  5. Rejection/Acceptance of pension fund units ownership

The abovementioned applications can be submitted via Account operators only.

A lump sum transfer of funded pension to the funded pension account opened in foreign country

 Foreign citizen participant when departing to the country of permanent residence may transfer his/her funded pension to the appropriate funded pension account opened in a foreign country. For that, the participant should submit "Application for transferring participant’s funds to foreign pension system" and provide necessary documents defined by the Law of the Republic of Armenia "On Funded Pensions".

Inheritance of pension fund units

In order to inherit pension fund units of dead participant the heir should submit "Application for pension fund units inheritance". Together with the application, the heir should provide the copy of inheritance certificate issued by the notary. Inheritance certificate is issued based on the notary's request to the Central Depository of Armenia.  The notary's request can be delivered to the Central Depository of Armenia via account operators, by the heir or his/her authorized person or by the notary itself.

Receiving of funded pension as a lump sum payment before pension age

 Pension fund participant may claim his funded pension before pension age in case of existence of one of the following conditions:

  1. in case the participant is recognized as a third degree disabled prior to reaching the pension age in the manner defined by the legislation
  2. in case the participant, based on the conclusion received from the authorized body of the Health sphere of Armenia, is suffering by one of the diseases available in the list defined by the Government of the Republic of Armenia.

In order to receive funded pension before pension age in case of existence of one of the abovementioned conditions "Application for receiving participant’s funds before pension age" should be submitted.

Choosing of pension program

Participant reaching pension age as well as participant reaching 55 years in cases defined by the law may receive his/her pension. Depending on the total value of pension fund units available on his/her pension account, the participant may choose to receive his/her pension by one of the following methods:

  1. Annuity
  2. Program withdrawal
  3. Lump sum payment

In order to receive a pension participant should submit "Application for choosing pension program". Before submission of the "Application for choosing pension program" participant should submit "Application for receiving information on pension account for choosing pension program" first in order to receive information about the number of pension fund units available on participant's pension account, total value of that units as well as monthly payments resulting after division of participants funds into equal monthly amounts.

Rejection/Acceptance of pension fund units ownership

Participant may reject the ownership of pension fund units available on his/her pension account as well as accept the ownership afterwards. If the participant is not rejecting the ownership of his/her pension units it is considered that he/she is accepting them. In order Reject/Accept the ownership of pension fund units participant should submit "Application for rejecting/accepting ownership of mandatory pension fund units".

Participant can reject/accept the ownership of pension fund units only once.

 

 

Updated as of: 17.03.2017