Category: Pension system

NASDAQ OMX will develop the Armenian Mandatory Pension Information System

31.05.2011

NASDAQ OMX will develop the Armenian Mandatory Pension Information System, a software for II pillar pension system of the Republic of Armenia eCSDX, a subsidiary of NASDAQ OMX Tallinn, together with the Central Depository of Armenia has signed an agreement with the Government of the Republic of Armenia and the Central Bank of Armenia.

In accordance with the agreement NASDAQ OMX will provide to the Customers software and related services to perform services which must be accomplished by register of participants of pension funds in II pillar pension system for the Republic of Armenia. The development and advisory project will last until 2013.
According to the Armenian Legislation pension accounts of participants to II Pension Pillar should be kept centralized. This decision was made based on the Estonian experience, thus the relevant experience and software are planned to be used while implementing this system in Armenia.

“The Government of Armenia has signed Cooperation Agreement with NASDAQ OMX in 2007. This project is one of steps in straightening cooperation between Armenian Government and NASDAQ OMX. Armenian Government is currently creating personalized record keeping system in the State Revenue Committee, in consideration of the fact that starting from 2013 income tax and social security payments will be unified as well. The processes related to implementation of III Pension Pillar have already started and the Government of the Republic Armenia and the Central Bank are welcoming well experienced foreign asset managers to bring their knowledge into Armenia. In that respect several tax exemptions are stipulated both for II and III pillar. The Government continues with the negotiations on operational agreement with the Central Depositary of Armenia,” commented Mr. Aharon Chilingaryan, the Central Bank of Armenia Board Member.

“As Estonia has had II pension pillar for 10 years and the central registry system has worked well in Estonia then Armenian authorities have decided to use the experience of NASDAQ OMX Tallinn in building such a system,” commented Andrus Alber, the Chairman of the Management Board of NASDAQ OMX Tallinn.

NASDAQ OMX Tallinn is the leading Estonian securities market operator providing the environment and infrastructure for trading in securities, clearing securities transactions, listing companies, operating the central securities register and the funded pension register in Estonia. NASDAQ OMX Tallinn is part of the world’s largest stock exchange group – NASDAQ OMX Group, Inc.

Updated as of: 29.03.2017