Monday, October 17 2011 20:25

Central Bank of Armenia becomes a member of IOPS


ArmInfo. The Central Bank of Armenia (CBA), as the mega-regulator of the financial system, whose representatives are participants in the contribution pension system, has become a member of the International Organisation of Pension Supervisors (IOPS), the CBA press service told ArmInfo.

The International Organisation of Pension Supervisors (IOPS) is an independent international body representing those involved in the supervision of private pension arrangements. The organisation currently has around 70 members and observers representing approximately 60 countries and territories worldwide.

The IOPS, formed in July 2004, was instigated by the International Network of Pension Regulators (INPRS), an informal network of regulators and supervisors. It was felt that a more formal, independent, body could better serve as a world-wide forum for policy dialogue and the exchange of information, as well as the standard setting body, promoting good practices in pension supervision. The major goal of the IOPS is to improve the quality and effectiveness of the supervision of private pension systems throughout the world, thereby enhancing their development and operational efficiency, and allowing for the provision of a secure source of retirement income in as many countries as possible.

The required conditions for the operation of a voluntary contribution pension system have already been created, and the compulsory system will be launched in January 2014. In this context, the support of the IOPS is especially important for the new regulators, since it presents detailed information about the practices of regulation of the given segment of the market. The CBA will also receive an opportunity to participate in the thematic discussions with the other members of the organisation.
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