Friday, December 16 2011 16:37

"Market is completely ready for work of private pension funds", but there are no funds


ArmInfo. The market is completely ready for the work of private pension funds, member of Board of the Central Bank of Armenia Aharon Chilingaryan said when replying to an ArmInfo correspondent's question whether the financial market is ready for introduction of the pension contribution system and whether there are necessary tools of investment. He added that the megaregulator has not yet received any official applications for registration of the pension fund.

In the meantime, according to the official statements of a number of officials, the pension funds of Armenia should have launched their activity in April 2011 within the frames of a voluntary pension contribution system. About half a year ago they reported that some financial market participants, particularly, the investment companies are negotiating with the megaregulator to receive licenses to manage the assets of the pension fund.

When commenting on the available risks in the new system, which may frighten the future "regulators", Chilingaryan pointed out that all the risks are mentioned and regulated in the law on the pension system. He added that it's time for the future managers to start the work in this sphere.

To note, earlier two investment companies expressed an intention to manage the pension assets, particularly, Capital Asset Management and Cascade Investments. The main idea of the reform is that the employer, who gets adjusted to the voluntary pension provision schemes, receives quite essential tax preferences.
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