Friday, December 16 2011 19:59
In the first year of the pension reform pension assets will total $150mln
ArmInfo. During the first year after the launch of the defined contribution pension system in Armenia pension assets will total $150mln, says Konstantin Saroyan, CEO of NASDAQ OMX Armenia.
He says that in order to effectively manage pension assets, it is necessary to have not only government bonds but also alternative investment instruments like corporate bonds and stock.
"At the early stage the greater part of the pension assets will be invested in government bonds, but later this mechanism will be diversified," says Saroyan.
He points out that NASDAQ OMX Armenia is now persuading emitters to issue more securities so as they are able to the launch of the new system.
When commenting on the lack of companies, which would deal with management of the pension assets, Saroyan said that thelocal investment companies are interested in managing the pension assets.
"But as far as I know, it is also envisaged to involve serious operators, particularly, from the international funds, which will probably create joint projects with the local companies", Saroyan said. He added that the pension money is not the money of oligarchs or large investors. "It is our and your money, therefore it should be managed by professionals", he said.
To recall, the voluntary pension contribution system was introduced in Armenia on 1 Jan 2011. Starting from 2014, the system will be compulsory. According to the bill on introduction of a pension contribution system in Armenia, the base minimal pension will be equal to the subsistence minimum, and the main pension will make up 150% of the subsistence minimum.
In 2012 the single website of the pension system (www.ePension.am) will be launched, on which the citizens will be able to follow their pension accounts starting from 2014.
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