Wednesday, December 11 2013 11:43
Ardshininvestbank, VTB Bank (Armenia), Araratbank, Armbusinessbank, and HayPost announced pension account operators
ArmInfo. Ardshininvestbank, VTB Bank (Armenia), Araratbank, Armbusinessbank, and HayPost are pension account operators who have made relevant contracts with the Central Depository of Armenia OJSC. The Central Bank of Armenia told ArmInfo the citizens can choose their pension funds and managers also via the account operators, as well as by visiting "My Account" page at www.epension.am.
Earlier in November, the CB registered Amundi-ACBA Asset Management and C-Quadrat Ampega Asset Management Armenia and licensed them to manage investments funds and compulsory pension funds. These companies offer three strategies of investment: fixed yield pension fund (FIX), conservative pension fund (CON) and Balanced pension fund (BAL). The customers are free to choose one of the given strategies.
CB warns that the account operator or its employees have no right to advertise or somehow push investors to chose any fund or manager. If an investor fails to choose a fund, but he has chosen a manager, the Armenian Mandatory Pension Information Service (AMPIS) will offer him the conservative fund of the manager he has chosen. If an investor fails to choose either the manager or the fund, AMPIS will offer him a conservative fund of any manager at random. For more details, the citizens can call to the hot line 114 and visit the following websites: www.abcfinance.am and www.epension.am. Citizen can get more details on the account operators by calling to the given phone number: 010 543321 (131).
To recall, the voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014. According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage. The compulsory accumulative pension system will apply to the citizens born after Jan 1 1974 (the citizens below 40). Starting Jan 1 2014, 5% of their salaries will be transferred to their personal accumulative accounts. The government will transfer a similar amount (but no more than 25,000 drams).
The first manager of the mandatory pension (investment) fund in Armenia is Capital Asset Management CJSC (CB licensed dated on 18 Oct 2012). In November 2013, the CB registered another two companies: "Amundi-ACBA Asset Management Armenia CJSC (19 Nov) and C-Quadrat Ampega Asset Management Armenia (29 Nov).
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