Tuesday, November 7 2017 13:29

ArmInfo. For the participants of the  Defined Contribution Pension System (DCPS), the determining factor in determining the amount of the pension will not be the number of years of working experience, but the amount of the accumulated amount. As the press service of the pension system (PS) told ArmInfo, nevertheless, for some participants of the new system, work experience will be taken into account in the future.

The source explains that as a participant in the accumulative pension component, born in 1974 and after, when retiring with at least 10 years of work experience, in addition to his funded will also receive a state visit due to the accumulated experience until 2014. Meanwhile, those born during the period 1964-1974, voluntarily joining the funded component before July 1, 2018, will receive a state pension, in addition to the funded pension, which will be accrued for all years of accumulated experience.

 

For more information, please call the toll-free hotline number 114 or write a letter to the page at www.epension.am.

It should be noted that the application of the mandatory component of funded pension for all Armenian citizens born after January 1, 1974, will come into force on July 1, 2018. As the Deputy Chairman of the Central Bank of the Republic of Armenia N.

Yeritsyan noted earlier, the pension funds managing the means of the funded pension system provide such a high level of controllability (27%) that there is no need to index the invested funds. According to him, the state's annual investments as co-financing in these funds are 14 billion drams, as much as does the non- settlement. In Armenia, under the mandatory funded pension system, there are two pension funds - CJSC Amundi-ACBA Asset Management (since November 19, 2013) and LLC Cse-Kvadrat Ampega Asset Management Armenia (since November 29, 2013). The shareholders of ZAO Amundi-ACBA Asset Management are a French company - 51% and ACBA-Credit Agricole Bank - 49%. Shareholders of LLC "Tse-Kvadrat Ampega Asset Management Armenia" are the Austrian investment company C-QUADRAT Investment AG - 74.9% and the German company Talanx Asset Management GmbH - 25.1%. Operators of pension accounts are HayPost, Araratbank, Ardshinbank, Armbusinessbank, HSBC Bank Armenia, INECOBANK, VTB Bank (Armenia) and Converse Bank. Citizens can find out information about the availability of funds on the account through the epension.am site through the identification card or the card reader, and through the ArCa network ATMs operating in Armenia.

It should be recalled that since January 1, 2014, a multi-step accumulative pension system has been introduced in Armenia, mandatory for people born after January 1, 1974 (for citizens born before January 1, 1974 there is a distribution pension system). According to the new law of the Republic of Armenia "On funded pensions," the basic minimum pension will be equal to the subsistence minimum, and the basic pension will amount to 150% of the subsistence minimum. The monthly mandatory payments will make 5% of the salary, 5%, but not more than 25 thousand drams, and for entrepreneurs 300 thousand drams, the savings account will be contributed by the state. The Constitutional Court of Armenia in the same year on January 25 decided to suspend the RA Law "On funded pensions" until the issue of constitutionality of a number of its provisions is resolved. But in February 2017, the amendments to the law "On Compulsory Pensions" had already been submitted to the National Assembly of the Republic of Armenia, which were approved on March 1.