Thursday, February 23 2017 14:09
Alina Hovhannisyan

Cumulative Pension System participants may see their account funds in Internet by, account operators and ATMs

Cumulative Pension System participants may see their account funds in  Internet by, account operators and ATMs

ArmInfo. The Cumulative  Pension System (CPS) participants may regularly receive information  on their pension account funds in Internet by,  account operators and ATMs

As the Center "Nork" press service told ArmInfo, in case of identity  card and equipment existence, which can read the card, the CPS  participant have the possibility to access his individual pension  account at any time and anywhere by the Internet, watch the funds  transfers and also present requisites on changes. In case of identity  card absence or the proper equipment one may use the account  operators services (HayPost, Ararat, Ardshinbank, Armbusinessbank,  HSBC Bank Armenia, INECOBANK, VTB Bank (Armenia) and Converse Bank),  providing the passport and the social card. The second method which  provides pension account check is an app of a single social portal by

According to the source, the entrance to your individual pension  account can be made by ATM, which is connected to ArCa system. By  choosing the "Additional services" option it is necessary to pass to  the "Pension account statement" option which will allow the total  amount and the last 10 transfers. If the participant will find out  the absence of funds for a certain month, it is necessary to address  the proper bodies. For all question one may call by the hot line 114  or see by  Earlier, ArmInfo reported, citing the  Central Bank that within mandatory funded pension system the number  of participants of the two pension funds-C-QUADRAT Ampega Asset  Management Armenia and Amundi-ACBA- Asset-Management reached 155  thousand people by November 1, 2016. 65 thousand of them are  representatives of state sector and remaining 90 thousand of private  sector. The press-service of the Armenia's Central Bank has told  ArmInfo that from the moment of creation of these two funds (November  2013) their yield has reached 25.9% (the cost of one common share has  grew from 1000 to 1259 drams). For the 10 months of 2016 yield of the  pension funds totaled annual average 14.4%. According to the source,  as of November 1 2016 the abovementioned funds accumulated 57.2 bln  drams, 29% of which or 17 bln drams are deposits in banks, 5% or 2.8  bln are invested in bonds of corporate, mortgage and international  organizations, 41% or 23.3 bln in state bonds, 25% or 14.1 bln in  securities of foreign investment funds (ETF - Exchanged traded funds,  including stocks of such companies as Apple, Google, Microsoft,  Nestle, Toyota, Nissan, Sony, Coca-Cola etc., as well as US state  bonds and Gold mining fund securities). HayPost, Araratbank,  Ardshinbank, HSBC Bank (Armenia), INECOBANK, Converse Bank,  Armbusinessbank and VTB Bank (Armenia) are pension account operators.  Citizens can receive information about the funds on their account via website, identification card, as well as through ATMs of  ArCa network.

To note, in November 2013 the Armenian Central Bank (CB) registered  the pension funds C-QUADRAT Ampega Asset Management Armenia and  Amundi-ACBA- Asset- Management.  The shareholders of Amundi- ACBA  Asset Management Armenia CJSC (registered by CB of Armenia on 19  November) are Amundi Asset Management with 51% shares and ACBA-Credit  Agricole Bank with 49% shares. French Amundi manages $5 trillion  assets. "C-QUADRAT Ampega Asset Management Armenia" received the CB  license on 29 November 2013. 74.9% shares of "C-QUADRAT Ampega Asset  Management Armenia" are owned by C- QUADRAT Investment and 25.1% by  German Talanx Asset Management GmbH. The group manages $130 bln  assets.

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. In particular, the pension fund with sustainable income  implies investments of the 100% package of a customer in the debt  obligations with fixed yield (government bonds and deposits of highly  reliable banks) to avoid risks. The conservative fund implies  investment of 75% of a customer package in the debt obligations with  fixed yield and the remaining 25% in equity securities (shares).   Unlike the first two funds, the balanced fund implies equal  distribution of funds (50%/50%) in the debt obligations with fixed  yield and shares where a beneficiary must know about the risk  connected with fall of stock prices depending on the market condition  and the state of the emitter- company.

To recall, the compulsory accumulative pension system was introduced  in Armenia on January 1 2014 and applies to the citizens born after  Jan 1 1974. According to the new law on Accumulated pensions, the  minimal pension in the country will be equal to the minimum wage,  while the basic pension will total 150% of the minimum wage. Starting  Jan 1 2014, 5% of citizens' salaries have been transferred to their  personal accumulative accounts. The government will transfer a  similar amount (but no more than 25,000 drams).

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