ArmInfo. The Armenian government in its new program for 2017- 2022 envisages, together with the Central Bank, to take steps to increase the availability of financial instruments and the formation of long-term pension savings, the infusion of which into the real sector will stimulate the development of the economy and increase investment.
In particular, the Government provides for the end of 2018, together with the Central Bank, to develop a capital market development program aimed at encouraging the issuance of shares and bonds by local companies.
Until the end of 2019, the Government envisages, together with the Central Bank, through the necessary right regulation, to increase the availability of financial services.
Until the end of 2020, to expand the pension savings system, the Government together with the Central Bank will develop a medium-term program for the development of the insurance market aimed at introducing new insurance instruments and launching life insurance.
To recall, 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 AMD, and for entrepreneurs 300 thousand AMD, 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.
To note, two pension funds are active in Armenia under the mandatory funded pension system: CJSC Amundi-ACBA Asset Management (since November 19, 2013) and "C-QUADRAT AMPEGA ASSET MANAGEMENT ARMENIA" LLC (since November 29, 2013). The shareholders of Amundi-ACBA Asset Management are a French company - 51% and ACBA-Credit Agricole Bank - 49%. Shareholders of LLC "C-QUADRAT 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%.