YEREVAN, October 17. /ARKA/. Central Bank of Armenia (CBA) became the member of International Organization of Pension Supervision (IOPS), press-service of CBA informed ARKA News Agency.
CBA is a body regulating and supervising financial institutions being participants of accumulative pension system.
IOPS is an independent international organization representing competent authorities involved in monitoring activities of private pension schemes in different countries. At present, IOPS unites 64 managers and 6 associated members, as well as 3 organizations having the status of observers which include all the levels of economic development and all the types of economic supervision systems.
The goal of IOPS established in July 2004 by the initiative of International Network of Pension Regulation Systems (INPRS) is the establishment of more formal and independent body on control issues which will promote dialogue and experience exchange in the issues of pension policy and global information exchange, as well as become a structure of developing standards and promoting the best control experience.
Currently the number of IOPS member countries is increasing. In the countries where aging problem of population, and respectively pension security exists, the government initiates introduction of accumulative pension system with the help of which the problem of funding of pension payments is solved.
All the conditions for the introduction of volunteer pension part exist in Armenia which will start to operate from January 2014.
In this regard, IOPS support is important for control systems of accumulative pension system as there occur many sources assisting in the introduction of the best model applied in international practice.
For the Central Bank of Armenia being the managing member of IOPS all thematic discussions within the organization are available. There is also an opportunity to share information with authorities of other member countries, regulating and controlling the pension system, conduct policy dialogue on financing the private pension system and the use of best practice control of pension system. –0–
