IOPS Member country or territory pension system profile: ARMENIA Report issued on April 2012, validated by the Central Bank of Armenia
ARMENIA DEMOGRAPHICS AND MACROECONOMICS Total Population (000s) 3.1 Percentage 65 or older 11 Dependency Ratio (a) 45.5 Life Expectancy at Birth (years) for Men Life Expectancy at Birth (years) for Women 71.3 77.7 Labour Force (000s)* 1182.8 Statutory Pensionable Age Men Statutory Pensionable Age Women* 63.0 63.0 GDP per capita (USD) 7 3873 Sources, both for the map and figures, see the Reference information section IOPS Country Profiles Armenia, April 2012 2
COUNTRY PENSION DESIGN STRUCTURE OF THE PENSION SYSTEM Source: OECD/IOPS Global Pension Statistic IOPS Country Profiles Armenia, April 2012 3
PUBLIC PENSION ARMENIA: PENSION SYSTEM S KEY CHARACTERISTICS The current public pension system of Armenia consists of two components. Non-contributory social pension (including disability pension and survivor pension), is flat rate residency-based pension, given to everyone aged 65 and above, who is not entitled to service-length based pension (those who have never worked or worked less than minimum years of service). Social pension is intended to provide minimum income level. Public occupational (service-length based) pension (including disability pension and survivor pension) that is not earnings related pension and depends only on the length of the years of service. This pension is given to everyone respecting eligibility criteria, aged 63 and above. Some professional categories are entitled to this pension before 63. Minimum length of service will be gradually increased, to reach 10 years in 2016. The beneficiaries of this scheme are current pensioners. 1. Contributions Currently employers and employees pay social contributions to the state budget. Employee contribution rate is 3% of gross earnings; employer contribution rate is regressive (see for more details Table 1). Table 1. Current social contributions paid by employer (valid until 2013) Wage amount Social contribution rate up to 20,000 Armenian drams 7,000 AMD (18.4 USD) (AMD) (52.5 USD) 20,001-100,000 AMD (52.5-262.3 7,000 AMD (18.4USD)+15% of the amount exceeding 20,000 USD) AMD (52.5USD) 100,001 (262.3 USD) and above 19,000 AMD (49.8 USD)+5% of the amount exceeding 100,000 AMD (262.3 USD) Social contributions paid by employees and employers are supposed to cover old age, disability, survivors pension benefits, as well as other types of social security programs. 3. Benefits Social pensions An old age social pension is granted to individuals, who have reached the age of 65 and are not eligible for a labour pension. The person entitled to an old age pension may apply for a pension any time at his or her own discretion. The old age social pension is granted for life. A disabled person not qualifying for a labour or military disability pension, as well as a person, who has been recognized as a child with disability are granted a disability social pension. The disability social pension shall be granted for the entire period of disability. A person, not qualifying for a labor or military survivor s pension is granted a survivor s social pension. In case of losing the benefactor, pension is granted for the whole period entitled to the survivor s pension. Benefit adjustment The size of the old age social pension is calculated at the amount of 100 per cent of the basic pension. IOPS Country Profiles Armenia, April 2012 4
The size of the disability social pension is calculated at: 1) 140 per cent of the basic pension for persons belonging to the first category disability group and those recognized as a disabled child ; 2) 120 per cent of the basic pension for persons belonging to the second category disability group; 3) 100 per cent of the basic social pension for persons belonging to the third category disability group. The size of the survivor s social pension granted to each family member shall be calculated at the amount of the basic pension. For each parentless child under the age of 18, the survivor s social pension is calculated at the five-fold amount of the basic pension. The size of the survivor s social pension of a child having lost both parents between 18 and 23 years of age, who is a full time student of an educational institution, has shall be calculated in the manner prescribed by Clause 2 of this Article. Old age labour pension An old age labour (service-length based) pension shall be granted to any individual who has reached age of 63, provided the person has a length of service of 25 years. A person having attained age of 63 shall be entitled to the labour pension even if the person has length of service for less than 25 years, provided s/he has at least a 10-years length of service. However, an early retirement is allowed in the following cases: - An old age occupational pension may be granted one year earlier from the age entitling a person to an old age labor pension, provided the person has the length of service of at least 35 years and is not employed; - - A privileged pension: shall be granted to individuals, who have reached the age of 55 and have at least a 25-year s length of service of which at least 15 calendar years count for employment under particularly hazardous, particularly heavy conditions and during the above period have worked on a full-time basis in an employment entitling them to a privileged pension. For female currently the eligibility age for granting privileged pension is 53.5, but it will be gradually increased to 55 by 2015; - Long service labor pension: shall be granted to the employees of civil aviation, mentioned below: Members of flight command and air traffic control staff, air crews, flight operators and stewards: upon reaching the age of 45 if the duration of their service is at least 25 calendar years; individuals who have been released from air service for health reasons may be entitled to a long service pension if their length of service is at least 20 calendar years; Staff members of air traffic control service who have a dispatcher s certificate: upon reaching 50 years of age if the duration of their service is at least 25 calendar years out of which at least 15 calendar years count for employment in the air traffic control service; individuals who have been released from their service in air traffic control system for health reasons: upon reaching 50 years of age if the duration of their service is at least 25 calendar years out of which 10 calendar years count for their employment in air traffic control service; The members of the engineering-technical staff: upon reaching 55 years of age if the duration of their service is at least 25 calendar years, out of which 20 calendar years count for occupations entitling them to a long service pension. IOPS Country Profiles Armenia, April 2012 5
- A partial pension: shall be granted to; Persons employed in the education sector, certain categories of workers of culture, upon reaching the age of 55 if they have at least 25 calendar years of length of service; out of which at least 12 calendar years count for their professional length of service; Certain categories of actors of theatrical and theatrical and show organizations: upon reaching the age of 50, provided they have at least 25 calendar-years length of service out of which at least 12 calendar years count for their professional length of service. Benefit adjustment The amount of the labor pension is the sum of the basic pension and the labor portion of the pension benefit. The labor portion of the pension benefit is the product of the years of service, annual service value, and personal coefficient of the beneficiary. The occupational pension shall be calculated based on the following formula: P=B+ (N x V) x C where: P is the monthly pension amount, B is the basic pension amount; N is the years of service; V is the service value per year; C is the pensioner s personal coefficient. For individuals born on and after January 1, 1974, only the period of employment and other activities not prohibited by the legislation of the Republic of Armenia before January 1, 2014 shall be taken into account, except for the case of calculating the individual coefficient of the pensioner. When calculating the size of labor disability pension, the size of the basic pension shall equal to: 1) for the first severity group: 140 percent of the basic pension; 2) for the second severity group: 120 percent of the basic pension; 3) for the third severity group: 100 percent of the basic pension. A survivor s labor pension at the amount of the basic pension shall be granted to each eligible member of his or her family by adding 40 percent of the labor portion of the deceased provider s to the basic pension. The size of the labor pension for each child who has lost both parents shall be calculated by adding to the five-fold amount of the basic pension 40 percent of the labor portion of pension calculated (supposed) for each deceased parent. The adjustment of pensions is done through defining the size of the basic pension and annual value of the length of service by the Government of the Republic of Armenia. The size of the basic pension and annual service value may not be less than the formerly established size of the basic pension and annual service value. Military Service Pensions The following persons are eligible for a military pension: 1) The command and non-command staff (commissioned and non-commissioned officers, common staff) (military servant) of the defence, police, the executive bodies of national security, and the Rescue Service of the Republic of Armenia; 2) Enlisted persons liable for military service and participants of military defence operations of the Republic of Armenia; IOPS Country Profiles Armenia, April 2012 6
3) Persons serving in the penitentiary institutions and the persons serving in the enforcement of judicial acts service under the Ministry of Justice of the Republic of Armenia. A long term military service pension is granted to the following military servants who have served in the respective authorities, as well as penitentiary institutions and court act enforcement services (military servant) and: 4) Have at least 20 (calendar) years length of military service at the time of their due retirement from the military service; 5) In connection with attaining of the retirement age for militaries have at least 25 years length of service at the time of their retirement from the military service because of old age or health status of which at least 12 years and 6 months count for their military service; 6) At the time of retiring due to a redundancy plan have reached the age of 45 and have earned at least a 25 calendar years length of service out of which at least 12 calendar years, 6 calendar months count for their military service. The long service military pension shall be granted for the lifetime. A survivor s military pension is granted to family members of a deceased military servant, despite of the reason of death, past period and term of service of military servant. Benefit adjustment (long service military pension) The long service military pension shall be calculated in the following manner: - For military servants that have at least 20 (calendar) years length of military service at the time of their due retirement from the military service, 70% of the monthly cash benefit and food allowance. For each full year of military service above 20 years, 2 per cent of the monthly cash benefit and food allowance shall be added to the long service pension, and it shall be supplemented by 1 percent of the monthly cash benefit and food allowance for each full year of service preceding the military service; - For other type of military servants-65% of the monthly cash benefit and food allowance. For each full year of military service exceeding 12 years and 6 months, the amount of long service pension shall be supplemented by an additional 1% of the monthly cash benefit and food allowance which, however, shall not exceed 5% of the pension amount. For each year of service exceeding 25 years (including the military service calculated under privileged terms), the amount of long service pension shall be supplemented by 1% of the monthly cash benefit and food allowance. The amount of military pension shall not exceed the monthly cash benefit and food allowance. A disability military pension shall be granted to military servants recognized as disabled responsible for conducting medical-social examinations, who become disabled in the course of their military service or five years after their due retirement as a consequence of a sickness or injury occurred when still in service. The disability military pension is granted irrespective of the duration of the military service for the entire period of disability. IOPS Country Profiles Armenia, April 2012 7
Benefit adjustment (disability military pension) The disability military pension shall be calculated as follows: 1) For persons with Category 1 disability, 70% of the monthly cash benefit and food allowance which, however, shall not be less than 150% of the official basic pension as defined by the legislation; 2) For persons with Category 2 disability, 60% of the monthly cash benefit and food allowance which, however, shall not be less than 110% of the official basic pension as defined by the legislation; 3) For persons with Category 3 disability, 40% of the monthly cash benefit and food allowance which, however, shall not be less than 75% of the official basic pension as defined by the legislation. The amount of disability military pension of enlisted common-rank military servants shall be equal to the one and a half amount of the minimal pension. Benefit adjustment (survivor s military pension) The survivor s military pension is calculated as follows: 1. For each child, 40% of the cash benefit and food allowance paid to the deceased breadwinner; 2. For each child under the age of 18 who has lost both of his or her parents, 60% of the cash benefit and food allowance paid to the deceased breadwinner which, however, shall not be less than the 5- fold amount of the legally established basic pension; 3. For each other family member-30% of the cash benefit and food allowance paid to the deceased breadwinner. The amount of the survivor s military pension payable to each family member of a deceased enlisted common-rank servant shall be equal to 150 percent of the basic pension, and for each parentless child under the age of 18 it shall be equal to the 5-fold amount of the basic pension. The size of the survivor s military pension of a child between 18 and 23 years of age, who is a full time student of an educational institution and have lost his/her both parents shall be calculated in the manner prescribed by this Article for calculation of the pension of a minor under the age of 18. Monthly Cash Benefit When granting a pension to the military servant, the monthly cash benefit defined for his/her most recent occupied position and the amount of food allowance shall be used as a basis for calculating his or her pension. 4. Taxation Employee social security contributions are tax deductible (according to the Law on Income Tax). Employer social security contributions are tax deductible (according to the Law on Profit Tax). IOPS Country Profiles Armenia, April 2012 8
Starting from 2014, Armenia will have multi-pillar pension system that will include the following components: Flat rate residency-based social pension, provided to everyone aged 65 and above, those who have never worked or worked less than minimum required period of service - currently 5 years, which is foreseen to gradually increase starting from 2012 to reach 10 years by 2016 (similar to social pension of existing system). Labour pension provides mainly universal types of pensions to all persons, satisfying specific requirements set forth by legislation (similar to service-length based pension of existing system). Beneficiaries will be current contributors aged 41 and above at the time the mandatory funded pension system is introduced. These beneficiaries will continue receiving basic pension and service-length based pension. In a long horizon, the link to the length of service will gradually phase out, as mandatory funded pensions grow, but will continue to provide a minimum social pension guarantee for those in the mandatory scheme from the state budget. Starting from 2013, the employee and employer social contributions and the income tax in Armenia will be unified in one unified income tax, paid by employee. Therefore, in the new multi-pillar pension system the eligibility criterion, set by legislation, is the payment of unified income tax to the state budget. The unified income tax is progressive and the rates are the following: Table 2. Unified income tax (valid since 2013) Wage amount up to 120,000 AMD (314.8 USD) 24.4% more than 120,000 AMD 26% Unified income tax rate Mandatory funded pensions (see detailed description hereafter) Those participants, who formed certain pension rights before joining the mandatory funded pension scheme, besides the basic pension 1, will get service-length based compensation for the years, worked before 2014 as well. Voluntary funded pensions (see detailed description hereafter) 1 Pension that is provided from mandatory social security scheme. IOPS Country Profiles Armenia, April 2012 9
PRIVATE PENSION PERSONAL (MANDATORY) 1. Types of schemes The mandatory pension schemes may be only DC plans. Private mandatory pension plans are being financed through pension funds only. Management of the personified record-keeping database of the mandatory funded pension component contributions is centralized and shall be executed by Tax Authority. Centralized personified pension account maintenance (Centralized registry) and Centralized custody shall also operate in the private mandatory pension industry. However, the pension asset management is decentralised and will be provided by asset management companies. Benefit payments from mandatory pension funds, depending on the form of the pension to be paid, can be provided by either centralized registrar, or decentralized life insurance industry. If the pension is selected in the form of programmed withdrawals or lump-sum payment, Central registrar will organise redemption of units and the pension pay-outs. If the pension is selected in the form of annuities, the Central registrar will organise redemption of units and transfer of funds to any life insurance company selected by the participant to buy an annuity. 2. Coverage The scheme covers private and public sector employees, notaries 2 and self-employed, aged 16-40, including. The number of mandatory participants is assessed to comprise more than 250 thousand people in the first year of the programme implementation (2014). Foreign citizens and persons without a citizenship, who were born on January 1, 1974 or later and gaining basic income in the manner as established by legislation of the Republic of Armenia are also mandatory participants. Persons born prior to 1974 as well as self-employed persons are allowed to join the mandatory pillar voluntarily regardless of age. The decision to join the system is final, meaning that the participant cannot terminate contributing to the personal account, unless he/she is unemployed. 3. Contributions The contribution rate to the individual pension account is 10 per cent, of which participant contributes 5 per cent and the Government matches 5%. However, the Government matching should not exceed 25,000 AMD (65.6 USD), meaning that for higher earners, the employee contribution will be greater than 5 percent. Additional voluntary contributions are not permitted. The contribution rate for voluntary participants 3 of mandatory tier is 5 per cent; the Government does not match that amount. Additional voluntary contributions are not permitted. 2 Notaries cannot be included in self-employed group, because their status is different (according to the Law on Notary): it is an appointed position - Notaries are appointed by Ministry of Justice. 3 According to the Law on Funded Pensions the following persons may participate on voluntary basis in the mandatory funded pension tier: 1. Persons born prior to 1974 IOPS Country Profiles Armenia, April 2012 10
There will be no employer contribution. From 2013, the employer social contributions, employee income tax, and social contributions will be unified into one unified income tax paid by employees (see Table 2), in addition to 5 per cent pension contribution. Employers will be expected to increase the wages of employees by the amount of the former social contribution. 4. Benefits At retirement (age 63 for both men and women), the person is entitled to use his/her pension in the following forms: program withdrawals, life annuities (personal and joint),and lump-sum payments. If the personal account balances at retirement (shifted to monthly payments 4 ) - is smaller than 75% of the basic pension or equal to that, the participant has the right to receive the accumulated amounts in the form of programmed withdrawals or lump sum payment; - is larger than 75% of the basic pension, but smaller than fivefold the amount of that pension, then the person is entitled to purchase an annuity; - is larger than fivefold of the basic pension, then the person pays the amount of fivefold the basic pension to purchase an annuity, and may use the remainder in the form of programmed withdrawals or lump-sum payments. Early withdrawals are allowed in the following cases: Use of personal funded pension accumulations before reaching retirement age is permitted in the following cases: - If the participant is disabled prior to retirement (lump-sum payment); - If the participant is in an extreme health state per medical conclusion issued by the authorized body (lump-sum payment); - In case of change of Republic of Armenia citizenship and foreigner s departure from Republic of Armenia, pension accumulations are transferred to the foreign funded pension plan in the specific manner. Survivor benefits are provided only through public pension scheme. Mandatory pension assets are inheritable. If the participant dies before retirement, the amount of accumulation up to 25fold of basic pension 5 is paid in the form of lump-sum payment to the heirs. The remained pension fund units are transferred to the heir s pension account. Benefits adjustments are not provided, as the regulatory framework of pay-out phase is not yet complete. (information already contained in the section 1 of the document). 2. Self-employed persons, irrespective of their age 4 Calculation is based on the value of the fund units at retirement and the life expectancy. 5 Currently basic pension is equal to 13000 AMD (about 25 EUR). IOPS Country Profiles Armenia, April 2012 11
5. Fees The pension fund management annual fee shall not exceed 1.5% of the market value of assets under management (AUM) of the given pension fund. The fees for custody services and for register keeping are paid at the expense of pension fund manager. In some cases of unit exchange transactions redemption fee is charged, however, the fee rate shall not exceed 1 per cent of net asset value (NAV) of redeemed units. The pension fund manager may additionally charge for expenses related to management of the pension fund from that pension fund. The list of these fees and the maximum amount thereof shall be defined by the regulation later on. 6. Taxation Tax regime is TEE: the contribution is taxed; the investment income and pension pay-outs are tax exempt. PRIVATE OCCUPATIONAL/PERSONAL PENSION (VOLUNTARY) 1. Type of plans/schemes (for occupational voluntary private pension schemes): Voluntary Funded Pension Scheme is offered by the investment fund (pension fund manager), insurance company or a bank aimed for provision of voluntary funded pension, which entails respectively the procedure and timeline of making funded contributions, as well as the conditions, timeline and procedure of calculation and payment of voluntary funded pensions. Insurance companies, banks, or pension fund managers offer and organize collection of contributions, management of the scheme and benefit payments for participants. No other institution is involved in abovementioned processes. A voluntary private pension scheme is a voluntary funded pension agreement between investment fund (pension fund manager), insurance company or a bank and a counterparty that may be an employer, who enters into a voluntary pension agreement on behalf of its employees, as well as a natural person who is entitled to enter into a voluntary funded pension agreement in his/her or others favour. An individual may participate simultaneously in more than one voluntary scheme. There are following types of voluntary private pension schemes: 1) Defined pensions (DB) schemes: Insurance companies may offer only defined pension schemes; 2) Funded pension deposits: banks may offer only funded pension deposits voluntary funded pension schemes. 3) Defined pension contributions (DC): Voluntary pension funds (pension fund managers) may offer only defined pension contributions schemes. Employers may acquire voluntary pension schemes from voluntary pension fund managers or insurance companies aimed at providing supplementary (corporate) pensions to their employees. All employees must be offered equal and uniform conditions for participation in voluntary pension scheme. IOPS Country Profiles Armenia, April 2012 12
Supplementary funded pension scheme offered by an employer may be defined also by the collective employment agreement. Voluntary contributions may be made only by the employers or both by the employers and the employees. It is prohibited to force an employee to participate or continue his/her participation in the voluntary pension scheme acquired by the employer by imposing it as a requirement for working with the given employer. It is also prohibited to make withholdings or allocations from the salary of an employee or other payments made equal to it in relation to participation in the voluntary funded pension scheme, without having the written consent of the participant. 2. Coverage The scheme covers everyone regardless of age and sector of employment. 3. Contributions The voluntary contributions can be made by an employer alone or with employees co-financing (occupational pensions), as well as by a natural person in his/her or others favour. The contribution rate is not limited. 4. Benefits In case of funded pension deposit scheme, the retirement income will be provided by banks, as periodic payments, lump sum payment, or a combination of both. However, the person has the right to use the lump-sum payment to conclude annuity contract with a life insurance company. In case of life insurance (DB) scheme, the beneficiary will receive annuities or lump-sum payment from a life insurance company. In case of pension fund (DC) scheme, the beneficiary is given an option to select either periodic payments or lump sum payment. However, again the person has the right to use the lump-sum payment to conclude annuity contract with a life insurance company. The use of personal funded pension accumulations, before reaching retirement, is almost the same, as applying to mandatory private pension scheme. 5. Fees Legal limits to the list of fee types and ceilings of fee rates can be defined for DC scheme providers. At the moment no ceilings to management and custodian fee rates, as well as to the expenses in relation to management of the pension fund are applied. 6. Taxation Tax regime is EET: Voluntary contribution and the investment income are tax exempt, however, tax exemption is provided only for 5 per cent of taxable income of employee. Tax rate of 10 per cent for periodic payments (programmed withdrawal, annuity) is applied upon retirement. Tax rate for lump-sum payment varies between 24.4 26 per cent (see Table 2). Employers are provided with profit tax incentives to encourage occupational schemes, deducting taxable profit by150 per cent of pension contributions paid. IOPS Country Profiles Armenia, April 2012 13
REFERENCE INFORMATION KEY LEGISLATION The multi-pillar pension system in Armenia is regulated by the following main Laws: - Law on State Pensions The Law on State pensions was enacted in December 22, 2011. The Law regulates the relationships pertaining to the management and financing of the state pension security, the types of state pensions, conditions and procedures for calculating (recalculating), granting and paying pensions. - Law on personified Recordkeeping of unified income Tax and funded contributions The Law on Recordkeeping of Unified income tax and funded Contributions was enacted in December 22, 2011. This Law regulates relationships that pertain to implementation of personified record keeping of income tax and mandatory funded contributions, defines the rights and obligations of the parties involved in the process of personified record keeping. - Law on Unified Income Tax This Law was enacted in December 22, 2011. This Law regulates the relationships pertaining to determination and payment of income tax, defines the scope of income tax payers in the Republic of Armenia, the rates, manner of calculation and payment of the income tax. - Law on Funded Pensions This Law was enacted in December 22, 2011. - The purpose of this Law is to establish opportunities for receiving pension incomes in addition to state pension by persons having attained the pension age who have made funded contributions by setting rules and requirements for selection and exchange of pension fund and asset management company, pension asset investment restrictions other operations within mandatory pension system, as well as setting the types of and conditions for receiving pension pay-outs and inheritance of pension assets. It also regulates voluntary pension component by setting types of voluntary pension schemes and rules of complementary pension provision for voluntary contributors. - Law on Investment Funds This Law was enacted in December 22, 2011. The purpose of this Law is to protect the interests of investors and ensure that a proper collective investment scheme is developed, uniform rules for organization and operation of investment funds and investment fund managers are established. It describes main parties within collective investment schemes and sets requirements for their operation. KEY REGULATORY AND SUPERVISORY AUTHORITIES Ministry of Labour and Social Issues of RA, www.mss.am The Ministry of Labour and Social Issues of the Republic of Armenia (MLSI) is responsible for calculation and provision of existing public pensions ( 0 and 1 Pillar pensions starting from 2014). Ministry of Finance of RA, www.minfin.am (English version of the site seems not to function) The Ministry of Finance will ensure development of the financial, economic and fiscal policies and funding of pensions, in accordance with the approved policy of mandatory funded private pension provision. IOPS Country Profiles Armenia, April 2012 14
Treasury within the Ministry of Finance will transfer the mandatory funded contributions from the state budget to the mandatory private individual pension accounts. Central Bank of RA, www.cba.am The Central bank of the Republic of Armenia (CBA) will regulate, license, monitor and supervise the activities of financial institutions of the funded pension system, such as asset managers, life insurance companies, banks, registrar of fund participants of mandatory private pension scheme, etc. The CBA will also analyse data, submitted by supervised entities and publish periodic reports on funded pension system developments for general public. State Revenue Committee, www.petekamutner.am The State Revenue Committee (SRC) will organize collection of information on the unified income tax and mandatory funded contributions. Since unified income tax is introduced, the SRC will be responsible for personified record keeping of persons, who pay taxes and pension contributions. The SRC will receive monthly individual reports on paid income taxes and pension contributions from employers, checking and exchanging data as necessary, as well as supervision over the process of collection of the unified income tax and mandatory pension contributions. Sources: * National Statistical Service of the Republic of Armenia, data provided for 2010; United Nations Population Division, Department of Economic and Social Affairs. World Population Prospects: The 2004 Revision Population Database, available at http://esa.un.org/unpp (2005); Human Development Report 2006, prepared for the United Nations Development Programme (Gordonsville VA: Palgrave Macmillan, 2006); U.S. Central Intelligence Agency. The World Factbook, 2006 (Washington D.C.: Central Intelligence Agency, 2006). NOTES: Footnotes c, d, and e apply to certain scheme descriptions. GDP = gross domestic product. a. Population aged 14 or younger plus population aged 65 or older, divided by population aged 15-64. b. General early pensionable age only; excludes early pensionable ages for specific groups of employees. c. The country has no early pensionable age, has one only for specific groups, or information is not available. d. Regardless of age but subject to other requirements. e. No mandatory old-age pension system. IOPS Country Profiles Armenia, April 2012 15
Tables Data to be provided for the past five years 1. Private Pension plans 2. Pension funds data overview: Total assets (bn national currency) 0 Total assets as % of GDP 0 By financing vehicle as a % of Total assets Pension funds 0 Book reserves 0 Pension insurance contracts 0 Other financial vehicles 0 Occupational assets % of DB assets 0 %of DC assets 0 Personal assets Structure of assets: (proposal by SP) Cash and deposits 0 Bills and bonds issued by public and private sectors 0 Shares 0 Loans 0 Buildings 0 Private Investment funds 0 Other investments 0 Total contributions as % of GDP 0 Total benefits as % of GDP 0 Of them paid as lump sums 0 as pensions 0 Total number of pension funds 0 IOPS Country Profiles Armenia, April 2012 16