Azerbaijan National Academy of Sciences

October 8, Institute of Economics of ANAS discussed a draft law project within the Twinning project "Support to State Social Protection Foundation in order to implement the storage component in the insurance and pension system, the formation of private pension funds and the creation of the legal framework with the regulated activity".

The event was attended by representatives of the international expert group from Latvia, the Ministry of Labor and Social Protection of Azerbaijan, the State Social Protection Fund (SSPF) of Azerbaijan State Economic University, Azerbaijan Technical University and Azerbaijan University of Cooperation.

Director of the Institute of Economics, Professor Nazim Muzafferli (Imanov), opening the event noted the importance of the law project "On the funded part of labor pensions" and "On private pension funds". He added that, in several structures and institutions has already passed a discussion of these projects.

Further, experts from Latvia - resident consultant of Twinning project from Latvia Agrita Groza, head of the department of the Ministry of Social Security abundance Latvia Muzhnik, an expert of the Ministry of abundance, CEO of pension fund SEB bank Datse Brencena, Section Head, head of pension and investment funds of Market Commission Finance and Capital Eve Ose, a representative of the Ministry of Welfare, an official for the preparation of draft laws Harijs Svarcs, and assistant resident adviser of Twinning project Rafiks Misirovs gave detailed information about the draft laws.

The project plans to provide additional functions SSPF and the implementation of an administrative fee. The main attention is directed to the formation of private pension funds in Azerbaijan.

It was noted that the country can create a number of private pension funds. They sign a contract with the State Social Protection Foundation, and each quarter will inform the above-mentioned structures. Deposit funds will be placed in selected banks. To the attention of the project participants were informed that in order to encourage the activities of private pension funds in this area will also be used for certain tax benefits.

In the preparation of these projects was used the experience of Germany and Latvia. It was noted that Latvia is ranked 9th in the world rankings in this area.

At the event, international experts discussed issues related to the formation of interest to the private pension funds, the creation of a competitive environment between similar funds, granting them tax benefits, the amount of pension received insure the person, organization fee for fund management sets of pension funds in times of crisis and so on. The experts also were responded many questions of the attendees.

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