Yerevan/Mediamax/. Legal entities having an asset management license may register pension funds in order to attract voluntary pension savings beginning April 2011, head of the Pension Department of the Ministry of Labor and Social Affairs of Armenia, Smbat Saiyan said.

Addressing a briefing in Yerevan today, Smbat Saiyan said that relevant by-laws are worked out today, and some participants of the financial market are negotiating with the regulator in order to receive a pension fund management license, Mediamax reports.

Smbat Saiyan also said that the enterprises and individuals willing to open accumulative pension accounts can already use the relevant services provided by the Armenian banks. “Pension deposits in banks are executed as before. The main difference is that beginning early 2011 the pension assignments of individuals are considered in the basis of their income tax, thus reducing its size,” Smbat Saiyan stated.

A system of voluntary transition to accumulative pension system has been introduced in Armenia since 2011. It will become compulsory beginning 2014.