HERE AND BEYOND
New pension schemes of Ameriabank will ensure long-term investments for the development of Armenia
Media Room
In spring, Ameriabank plans to introduce a new offer in the Armenian investment market. This time, the bank will present to the public intra-organizational pension schemes, aimed at ensuring financially independent and well-provisioned retirement. This introduction of a non-public pension system is made significant by the fact that it not only addresses a social problem, but also ensures long-term investments having great importance for Armenia’s development.
 
The pension program will enable a potential investor to make payments to a special trust management account and, when the investor attains the retirement age, the funds accumulated therein will be paid back to him in accordance with a schedule agreed in advance. 
 
The proposed schemes may be individual and corporate. In the first case, the citizen himself makes payments for his future pension, and in the second case the employer participates as well.
 
The second scheme is designed for all organizations which are interested in developing long-term productive relations with employees having good and high quality employment records, motivating their efficient performance and ensuring their future well-being. Since payments, as designed under the scheme, would be paid to employees once they reach the retirement age, the employer has the opportunity to build long-term relations with employees. The program will promote recruitment of new employees as well, and contribute to building of an organization reputation that employees are treated with special care and civilized methods of employment relation building are used.
 
Intra-organizational pension programs are based on interrelated trust management accounts. The organization develops payment schemes on behalf of employees, according to which the organization and employees make payments pursuant to the schedule agreed in advance. Payable amounts may be equal to 3-15% of monthly salary, by mutual consent of employer and employees. When entering into a contract, the employer and the employee explicitly include therein provisions stipulating payment of funds in the event of early termination of the employment agreement.
 
In the phase of accumulation of amounts, the bank will provide quarterly investment portfolio status Reports to the employer, as the Founder, and to employees, as Beneficiaries.
The proposed schemes are rather flexible, and do not require that the starting date of repayment necessarily matches the date when the employee reaches the retirement age: they may stipulate both earlier and later repayment periods, at the discretion of the investor. In addition, such programs are not designed to substitute for a social pension: they ensure additional income.
 
Under the program, employees have the opportunity, at their discretion, to receive the amount they have accumulated early, fully in a lump sum or partially by installments (monthly payments), as agreed in advance with the bank and the employer.
The program provides the opportunity to explicitly define instances where the employer may compensate the employee before the expiration of the due period, in cases of extreme necessity (illness, accident, etc). 
 

To manage pension amounts accumulated within the framework of the proposed schemes, Ameriabank has developed a special strategic plan jointly with the largest Russian investment company Troika Dialog, which has tremendous experience in pension assets management area. According to the strategy, in the initial phase the accumulated funds will be invested in government securities, deemed more reliable investment instruments in the Armenian capital market, and then, once sufficient funds are available, the bank may also invest those funds in preferable international securities.

Updated 25.07.2009, 11:22
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