Presentation on Private Pension System was held at the Business Association of Georgia

30 Mar '11

Supplementary meeting on reformation of private pension system was held under the auspices of BAG's Finance Committee on Friday, March 25. Presentation was delivered by Mr. Edgar Balbin, expert invited by USADI Economic Prosperity Project (EPI), with 30 years of experience in financial service sector, in the area of insurance and pension and specifically, in the field of investments.
Banking and insurance companies, representatives of National Bank of Georgia and EPI project attended the meeting.
As a reminder, BAG's finance Committee has been engaged in the private pension reform for more than a year now and in this period preparatory works for reforms have been implemented and cooperation pattern with stakeholders has been established. 
Friday's meeting was another remarkable step in this regard. The presentation gave comprehensive overview on the practice of the countries such as Chile, Poland, Kazakhstan, Latvia, Estonia etc., who have already implemented private pension system and made real achievements. Private pension system principles and structure, pension fund management and official control, government's role in the system development and recommendations suggested based on the Georgian reality have been reviewed in consideration of the practice of the listed countries.
Next meeting on private pension reformation will be held at the Business Association in the nearest future.