LAW OF THE REPUBLIC OF ARMENIA

of March 31, 2003 No. ZR-519

About national pensions

Accepted on November 19, 2002

Chapter 1. General provisions

Article 1. Subject of regulation and circle of the relations of the Law

This Law governs the relations connected with the organization, management and financing of the pension system, establishes:

1) principles of the organization and implementation of the national pension insurance;

2) legal guarantees of provision of pensions;

3) conditions of receipt of pension entitlement;

4) types of national pension, procedure for appointment and pension payment.

Article 2.

Voided

Article 3. Legal regulation of the pension sphere

The relations in the field of provision of pensions are governed by the Constitution of the Republic of Armenia, this Law, other laws and other legal acts.

Article 4. Pension system

The pension system of the Republic of Armenia includes:

1) the national (obligatory) pension insurance which at the expense of the budgetary funds created from payments on the national social insurance guarantees implementation of pension social security of citizens in case of achievement of retirement age, disability approach, loss of the supporter and in other cases established by the law.

2) the state provision of pensions which guarantees at the expense of means of the government budget implementation of pension social security of the citizens who are not involved in system of the national pension insurance in case of approach of old age, disability, loss of the supporter and in other cases established by the law;

3) voluntary pension insurance which at the expense of voluntary contributions of employers and citizens and income in the procedure established by the law gained from their investment guarantees implementation of collateral social security of insured persons.

Article 5. State policy in the field of provision of pensions and pension insurance

The purpose of the state policy performed in the field of provision of pensions and pension insurance is ensuring normal and effective functioning of system, implementation of social development programs by means of creation of the corresponding guarantees.

Chapter 2. State regulation of system

Article 6. State regulation of the sphere of provision of pensions and pension insurance

Budget funds of compulsory social insurance of the Republic of Armenia are state-owned property.

The budget of compulsory social insurance of the Republic of Armenia annually affirms the law.

The government of the Republic of Armenia provides implementation of single state policy in the pension system, development in the pension sphere of educational and scientific activities.

Article 7. Powers of authorized body of public administration by the pension sphere

The state body authorized by the Government of the Republic of Armenia the pension sphere:

1) realizes single state policy of system;

2) exercises control of application of the pension legislation and maintaining the database of individual accounting;

2-1) performs methodical management concerning appointment (recalculation) and pension payment;

3) ceased to be valid

4) plans the main indicators of the budget statement of compulsory social insurance of the Republic of Armenia;

5) constitutes the appropriate state programs of development of system and provides their accomplishment;

6) draws the conclusion of the drafts of curricula, subject programs, textbooks and education guidances of the educational organizations performing retraining and advanced training of personnel which are rather concerning the pension sphere;

7) is constituted by the annual state report on provision of pensions of the population of the Republic of Armenia and after approval by the Government of the Republic of Armenia publishes it within two months upon completion of each calendar year;

8) cooperates with the relevant public and international organizations and physical persons;

9) performs other functions following from provisions of this Law and other legal acts.

Article 8. Sources of emergence of funds for pension payment

Sources of emergence of funds for pension payment are:

1) the obligatory payments on social insurance estimated and made by employers concerning the funds allocated for compensation;

2) payments on social compulsory insurance from the salary and the income of physical persons equated to it;

3) payments on compulsory social insurance of individual entrepreneurs, owners of lands of agricultural purpose and the legal entities created by their consolidation;

4) means of the government budget;

5) the voluntary and other payments which are not prohibited by the law;

6) income gained from investment in the procedure for free money of the budget of compulsory social insurance established by the law.

Rates, procedure for calculation and introduction of payments on compulsory social insurance are established by the law.

Chapter 3. Pension entitlement

Article 9. The persons which are subject to compulsory pension social insurance and having pension entitlement

1. The following persons are subject to compulsory pension social insurance:

1) being in employment relationships with employers;

2) individual entrepreneurs.

Person has the right to insurance pension in case of satisfaction of the requirements established by this Law and introduction of payments on compulsory pension social insurance.

2. Persons who did not acquire pension entitlement under the Law of the Republic of Armenia "About social security of the military personnel and members of their families" have pension entitlement under this Law. The procedure for calculation of insurance years of service of these persons is established by the Government of the Republic of Armenia.

3. Person having the right to different national pensions at its choice is granted one pension.

Article 10. Pension entitlement of the foreign citizen or stateless person

Provision of pensions of the foreign citizen or stateless person is performed according to international treaties of the Republic of Armenia.

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