Azerbaijan, Baku, Jan. 12 / Trend U. Ismayilova /
Azerbaijan will begin the process of accumulating funds in the accounts of private pension funds from 2015, Salim Muslimov, head of the Azerbaijani State Social Protection Fund, told media.
"This measure is provided by the state pension-insurance system development program in 2009-2015," Muslimov said.
He said that the legislative base will be developed in 2012-2013.
Muslimov said that the new pension-insurance system consists of three stages.
The first stage includes the compulsory pension insurance realized by the state. The second stage includes a part of the system of the compulsory pension insurance, dealing with real investments. It involves transferring a part of social insurance premiums to the bank accounts, placing in various financial instruments and increasing pensions as a result of the received profit. The third stage involves establishing the private pension funds, extra pensions received by pensioners as a result of these funds' activities.