Amendments made to Conditions for License for Non-State Pension Funds in Azerbaijan
Azerbaijan, Baku /corr. Trend S.Bbayeva / The Cabinet of Ministers of Azerbaijan has made amendments to the conditions for special permits (licenses) for non-state pension funds.
The amendments states that the head of the non-state pension fund must submit details of three years" work experience in foundations, insurance and finance organizations. In addition, a business plan needs to be submitted regarding the activity of the non-state pension fund.
A private pension fund is a financial institution which receives payments from individual persons or employers on behalf of their employees. The Fund arranges accrual of these payments which ensures a lump sum for its customers in their old age.