Georgian Pension Agency reveals country’s pension fund’s assets

Finance Materials 5 January 2021 12:21 (UTC +04:00)
Georgian Pension Agency reveals country’s pension fund’s assets

BAKU, Azerbaijan, Jan.5

By Tamilla Mammadova – Trend:

Georgia’s pension fund’s assets amounted to 1.2 billion lari ($367.3 million) as of 28 December 2020, including 103 million lari ($31.5 million) as an interest, Trend reports via the Pension Agency.

According to the agency, 606 people have gained access to their pensions up to date.

Namely, 264 people have reached the pension age; 1 person has moved abroad for permanent residence; 257 are persons of limited capabilities; 84 with hereditary purpose.

“The number of participants of the pension scheme is growing on a daily basis and amounts to 12,000 on average per month”, the agency stated.

According to the agency, assets are fully denominated in lari with the 10.9 percent annual effective interest rate.

"The number of people involved in the pension scheme is growing daily and has averaged more than 12,000 over the past five months. Retirement savings have already accrued more than 113 million lari ($34.5 million). Pension assets are placed at an annual effective interest rate of 10.9 percent," the agency said in a statement.

According to the agency, an effective interest rate of 11.1 percent per annum is charged on pension assets.


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