The Finance-Budget Committee of the Georgian Parliament has reviewed a draft law proposing changes to the management system of the Pension Agency, now to be called the Pension Fund.
The new structure will consolidate the investment and supervisory councils into a single Management Council with 9 to 15 members, including government appointees and selected professionals.
Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili highlighted that the National Bank will now oversee all Pension Fund activities, not just its investment policy.
“Since the fall of last year, three investment packages have been in effect, and within the so-called conservative package, investments in other assets are currently limited,” stated Irakli Nadareishvili.
“We are proposing to allow up to 15% of this conservative package to be invested in other assets. Consequently, this investment opportunity will increase by 5% in the balanced and high-risk packages each, bringing the limits to 20% and 25%, respectively.”
The committee supported advancing the bill to a plenary session.
