The Parliament discussed for the III reading and adopted the Draft Law on Funded Pension with 75 votes, introduced by the Deputy Economic Minister, Irakli Nadareishvili.

The amendments envisage the improvement of the administrative and supervision framework.

As the reporter noted, the Draft serves for the improvement of the Pension Agency administrative system, namely, through the merging of two unequal units (investment and supervisory boards) into one – administrative board, which shall ensure uniform management of the funded pension scheme and exercise the investment and administrative/operational functions.

The Draft determines the authority of the board and modifies the supervisory structure, investment limits, and retitles the Agency into the Pension Fund.