Project Database

Country
Azerbaijan
Title
Support to the State Social Protection Fund on the introduction of a funded element within the insurance pension system, the establishment of non-state pension funds and the development of the legal framework for regulating their activity
Subject Area
Donor organization
EU
Start of Project
May 2014
End of Project
November 2015
Duration
18 months
Partner Organisations
Latvian Ministry of Welfare
Description of Project
General objective: Development of the pension insurance system in Azerbaijan

Specific objective: To enhance the capacity of the State Social Protection Fund (SSPF) to establish the regulatory, legal and administrative framework for the introduction of a funded element in the insurance-pension system and the establishment of non-state pension funds

The project comprises 2 components:
Component I: Implementation of a funded component in the current state insurance pension.
  • Review and analysis of management processes and IT systems at the State Social Protection Fund (SSPF)
  • Elaboration of a blue print for the funded component of the multi-level state pension system
  • Development of the framework and technical mechanisms for accumulation and management of funds on real funded accounts
  • Development of the legislative framework for the funded component of the multi-level state pension system
Component II: Development of non-state-pension funds (private voluntary pension savings)
  • Analysis of the environment for development of a market for private pension provision
  • Elaboration of a blue print for the introduction of a private sector for voluntary pension savings
  • Development of the legislative framework to facilitate and regulate private, voluntary pension arrangements

Activities common to both components include capacity building sessions and communication and awareness raising activities.
Description of Services

Technical assistance and institutional building in:

  • Organisational development/management of the SSPF
  • Review and drafting of legislation
  • Elaboration of concept papers for the introduction of capital funded elements in the state pension system and the development of a third pillar of private voluntary pension savings
  • Training: training needs assessment, design of training methodology and delivery of training of SSPF staff
  • Elaboration and implementation of a communication strategy for public awareness raising
  • Study tours

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