Director of Georgian Pension Agency resigns
Surguladze says that one of the reasons for his resignation is his upcoming plans about which he will speak at a future time. Photo: Parliament of Georgia.
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Director of the Pension Agency Levan Surguladze has confirmed that he has submitted his resignation letter a week ago to the Supervisory Board of the Pension Agency.
Surguladze has asked the Supervisory Board to leave the job on 16 January, 2020.
“The agency is working well and continues the implementation of the accumulative pension reform”, said Surguladze, and added that as every detail related to the reform has been arranged, he can now leave the position.
Surguladze said that the Supervisory Board should discuss his request and if they decide to extend his tenure in the position for some time, he will agree and it will not be a problem because of the unprecedented importance of the accumulative pension reform.
Surguladze says that one of the reasons for his resignation is his upcoming plans about which he will speak at a future time.
Levan Surguladze has held the position of the director of the Pension Agency since September 17, 2018. He was supposed to remain in the position for five years.
The Georgian Pension Agency’s Investment Board has elected a new chair – Olivier Russo. His first deputy will be Jean-Frederick Polsen, announced the director of the pension agency, Levan Surguladze.
This month, the employed in Georgia will transfer money to the country’s pension savings system for the first time, as it was launched on January 1, 2019. Starting from January 1, 2019 the accumulated pension system is mandatory for legally employed people under 40, meaning they will be enrolled automatically.
A total of 747,774 employed people in Georgia are involved in the accumulative pension system, while both pension contributions and interest amounts total 174,047,572 GEL (about $64.46m/€57.31m), says Director of the Pension Agency Levan Surguladze.
The parliament of Georgia approved a law on an accumulative pension system yesterday, which is part of a larger pension reform initiated by the Georgian government. The government plans to launch a supplementary programme alongside the currently existing universal basic pension which amounts to 180 Gel.
About 563.5 million GEL ($196.6 mln/€175.3 mln) has been accumulated in the pension fund since January 1, 2019, says the Georgian Pension Agency. 959,548 citizens and 61,165 organisations are registered in the pension saving system.The employed in Georgia transfer money to the country’s pension savings system which was launched on January 1, 2019.
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The National Bank of Georgia has become a governing member of the International Organisation of Pensions Supervisors (IOPS) starting December 2019, announced the National Bank of Georgia earlier today.
The Pension Agency of Georgia has made its first large scale investment. A total of 560 million GEL (about $200.75m/€180.57m) was made in deposit certificates of “high-rated Georgian commercial banks”.
About 890 million GEL ($288.49m/€244.94m) has been accumulated in the pension fund since August 3, 2020, of which 1.7 per cent was invested in term deposits, 25.2 per cent in interest-bearing accounts, and 73.1 per cent in certificates of deposit, says the Georgian Pension Agency.