Get a grip Mr. Mesrobyan. Yes we all know the stock market does not exist in Armenia!! Does Mr Mesrobyan believe that the goverment is going to allow the asset manager to invest only in stocks?? The government will fix a rate of return yearly on this portfolio and the asset manager will invest in a global diversified portfolio of stocks, bonds, commodities, options, real estate and cash instruments. Just because you are an expert in governance doesn't make you an expert in the Securities Markets. Enough with the fear mongering. The main issue which everyone is missing with regards to the Reform act are JOB CREATION and WAGES. Jobs must be created and employee wages must increase for this too work. Other wise you will be creating a pension fund which is UNDERFUNDED and will be putting more pressure on the asset manager to take risk and make up for the underfunding with higher profits in performance.

it is very good that at least the administration is thinking of a pension system, very positive. as an opinion on its current conditions, i think first you need to stabilize inflation and the dram/dollar exchange rate. 5% each year will barely cover the inflation rate for the next year, and just lately the dram lost 5% of its value in 1-2 weeks. and what will be the return on this 5%? in my humble opinion(and i'm not the expert here) investing directly in the stock market is like gambling, especially with the volatile nature of the current Armenian economy... maybe invest it in gold after it drops a bit? land? buildings? maybe take it overseas and put it in banks who know what they're doing?...