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Parliament approves regulations governing transformation of private pension fund system

Parliament approved late Monday rules regulating the transformation of the country's private pension funds. As a result, private pension fund members will become members of a new type of private pension fund companies limited by shares from January of 2013.

The regulations were approved with 188 ayes, 143 nays and one abstention.

The regulations will allow private pension funds the opportunity to merge into an institution of their choosing. Member accounts will then be transferred to a private pension fund company limited by shares.

The regulations also place restrictions on withdrawing pension savings in a lump sum and lays down criteria for calculating pension payments. (MTI-Econews)