Shahramanyan Signs Law: Artsakh Residents Can Access Pension Funds

The President of Artsakh, Samvel Shahramanyan, signed a decree on January 18, 2024, amending the "Law on Accumulative Pensions." This information was reported by 24News, citing the Artsakh Parliament's website.

According to the amendment, it is stipulated that:

“Article 38.1. In cases of force majeure, the redemption of a participant's pension fund shares due to extraordinary and unavoidable circumstances includes the following provisions:

1. In the case of a participant, shares of the pension fund acquired with the accumulative contributions made for their benefit are redeemed, and as a result, the formed funds (regardless of their amount) are transferred, at the participant's request, to another account opened in their accumulative pension system or transferred to their bank account, according to the procedures established by the Government of the Republic of Artsakh.
2. In the case specified in part 1 of this article, the corresponding funds are transferred to the account opened in the participant's other accumulative pension system or to their bank account within nine months following the month in which the specified circumstances arose.

It is important to note that this law comes into force on the tenth day following its official publication, meaning it is already in effect. According to the amendments, the situation that has arisen around the Republic of Artsakh since September 20, 2023, is considered a circumstance specified in the first article of this law, and the countdown for the nine-month deadline begins from the month following the day this law comes into force.

Just three months ago, the Minister of Labor and Social Affairs of the Republic of Armenia, Narek Mkrtchyan, responded to a question from a parliamentarian regarding how the accumulative pension system for Artsakh residents would be organized, stating that, "Artsakh residents have their separate pension funds, and discussions are still needed regarding the necessity of developing mechanisms. Once these are created and continuity is ensured, our compatriots will be informed."

The Armenian authorities had previously hinted that the Artsakh authorities should tackle this issue, attempting to distance themselves from the responsibilities. Now, the Artsakh Parliament has amended the