The law projects have been discussed together with the experts of Latvia

The higher attention were given to the formation of non-state pension funds in Azerbaijan.
On October 8, 2015, at the Institute of Economy ANAS together with the international experts’ groups of Latvia has carried out the discussions of development of law projects in the frame of twinning project, the application of incentives components with supporting the State Social Protection Fund of Azerbaijan Republic “In the pension – insurance system”, the formation of non-state pension funds and creation of legislative basis for regulating its activity. At the discussion participated Hadi Rajabli the Chairman of the Standing Commission of the Milli Mejlis (Parliament) on Social Policy; Head of the Azerbaijan-Greece working group on interparliamentary relations, and the members of the Ministry of Labour and Social Protection of Population of Azerbaijan Republic, State Economic University, Azerbaijan Technical University, Azerbaijan University of Cooperation.
At the discussions professor N. Muzaffarli (Imanov) the director of the Institute of Economy ANAS, noted that law projects about the “İncentives part of labor pension” and “About the non-state pension funds” have been discussed with some bodies in our institute. Also today, the same theme is being discussed in our institute.
Then the experts form the Latvia – Agrita Qroza Resident advisor of twinning project, Yana Mujnike head of department of social insurance of the Latvia's Ministry of Social Welfare, Datse Brencena an expert of the Latvian Welfare Ministry, chief executive officer of the SEB Bank Pension Fund, Yeva Ose head of the sector of the Financial and Capital Market Commission, Pension and Investment Funds, Harijs Svarcs the member of Latvia's Ministry of Social Welfare, responsible person for the development of law project, Rafiks Misirovs assistant of Resident advisor of twinning project gave broad information about the project.
In the projects have considered giving more functions to MLSP and engaging with more administrative incentives too. But, the main attention has directed to the formation of non-state pension funds in Azerbaijan.
In the country could be create some private pension funds. They would sign an agreement with the MLSP, once in a quarter they have to give information to MLSP.
But sometimes for stimulating the activity of non-state pension fund is applied some tax incentives. There are some differences and similarities among state and non-state pension funds. For example, in private pension funds insurer can retire on a pension since 55 ages. In the development of the project used from the experience of Germany and Latvia. Latvia is in the 9th place in the world ranking.
The foreign experts answered to the questions of participants in the theme of formation of interest and belief to non-state pension funds, creation competitive environment between these funds, giving them tax incentives, the amount of pension of pensioners, the organization accumulation funds and management of funds, the activity of pension funds under the condition of crisis and etc. problems have been discussed.