YEREVAN, APRIL 2, ARMENPRESS: The Armenia’s Law on “Funded pensions” will function by September 30. The legal norms, which were considered unconstitutional, will act. The Chairman of the Standing Committee on Legal Affairs of the National Assembly of the Republic of Armenia David Harutyunyan stated about it, Armenpress reports.

To the question – what does it mean that some provisions of the law are unconstitutional – David Harutyunyan clarified: “It may mean one thing: let us suppose that the government is given some privilege, which should be made in accordance with the law. Let us take the security of that money: some responsibility should be defined with the management not by the decision of the Central Bank but in accordance with the law. If not, that would be considered unconstitutional. From that point of view corresponding changes should be made”, - said Harutyunyan.

Earlier the Government of the Republic of Armenia made a statement on the verdict of the Constitutional Court of the Republic of Armenia on the case of the constitutionality of the articles 5, 7, 8, 37, 38, 45, 49 and 86 of the Armenia’s Law on “Funded pensions”, based on the application of the deputies of the National Assembly. The statement says in particular: “The Constitutional Court emphasized that the experience of more than 50 countries prove that the introduction of the funded pension system increases the country’s stability and the people’s well-being. At the same time the Court stated that there are deficiencies in the law, which should be corrected by September 30. The Government has taken this radical reform aimed at increasing the people's welfare in the framework of the proper constitutional formulations. The Government will adopt the plan of the further actions after receiving and revising the verdict made by the Constitutional Court of the Republic of Armenia”.

The Chairman of the Constitutional Court of the Republic of Armenia Gagik Harutyunyan announced the verdict on the case on the constitutionality of the articles 5, 7, 8, 37, 38, 45, 49 and 86 of the Armenia’s Law on “Funded pensions”, based on the application of the deputies of the National Assembly. The hearing was attended by nine judges of the Constitutional Court, headed by the Chairman of the Constitutional Court Gagik Harutyunyan. According to the decision, several provisions of the law were considered unconstitutional. The decision has come into effect upon the publication.

The Constitutional Court of the Republic of Armenia on March 28 started the hearing of the case on the constitutionality of the articles 5, 7, 8, 37, 38, 45, 49 and 86 of the Armenia’s Law on “Funded pensions”, based on the application of the deputies of the National Assembly. The National Assembly of the Republic of Armenia presented the respondent part. The representatives of the Government and the Central Bank were also invited for the hearing. The Constitutional Court authorized Artsvik Minasyan, Artak Zeyalyan and the lawyer Meri Khachatryan to act as the applicant party representatives. The respondent party involved the National Assembly deputy Hakob Hakobyan and an advisor from the Government. The session was attended by the National Assembly deputies Aghvan Vardanyan, Mikayel Melkumyan, Tigran Urikhanyan, Levon Zurabyan, as well as the representatives of the Dem.am initiative and other interested parties.