Pensions Conference, AFSA Director: Private pensions, opportunities for additional income and greater well-being
The Financial Supervisory Authority, in cooperation with the Ministry of Economy, Culture and Innovation and with the support of the World Bank, organized the International Conference "Pension System Reform in Albania".
Present at the conference were Prime Minister Rama, Minister Gonxhja, the Executive Director General of the AFSA, Mimoza Kaçi, the World Bank Country Director for the Western Balkans, and high-level representatives from international institutions and financial supervisory authorities.
The conference also discussed reform interventions in private and voluntary pension systems in Albania.
The Executive Director of the AFSA, Mimoza Kaçi, present at the second panel of discussions of the conference, focused on the importance of private pensions as a savings opportunity for citizens to ensure more support and well-being for retirement age.
"With the adoption of the new law on private pension funds in November 2023, Albania has taken important steps towards alignment with the European Union's IORP II directive. This legislation has brought a number of innovations and advantages in terms of encouraging participation in private pension schemes, providing more investment opportunities, fiscal incentives, improving governance and strengthening member protection ," Kaçi stressed.
The Executive Director of the AFSA also spoke about the possibilities of implementing the second pension pillar.
"In my judgment, its implementation, which relies on an individual mandatory savings account approach, offers a promising perspective as it is designed to complement the first pillar, ensuring diversification of income sources for pensioners and more consolidated public finances."
The Authority, as part of its mandate, is committed to ensuring the stability, transparency and integrity of financial markets, including private pension schemes.
Last year, we worked intensively and finalized the entire regulatory framework under the new law on private pensions. We will continue our commitment to implementing the new legal and regulatory framework.
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