YEREVAN. – The right solution on pension issue doesn’t go without problems or changes, Mr Thies Clemenz, CEO of HSBC Armenia bank, told the Armenia News–NEWS.am correspondent.

He added that once the legislation is in force, the bank the bank will analyze its effect on the financial system of the country.

“It’s not my role to comment on what the government does. Armenia needs a right way – and it's a way which doesn’t go without problems or changes, as we're seeing it now. I’m sure that at the end Armenia would follow the right solution. Experience will show if it’s right or wrong,” he said.

Asked whether the HSBC is considering to perform the duties of a custodian bank for a new pension system, Clemenz answered that the responsibility to pick custodians rests with the retirement savings management companies.

“We do some custodian services, but currently we are not servicing any pension assets,” he added.

The revised savings pension reform, effective since July 1, obliges civil servants (with the exception of police, military, and state security officers) to pay in 5% of gross monthly salary to state budget, from where it will be transferred to their individual retirement accounts. Their employers (state institutions) will pay a match of 5%. The legislation will reach the private sector three years later (after July 1, 2017). The reform has caused bitter protests in society, mainly voiced by a non-partisan movement “Dem em” (“I'm against”).