YEREVAN. – Zhoghovurd daily of the Republic of Armenia (RA) writes: "As a result of the last crisis, many pension funds lost considerable money, and there is no guarantee that such a thing will not repeat again. The RA government does not have sufficient funds to compensate such losses. Guaranteeing with the budget is an argument only for the naive. And it is a big question as to how effectively the citizens' accumulated funds will be managed." This is a part of the interview given by RA 2nd President Robert Kocharyan in 2014 where he, reflecting on the accumulated pensions program, which was introduced, developed, and implemented by then RA Prime Minister Tigran Sargsyan, was warning: the accumulated [pensions’ plan] may fail, citizens funds—be irretrievably lost.
Many of today's authorities also were fighting against accumulated pensions—sitting on the ground and believing that citizens cannot be forced to accumulate more money for tomorrow. [But] over time, their positions also changed, and unlike the godfather of the program, Tigran Sargsyan, [PM] Nikol Pashinyan's government extended the "compulsory" component of the accumulated [pensions] to everyone.