NBG becomes governing member of international organization of pension supervisors

Since December 2019, the National Bank of Georgia has become a Governing Member of The International Organization of Pension Supervisors, IOPS.

In July 2018, the Parliament of Georgia approved the Law on Accumulated Pension, which regulates the investment activity of the Pension Agency by the National Bank. As a result of the implemented pension reform, the Agency started collecting and administering the funds of the participants of the pension scheme from January 1, 2019.

To date, more than 700,000 people are involved in the scheme, with total funding of more than GEL 500 million.

IOPS membership is an important step forward, enabling the National Bank to share its experience of regulating pension funds with the other Member States.

IOPS was founded in 2004 by the Organization for Economic Co-operation and Development (OECD) and the Network of International Pension Regulators and Supervisors (INPRS) and aims to improve the quality and effectiveness of the pension system supervision, as well as to develop and maintain existing pension schemes.

In particular, the organization provides assistance to countries where pension systems are newly introduced and, depending on the specifics of the pension scheme, offers them relevant technical assistance and research preparation.

The organization works closely with other international organizations involved in the development and dialogue of pension oversight policies, including the OECD, the World Bank, the International Social Security Association (ISSA), the International Association of Insurance Supervisors (IAIS), and the International Monetary Fund (IMF).

The IOPS operates by an Executive Committee and a Technical Committee assisted by a Secretariat. Participation in the Technical Committee meetings is open to all IOPS Members.

IOPS currently has 89 Members and Observers representing supervisory bodies from 78 jurisdictions and territories worldwide, covering all levels of economic development and bringing together all types of pension or supervisory systems.

The Executive Committee consists of a minimum of 5 and a maximum of 12 members, elected by the Governing Members, representing at least 3 continents to serve a 2-year term. It has all the powers necessary to achieve the objectives and purposes of the Organization, including the appointing of Chairpersons and Vice-Chairpersons, the consideration of membership applications and the setting of membership fees, the oversight of the Secretariat and the establishing of agenda for the Annual General Meeting and Conferences.

The National Bank of Georgia (NBG) is the central bank of Georgia. Its status is defined by the Constitution of Georgia. The main objective of the National Bank is to ensure price stability.