Pension savings are managed by the qualified and independent investment council supervised by the National Bank of Georgia (NBG), said Goga Melikidze, Chief Investment Officer of the Pension Agency.

Representatives of the Pension Agency held a meeting at the NBG on Friday. Goga Melikidze explained that those involved in the program will have the choice to make a decision about where to invest their savings before September 6.

The choice to invest in USD is in shares of the leading companies, among them Apple, Samsung, Nestle, Toyota, and Google.

According to Goga Melikidze, one of the main goals of the pension agency’s activities is the effective management, protection and investment of pension savings according to the best interests of the participants.

“The Pension Agency offered the participants the allocation of pension assets determined by the international standard in order to maximize their savings and, at the same time, gave them free choice in the selection of investment portfolios.

Pension scheme participants already have the opportunity to direct their own savings into investment portfolios from which they will benefit even more, and the Pension Agency will continue to support them in doing so,” he said.

Approximately 5 thousand people benefited from the accumulative pension system. The issued money amounts to GEL 13 million.

The Government of Georgia launched a new pension system known as the accumulated pension program in 2019. Those under the age of 40 who are legally employed are automatically registered in the program, however, enrollment for self-employed individuals and those above the age of 40 is voluntary.