In Azerbaijan, there is no law on private pension funds, although a relevant project was prepared as far back as three years ago.

The World Bank conducted for the State Social Protection Fund of Azerbaijan the presentation entitled "Pension reforms and experience of countries in Eastern Europe, Caucasus & Central Asia".

Following the presentation SSPF chairman Salim Muslimov stated that by July within the WB project it would be selected the Fund’s consultant to develop a long-term model of pension-insurance system of Azerbaijan.

"Bids were submitted by five companies, which are world-known in this field. During one month the tender commission will call the winner company," Muslimov said.

The model will cover the period after 2015 - until 2025 or even 2050.

"During the presentation the WB assessed the prospects of pension insurance system in the country, including the introduction of accumulation element and the desirability of private pension funds," Muslimov said.

In Azerbaijan, there is no law on private pension funds, although a relevant project was prepared as far back as three years ago.