Former Prime Minister of Armenia, a member of Armenian National Congress (ANC) opposition bloc's parliamentary group Hrant Bagratyan accused government of having failed to form 100% guaranteed retirement funds.

At a November 27 news conference in Yerevan, Hrant Bagratyan expressed confidence that over the half of pension funds will be spent on purchase of foreign securities to provide a 2% VAT growth in future.

“We won't allow for peoples' money to become expropriated over Prime Minister Tigran Sargsyan's plans,” Bagratyan said.

Bagratyan also expressed displeasure over current pension reforms where pensions are invested as a deposit rather than streamed into pension funds.