Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to switch to a three-tier pension system. This was stated by the head of the Pension Fund Department, Farrukh Pardaev.

He noted that a three-tier pension system has been introduced in many countries, including the CIS countries.

Farrukh Pardaev said that the main task of the Pension Fund is to develop a concept for reforming the pension system until 2030. This concept will provide for the introduction of a three-tier pension system.

The first pillar is a guaranteed state pension for those who have the required work experience. The second pillar is the insured pension. It is determined in proportion to the length of service and salary, he said.

The funded pension is the third pillar. “The pension is paid in accordance with the level of the pensioner's contribution,” Pardaev said.