Georgia’s pension fund reached ₾8.23 billion as of December 31, 2025, with net income of ₾796 million last year, the National Bank of Georgia says in its annual report submitted to parliament.
The fund operates three investment portfolios with varying risk levels. In 2025, the conservative portfolio recorded a real return of 7.53%, the balanced portfolio 8.97%, and the dynamic portfolio 10.78%.
The report notes that assets were mainly invested in local certificates of deposit, term deposits, global equities, and Georgian treasury bonds.
Geographically, more than 40% of the fund’s assets were invested in the United States, followed by Asia, Europe, and emerging markets.
The NBG says 26,820 individuals withdrew accumulated pensions in 2025, receiving a total of ₾124 million.
The report also highlights recent regulatory changes following the entry into force of the law on voluntary private pensions on January 1, 2025. Under the framework, the State Supervision Service oversees pension schemes and insurers, while the National Bank supervises asset managers and specialized depositories.
“At this stage, two voluntary pension schemes established by two insurance companies and an additional voluntary pension scheme of one pension company are operating in the market,” the report says.
