On 22 November 2012, the Government considered and express negative standpoint towards a Bill proposed by a group of Members of the Lower Chamber of Parliament in which it is proposed to postpone the launch of the major pension system reform by two years, i.e. till January 2015. The major pension system reform was enacted at the end of 2011 and shall be fully launched in January 2013. According to the pension system reform, the current payas- you-go system (I. pillar of the pension system) will be supported by a newly created II. pillar. The II. pillar will consist of private pension fund companies created either by the transformation of the currently existing pension funds providing supplementary pension insurance with state contribution, or by establishing completely new pension fund companies. Each pension fund company will need to offer 4 types of pension funds (with different investment limits, structure of portfolio and associated risk): standard pension fund; conservation pension fund; balanced pension fund; and dynamic pension fund. Participation in the second pillar will be voluntary. As a next step, the Bills will be considered by the Lower Chamber of the Parliament.