Pension savings in Kazakhstan grew 20 percent in 2012

Savings in Kazakhstan's pension funds grew 20.1 percent and made 3.2 trillion tenge ($20.7 billion) in 2012, Tengrinews.kz reports citing press-service of Kazakhstan National Bank. As of January 1, 2013, there were 11 pension funds in Kazakhstan. The number of individual pension accounts for compulsory pension payments went 3.5 percent up in 2012 and made 8.4 million accounts by the end of the year. "As of January 1, 2013, pension payments and transfers to insurance companies from the funds made 323 billion tenge ($2.2 billion) growing by 89.8 billion tenge ($597 million) or 38.5 percent in 2012. Pension deposits made 503.1 billion tenge ($3.4 billion) in 2012 (48.7 billion tenge ($325 million in December 2012)," the National Bank writes. Meanwhile, the average yield of pension funds in Kazakhstan made 4.0 percent for moderate-risk investment portfolios and 1.75 on conservative ones. Official inflation rate in Kazakhstan stands a 6 percent in 2012. "Overall, the cumulative yield during the period of 1998-2012 made 366.15 percent for moderate-risk investment portfolios and 356.07 percent for conservative ones, while the cumulative inflation made 236.31 percent during the said period," the press-service states. Earlier Tengrinews.kz English reported that all the pension savings of Kazakhstan citizens would be consolidated into a single pension fund before July 1, 2013. The fund will be run by the Kazakhstan government and the assets will be managed by the National Bank in line with the investment strategy.