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The Single Pension Fund will be finish purchasing all the other Kazakhstan pension funds by the end of 2013, Kapital.kz reports citing Assyl Invest. The action plan with the deadlines has already been approved. Meanwhile, the analysts believe that the advance along the path of creation of the Single Pension Fund is a positive development. The country’s authorities have clearly stated the intention to purchase the stock of the pensions funds both for money but in exchange for shares of KazKommertsBank and BTA Bank, since the government holds large stakes in the two banks. “There are not much details on the costs assessment of the pension funds and the banks involved in the process. So far only Halyk Bank has provided calculation of the approximate cost of its pension fund,” the experts noted. According to them, it is clear from the deadlines that the pension assets will be sort of frozen for a period of time. Only starting from 2014 it will be possible to restart investment activities of the new joint fund and the pension money with return to the Kazakhstan stock market. Tengrinews.kz English reported that it was initially planned 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. The Single Pension Fund was created by the governmental decree of July 31, 2013. It was based on one of the existing pension funds -- the State Pension Fund -- that now has to be transformed into a non-profit joint-stock company called the Single Pension Fund. The new structure will absorb all the other pension funds in Kazakhstan -- including the Pension Fund of Kazakhstan’s Halyk Bank (a branch of Halyk Bank), GRANTUM pension fund (a branch of KazKommertsBank) and Ular Umit pension fund -- through purchasing their stoke. According to Gregory Marchenko, chairman of Kazakhstan National Bank, the pension savings of Kazakhstan citizens made 3.4 trillion tenge ($22.7 billion) as of June 1, 2013.
The Single Pension Fund will be finish purchasing all the other Kazakhstan pension funds by the end of 2013, Kapital.kz reports citing Assyl Invest. The action plan with the deadlines has already been approved.
Meanwhile, the analysts believe that the advance along the path of creation of the Single Pension Fund is a positive development. The country’s authorities have clearly stated the intention to purchase the stock of the pensions funds both for money but in exchange for shares of KazKommertsBank and BTA Bank, since the government holds large stakes in the two banks.
“There are not much details on the costs assessment of the pension funds and the banks involved in the process. So far only Halyk Bank has provided calculation of the approximate cost of its pension fund,” the experts noted.
According to them, it is clear from the deadlines that the pension assets will be sort of frozen for a period of time. Only starting from 2014 it will be possible to restart investment activities of the new joint fund and the pension money with return to the Kazakhstan stock market.
Tengrinews.kz English reported that it was initially planned 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. The Single Pension Fund was created by the governmental decree of July 31, 2013. It was based on one of the existing pension funds -- the State Pension Fund -- that now has to be transformed into a non-profit joint-stock company called the Single Pension Fund. The new structure will absorb all the other pension funds in Kazakhstan -- including the Pension Fund of Kazakhstan’s Halyk Bank (a branch of Halyk Bank), GRANTUM pension fund (a branch of KazKommertsBank) and Ular Umit pension fund -- through purchasing their stoke.
According to Gregory Marchenko, chairman of Kazakhstan National Bank, the pension savings of Kazakhstan citizens made 3.4 trillion tenge ($22.7 billion) as of June 1, 2013.
