Banker Zhomart Ertayev lists benefits of a single pension fund

Creation of a single pension fund is a proper answer to the current challenges, Zhomart Ertayev, a banker and President of the Eurasian Financial Consulting Center, said in an interview for Kapital.kz. “This measure will ensure safety and security of common people’s pension savings and bolster people’s confidence in the country’s financial system. Secondly, this measure will enable to cut down administrative expenses related to pension assets management. Thirdly, the measure will provide finances for long-term infrastructure projects that are badly needed”, Mr. Ertayev believes. According to him, the mechanism to be used to translate the decision into actual merging of pension assets is of great importance. He emphasized it was important to keep the balance of interests of the society as a whole, the government and private business. Should the balance be kept, it will be a positive example of effective public-private partnership and mutual trust between people and the country’s authorities. January 23 at a sitting in his Astana-based residence, President Nazarbayev suggested launching a single pension fund. According to him, such consolidation under the supervision of the National Bank would enable to more effectively manage people’s savings.