Kazakhstan citizens saved 2.3 trillion tenge for retirement

Kazakhstan citizens saved 2.3 trillion tenge ($15.8 billion) for retirement, BNews.kz reports citing the press-service of Kazakhstan Agency for Regulation and Supervision of Financial Market and Financial Organizations (FSA). “Total pension savings in Kazakhstan pension savings funds increased by 4.4 percent in February and made 2.3 trillion tenge as of March 1, 2011,” FSA reports. According to the FSA, pension contributions into the funds grew 1.8 percent in February and reached 1.88 trillion tenge. Net investment income from the pension assets (exclusive of the funds’ commissions) that was transferred to individual pension savings accounts declined by 0.1% in February and surmounted to 568.7 billion tenge. Retirements pension payments made by the pension funds amounted to 6.7 billion tenge ($46 million) in February 2011. As per the FSA, “there are a total of 7.9 million accounts for compulsory pension payments with the total amount of pension savings of 2.29 trillion tenge”. There were 13 pension savings funds operating in Kazakhstan as of the beginning of 2011.