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Merger of Kazakhstan’s pension funds to be complete in H2 2014

23 october 2013, 12:20
0
©REUTERS
©REUTERS
Merger of all Kazakhstan’s pension funds will be completed in the H2 2014, Kairat Kelimbetov, the country’s Central Bank Governor, announced in the Majilis (lower chamber) today, Tengrinews reports.

Earlier Mr. Kelimbetov, the then Vice Prime Minister, said that all the pension savings should be consolidated into a single government-owned pension fund by July 1, 2013.

Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January to merge all the pension funds into a single government-owned entity.

The Single Pension Fund was launched in August 2013.

As of December 1, 2012 there were 11 pension funds operating in Kazakhstan, with combined savings standing at around $21 billion.

Before the decision on merging all the country’s private pension funds, PM Serik Akhmetov said that “the current service fee rates applied by the country’s pension funds have been reducing the people’s pension savings by 26%”.

“According to experts, within the average saving period, the applicable service fee rates have been slashing people’s savings by about 26%. It is an excessively high rate. Given all that, the decision to launch a single pension fund [to replace all the pension funds operating in Kazakhstan] was very reasonable on the part of the Government”, the PM said May 5.

“This scheme of managing has brought about a number of problems … It’s obvious that private pension funds have failed to cover all working people with saving plans”, the PM admitted at that time.

According to him, only 5.6 million out of 8.4 million working people were covered with saving plans, with only 4 million people making pension deductions on a regular basis, which was less than half of working population.

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