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To launch the single pension fund, amendments are to be introduced into 22 laws and 8 Codes: Central Bank Governor

27 february 2013, 18:14
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Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
In an interview for Russia’s 1Prime.ru Agency, Kazakhstan’s Central Bank Governor Gregory Marchenko told about the pension system reforms under way in Kazakhstan.

According to him, amendments are to be introduced into 22 laws and 8 Codes (…) the reforms will depend on the Parliament: should the Parliament pass the amendments within 2-3 months, the pension assets could be consolidated before July 1. Should the amendments be passed in the autumn only, no consolidation could take place. The single pension fund will be fully owned by the country’s Government and managed by the National Bank.

Mr. Marchenko elaborated that for the last three years 95% of able-bodied people have been covered by the pension plans and the current pension funds have been taking away customers from each other, relying on gifts and rewards.

The second problem has been transactions with affiliated companies. The newly established single pension fund will be managed by the National Bank that has no affiliated entities.

According to him, it will be possible to compare efficiency of private pension funds and that of the single pension fund only after 15 years’ time.

Should the yield of the single pension fund assets be lower than the inflation ratio, the government will cover the difference out of the national budget. The Government is interested in making sure the National Bank manages the assets with a yield exceeding the inflation rate.

As of December 2012 there were 11 pension funds operating in Kazakhstan, with the total of savings kept with them standing at $21 billion. Late January 2013 Kazakhstan’s President Nursultan Nazarbayev instructed to have all the pension funds merged into a single pension fund.

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