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Current pension funds have been slashing people’s savings by 26%: PM

06 may 2013, 12:46
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Photo courtesy of wordpress.com
Photo courtesy of wordpress.com
The current service fee rates applied by the country’s pension funds have been reducing the people’s pension savings by 26%, KazTAG reports, citing PM Serik Akhmetov as saying.

“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 current ones] was very reasonable on the part of the Government”, the PM said May 5.

He reminded that up to now there have been 10 pension funds operating in Kazakhstan. Altogether, they held savings in excess of 3.2 trillion tenge [about $20 billion]. In line with the applicable legislation, the funds have been responsible to manage and invest the savings.

“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.

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

“Unfortunately, the funds have been trying to increase the number of their depositors through poaching for each other’s clients (…) It has been profitable for the funds, but not for people and the Government”, the PM summed up.
He believes the funds “have failed to effectively manage the savings (…) the yield has been very low”.

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