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Minister of Economic Affairs commenting on single pension fund

24 january 2013, 13:54
0
Minister Erbolat Dossayev ©primeminister.kz
Minister Erbolat Dossayev ©primeminister.kz
Kazakhstan’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev commented on President Nazarbayev’s suggestion on launching a single pension fund, a Tengrinews.kz journalist reports.

“I don’t think there will be literally a single pension fund. The point was to introduce a single system to manage pension accounts. Private asset management companies will still be there (…) And all the other entities existing at the moment. We will come up with ideas in line with the President’s instructions”, the Minister said.
He elaborated that the State-run Pension Fund would keep on working.

“The task is not about launching a single pension fund (…) The task is to ensure effective management of pension accounts, investment income … to offer strong guarantees the accumulated money is safe and secure”, he commented.

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.

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