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National Bank Governor warns against dominance of public bodies reps in the Single Pension Fund Board

07 february 2013, 14:06
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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©
Representatives of public bodies shouldn’t dominate over the Assets Management Board of the single pension fund to be shortly launched, Newskaz.ru reports, citing National Bank Governor Gregory Marchenko as saying.

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.

“There should be a Board to define the fund’s investments strategy. The Board could comprise two representatives of the Government, two representatives of the National Bank, two representatives of the financial market and three independent directors”, the Bank’s Press Service quotes Mr. Marchenko as saying.

“It is important to make sure most representatives are mot from public bodies (…) in the long run the Government may need money to cover the budget deficit or finance some state-run projects and there might be a temptation to rely on pension savings”, he said.

“The Fund structure and the decision-making processes should be built in a way enabling to avoid such temptations”.

The single pension fund will be launched on the basis of the already operating State-run pension Accumulation Fund. Pension savings are to be consolidated into a single pension fund by July 1, 2013. The single pension fund will be owned by the Government, whereas the National Bank shall act as the assets manager.

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