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Advisor to the governor of the National Bank of Kazakhstan talks about pension fund losses as of September and the benefits of National Bank managing the Single Pension Fund.
The National Bank of Kazakhstan has responded to the criticism of several members of the Kazakh Parliament, who claimed the Single Pension Fund was practicing risky investments that put the pensioneers' savings in danger.
Kazakhstan MP of Ak Zhol faction voiced their serious concern over the investments the Single Pension Fund was practicing. In their opinion, these activities may lead to destabilization of the entire lending sector of Kazakhstan.
The Concept of modernization of Kazakhstan’s pension system until 2030 has been approved.
Kazakhstanis had over $21 billion in pension savings as of June 1, 2014.
“I commission the National Bank and the Government to work out a strategy to invest the assets of the Pension Fund, including depositing the money with Kazakhstan-based banks for a long term”, President Nazarbayev said earlier.
President also stressed that the National Bank should develop extra incentives to reduce dollarization of the banking sector.
Altogether, there are 9.7 million accounts, with the overall savings amount standing at $21.3 billion.
Ular Umit pension fund is completing the merger to be followed by the pension fund owned by Halyk Bank, the last to be merged with the newly-formed Single Pension Fund: the Fund’s Press Service.
Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January to merge all the pension funds into a single government-owned entity.
Deputy Chairman of the JSC GNPF Accumulative Pension Fund Ruslan Erdenayev guaranteed the safety of the pension savings.
I commission the Central Bank and the Government to come up with a clear vision of the country’s pension system and the national securities market before June 1, 2014: President Nazarbayev.
Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January to merge all the pension funds into a single government-owned entity.
The larger the pension savings pool is, the more investment tools are needed to secure a sufficiently high yield: Marchenko.
Shareholders of pension funds involved into the swapping deal are first of all interested in having their missed profit compensated for: Gregory Marchenko.
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.
Transfer of pension assets and obligations of Kazakhstan's pension funds to the Single Pension Fund will start on October 11 and finish on June 26, 2014.
Astana and Almaty residents transferred almost 100 billion tenge to pension funds in 7 months of 2013.
I am not sure the pension reform is complete before the end of the year: Central Bank Governor.
Poland on Wednesday said it will transfer government bonds held by private pension funds to the state pension sector in a move aimed at curbing public debt amid an economic slowdown.
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