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Kazakhstan President Nursultan Nazarbayev. Marat Abilov ©
Kazakhstan’s President Nursultan Nazarbayev furious over People’s IPO delays

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 furious over People’s IPO delays
Pension assets to be fully consolidated in the Q1 2014: Central Bank Governor

Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January to merge all the pension funds into a single government-owned entity.

Pension assets to be fully consolidated in the Q1 2014: Central Bank Governor
Gregory Marchenko. ©Yaroslav Radlovskiy
Marchenko names reasons behind insufficiency of pensions in Kazakhstan

The larger the pension savings pool is, the more investment tools are needed to secure a sufficiently high yield: Marchenko.

Marchenko names reasons behind insufficiency of pensions in Kazakhstan
Gregory Marchenko. © Yaroslav Radlovsky
Ex Chairman of the Central Bank on excessively protracted merger of pension funds

Shareholders of pension funds involved into the swapping deal are first of all interested in having their missed profit compensated for: Gregory Marchenko.

Ex Chairman of the Central Bank on excessively protracted merger of pension funds
©REUTERS
Merger of Kazakhstan’s pension funds to be complete in H2 2014

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.

Merger of Kazakhstan’s pension funds to be complete in H2 2014
Photo courtesy of nnm.ru
National Bank approves schedule for transfer of pension assets to Single Pension Fund

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.

National Bank approves schedule for transfer of pension assets to Single Pension Fund
Illustration by tengrinews.kz
Almaty and Astana responsible for 30% of Kazakhstan’s pension deductions

Astana and Almaty residents transferred almost 100 billion tenge to pension funds in 7 months of 2013.

Almaty and Astana responsible for 30% of Kazakhstan’s pension deductions
Photo courtesy of wordpress.com
20% of the Single Pension Fund’s assets to be invested abroad

I am not sure the pension reform is complete before the end of the year: Central Bank Governor.

20% of the Single Pension Fund’s assets to be invested abroad
Poland overhauls pension system to keep public debt down

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.

Poland overhauls pension system to keep public debt down
French Socialists under fire over pension 'non-reforms'

The Socialist government's plans to reform France's debt-ridden pension system , to be presented to ministers this month, fail to address the core problems and could spark fresh tensions with Brussels.

French Socialists under fire over pension 'non-reforms'
Photo courtesy of nnm.ru
Single Pension Fund to purchase other Kazakhstan pension funds' stock by year end

Purchase of the shares of Kazakhstan’s pension funds by the Single Pension Fund will be finalized by the end of 2013.

Single Pension Fund to purchase other Kazakhstan pension funds' stock by year end
Central Bank Governor Gregory Marchenko. © Yaroslav Radlovsky
Launch of the Single Pension Fund depends on negotiations between the Government with shareholders of major privately-owned pension funds: Central Bank Governor

Completion of the talks was expected in May-June so that the actual merger could start from July 1. The National Banks expects the talks to be over in August.

Launch of the Single Pension Fund depends on negotiations between the Government with shareholders of major privately-owned pension funds: Central Bank Governor
©REUTERS
Depositors to play no role in managing pension savings: Central Bank Governor

The compound of the Single Pension Fund’s Managing Board is subject to Kazakhstan President’s approval. It is to include reps of the Government, Central Bank, financial market players as well as independent experts.

Depositors to play no role in managing pension savings: Central Bank Governor
Kazakhstan President Nursultan Nazarbayev. Photo by Danial Okassov©
Nazarbayev signs pension reform law

Kazakhstan President Nursultan Nazarbayev has signed the law reforming the pension system and gradually increasing women's pension age from 58 to 63.

Nazarbayev signs pension reform law
Majilis deputy Tursunbek Omyrzakov. Photo by Danial Okassov©
Pension fund money may be spent on ConocoPhillips stake in Kashagan: MP

I am asking the government to take decisive measures to purchase the share in Kashagan project from ConocoPhillips: Tursunbek Omurzakov.

Pension fund money may be spent on ConocoPhillips stake in Kashagan: MP
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Central Bank Governor on pension reforms

According to Mr. Marchenko, 72% of the current retired people are females with the other 28% being males.

Central Bank Governor on pension reforms
Photo by Marat Abilov©
Senate approves pension draft law in first reading

Kazakhstan Senate has approved the draft law amending the pension system in the first reading.

Senate approves pension draft law in first reading
©REUTERS
Private sector is in a better position to manage pension savings: EBRD Director for Kazakhstan

The payback from the pension reform could be insignificant should the Single Pension Fund’s assets be invested in the same way the National Oil Fund’s assets are invested: Fitch Ratings.

Private sector is in a better position to manage pension savings: EBRD Director for Kazakhstan
Photo courtesy of kapital.kz
Pension reforms will enable people working in hazardous environments to retire at 50: PM

Pension deductions for those involved in hazardous industrial production will make up 15%.

Pension reforms will enable people working in hazardous environments to retire at 50: PM
Photo courtesy of wordpress.com
Current pension funds have been slashing people’s savings by 26%: PM

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.

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