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According to him, 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.
They can be transformed into asset management companies; they can be transformed into pension funds working with voluntary savings schemes; or they can wind up and exit the market: Gregory Marchenko.
Pension savings are to be consolidated into a single pension fund by July 1, 2013.
Creation of the single pension fund does not mean nationalizing of pension savings: the savings will still be owned by the citizens: Vice-PM of Kazakhstan.
Although the number of issuers will decrease, there will be one powerful investor (…) the investment rules are expected to be liberalized: Kadyrzhan Damitov.
According to him, the Government is to hire an assessment company to fairly and independently evaluate the assets so that they could be bought out later on at a fair market value.
According to him, if there is a single pension fund managed directly by the Government or by the National Fund, there will be no deals closed with affiliated companies.
President made the decision to the benefit of the nation (…) and it will be brought to life, Central Bank Governor pledged.
According to him, the Government suggests channeling the money to support S&MBs within the Business Development Roadmap – 2020 as well as to finance infrastructure projects.
According to him, the measure will provide finances for long-term infrastructure projects that are badly needed.
I don’t think there will be literally a single pension fund. The point was to introduce a single system to manage pension accounts: Erbolat Dossayev.
Nursultan Nazarbayev has suggested creating a single pension fund in Kazakhstan.
Kazakhstan government has signed a decree raising pensions by 9 percent starting from January, 2013.
Kazakhstan Majilis deputy from the Communist party Vladislav Kossarev has doubts about Kazakhstan’s pension system.
As of December 1, 2012 the average retirement allowance stands at $257.
We have to admit the country’s pension system has faced a crisis. Peniosn funds are ineffective in managing the money. Inflation is eating the accumulations, a Majilisman believes.
Besides adopting a resolution - Say no to raising retirement age! Fire Marchenko! - the protestors also target private pension funds in Kazakhstan.
Earlier Tengrinews.kz reported that Mr. Marchenko doesn’t support the World Bank’s suggestion on launching a single pension fund.
Ontario Securities Commission filed quasi-charges to a businessman in alleged fraud involving Kazakhstan pension fund.
A new concept of the pension accumulation system is being allegedly developed through merging all the current pension funds into a single state-owned fund to be managed by a foreign company.
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