Kazakhstan, Astana, October 23/ Trend, D. Mukhtarov /
The merger of Kazakhstan's pension funds into the Single National Pension Fund will be completed in the second half of 2014, head of the National Bank Kairat Kelimbetov said on Wednesday, while speaking on the draft budget for 2014-2016 in the Majilis (lower chamber) of Kazakhstan's parliament
"Transfer of the assets depends on the number of technical issues and time is needed for their gradual implementation. It is expected that the merger of all pension funds will be completed in the second half of2014," Kelimbetov said.
According to him, the government and the National Bank practically have completed the work on creation of necessary legal base for Single National Pension Fund.
"Currently, an important issue is the transfer of pension assets and obligations of the existing pension funds to Single National Pension Fund. Meanwhile, the main task should be provided - to ensure the safety of savings of each depositor, so that there wouldn't be lost any single tenge of depositors as a result of merger. Currently the schedule of reception and transfer of pension assets and obligations of pension funds, " head of the National Bank said.