Kazakhstan works on unifying pension funds
Astana, Kazakhstan, Nov. 13
Daniyar Mukhtarov - Trend:
The transfer of pension assets to the Single Accumulative Pension Fund of Kazakhstan will be completed in the first quarter of 2014, head of the Kazakhstan National Bank Kairat Kelimbetov said during the plenary session of the Majilis (lower chamber) of the Kazakh Parliament on Nov.13.
"Currently, another important issue is the transfer to the Single Pension Fund of pension assets and liabilities in accumulative pension funds. The transfer of pension assets will be completed in the first quarter of 2014," the head of the National Bank said speaking at the Majlis on the draft law 'On Amendments and Additions to the Law of Kazakhstan on the national budget for 2013-2015'."
According to him, the process of transmission is divided into two stages. The first is the transfer to the Single Pension Fund of individual retirement accounts of contributors and investment portfolio. The second is the transfer of historical documentation and information.
"Simultaneously with the transfer of pension assets in the first quarter of 2014, the investment management of all amounts of pension assets will be carried out. Completion of the second stage will mark the completion of the consolidation of retirement savings in the Single Pension Fund, "Kelimbetov stressed.
He also said that as of October 1, 2013, retirement savings throughout the system amounted to 3.6 trillion tenge (153.26 tenge = $1), or more than 11 per cent of Kazakhstan's GDP.