Kazakhs Can Now Fully Manage Their Pension Savings, Deputy Says

Deputy of the VIII convocation of the Mazhilis, Nartai Aralbaiuly, shared the good news on his social media page, as reported by the portal Alash.kz.

Aralbaiuly announced a significant change in the pension system. Kazakhstani citizens can now entrust 100% of their pension fund assets to portfolio management companies.

“People are now independently managing 100% of their pension fund assets! Currently, the monthly 10% pension contributions from salaries are managed by the National Bank. They invest the money in government projects and Ministry of Finance securities, meaning they invest it. The returns from that are lower. But management companies, in a competitive environment, can invest your funds in much more profitable avenues and grow them. My colleague Askhat Kanatuly and I proposed this norm.

Now you decide who to trust with 100% of your pension savings. To do this, you need to write an application and choose an organization to manage and invest your funds. Accordingly, your income will increase.

The main point: this is not mandatory; you transfer funds to a management company only if you wish. You can even split your savings into several parts.

The main question: Will I lose my money? Will my funds be burned? According to the law, management companies provide a full guarantee for the safety of the principal amount you transfer. This work and the activities of management companies are strictly controlled by the National Bank and the state!” wrote Nartai Aralbaiuly.