Kazakhstan has seen positive momentum in the transfer of pension savings from the Unified Accumulative Pension Fund (UAPF) to private management companies, National Bank Chairman Timur Suleimenov said at a briefing, NUR.KZ correspondent reports, according to infohub.kz.
According to the National Bank head, Kazakhstanis have become more active in managing their pension accounts and in independently assessing the benefits of handing their funds over to private companies for management.
"This is largely because people have started doing the math themselves. People have begun to understand that a pension account is an account, and you need to find someone who will grow that account for you at a higher interest rate… I think 100 billion has been transferred. We had around 100 billion. Now it is probably more," Timur Suleimenov said.
His words were confirmed by Deputy Aliya Moldabekova. She clarified that the volume of funds under private pension fund management had long stood at 70–80 billion tenge, and is now approaching 200 billion tenge.
"That's right. For a long time our volume of private pension funds was 70–80 billion tenge, and now it is almost 200 billion tenge. About 100 billion tenge was transferred because since September 7 it has been possible to have not 50% but 100% of savings managed by private companies," she said.