Starting in 2027, Kazakhstan will change the rules for one of the payments related to pension savings. The state will continue to guarantee the safety of mandatory pension contributions, reports the website infohub.kz.
According to the Ministry of Labor and Social Protection, the main change concerns compensation. Previously, it was paid if the yield on pension assets fell below inflation. Now, new conditions will be taken into account, one of which is the ability for citizens to independently choose a manager for their savings.
Previously, pension assets were managed solely by the state. Now, citizens can transfer up to 100% of their savings to private management companies (the previous limit was 50%). This gives investors more freedom: they can choose a management company, set an investment strategy, and determine an acceptable risk level.
Pension savings remain protected by law. The National Bank will continue to manage a portion of the assets and oversee their safety and management efficiency.
Private management companies must meet strict requirements: sufficient capital, financial stability, and work experience. If a company fails to achieve the set return level, it may be required to compensate the difference from its own funds in certain cases.
The new rules aim to develop the funded pension system and expand opportunities for citizens. The state guarantee for the safety of mandatory pension contributions remains in place.
Previously, Kazakhstan simplified access for heirs to the pension savings of the deceased. Now, relatives can receive them not only in installments but also as a lump sum.