Marchenko unveiles Kazakhstan women’s retirement schedule

July 29. Tengrinews

Marchenko unveiles Kazakhstan women's retirement scheduleChairman of Kazakhstan National Bank Gregory Marchenko has unveiled the schedule of the gradual raise of the retirement age for women in Kazakhstan during the recent online-conference at profinance.kz.

Here is the schedule:

starting from January 1, 2018: retirement at the age of 58.5;

starting from January 1, 2019: retirement at the age of 59;

starting from January 1, 2020: retirement at the age of 59.5;

starting from January 1, 2021: retirement at the age of 60;

starting from January 1, 2022: retirement at the age of 60.5;

starting from January 1, 2023: retirement at the age of 61;

starting from January 1, 2024: retirement at the age of 61.5;

starting from January 1, 2025: retirement at the age of 62;

starting from January 1, 2026: retirement at the age of 62.5;

starting from January 1, 2027: retirement at the age of 63.

Women born in 1964 will be the first group to retire at the age of 63, Marchenko said.

Kazakhstan President Nursultan Nazarbayev signed the laws On Pension Coverage in Kazakhstan and On Amendments to Certain Legislative Acts of Kazakhstan on Pension Coverage reforming the existing pension system in June. The laws are called to create conditions for modernization of the pension system, ensure its financial stability, help accumulate and multiply the pension savings, as well as ensure transparency of the pension savings management.

http://en.tengrinews.kz/politics_sub/Marchenko-unveiles-Kazakhstan-womens-retirement-schedule-21324/

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Launch of the Single Pension Fund depends on negotiations between the Government with shareholders of major privately-owned pension funds: Central Bank Governor

July 29. Tengrinews

The timeframe for launching the Single Pension Fund depends on when the negotiations between the Government with shareholders of major privately-owned pension funds will be over [on merging the funds into the Single Pension Fund to be run by the National Bank], the country’s Central Bank Governor Gregory Marchenko stated in an on-line conference arranged by Profinance.kz.

Earlier Kazakhstan’s Vice PM Kairat Kelimbetov stated that the Government plans to consolidate 4 major pension funds [State-run Pension Fund owned by the National Bank, Ular-Umit owned by BTA, Grantum owned by KazKommertsbank, and Halyk Bank’s pension fund]. At that time Mr. Kelimbetov said that Halyk Bank’s pension fund could be purchased by the Government in exchange for shares in government-owned BTA; there was a suggestion to exchange Grantum owned by KazKommertsbank for Samruk-Kazyna Sovereign Wealth Fund’s share in the bank (18.3%). Halyk Bank’s management later stated that the deal to purchase BTA from the Government and the deal to purchase Halyk Bank’s pension fund should be two separate monetary deals, rather than barter.

“We are waiting for the Government and Samruk-Kazyna Sovereign Wealth Fund and shareholders of the major pension funds to come to terms. There is no agreement reached so far”, Mr. Marchenko said.

According to him, completion of the talks was expected in May-June so that the actual merger could start from July 1. The National Banks expects the talks to be over in August.

http://en.tengrinews.kz/finance/Launch-of-the-Single-Pension-Fund-depends-on-negotiations-between-the-Government-21303/

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Depositors to play no role in managing pension savings: Central Bank Governor

July 29. Tengrinews

Depositors will play no role in managing of their savings kept with the Single Pension Fund to be shortly launched in Kazakhstan, the country’s Central Bank Governor Gregory Marchenko stated in an on-line conference arranged by Profinance.kz.

According to Mr. Marchenko, the funds will be invested both in the internal and external markets. The investments activities will be regulated by a strategy to be developed by the Pension Assets Management Board. The compound of the Board is subject to Kazakhstan President’s approval. It is to include reps of the Government, Central Bank, financial market players as well as independent experts.

“Investing into infrastructure projects, instruments of the banking sector and high-yield external assets will be done exclusively in line with market principles”, he elaborated.

Mr. Marchenko briefed that “the process of forming the Single Pension Fund is not complete”. It is being created on the basis of the state-run pension fund [the rest of the country’s pension funds to be merged are privately-owned]. Kazakhstan’s Government will be the founder and the sole shareholder of the Single Pension Fund. The assets will be managed by the National Bank (Central Bank of Kazakhstan) as the Bank already has a vast experience of managing the National Oil Fund’s money”, he said.

According to Mr. Marchenko, pension savings as of June 1, 2013 made up $22.2 billion.

http://en.tengrinews.kz/companies/Depositors-to-play-no-role-in-managing-pension-savings-Central-Bank-Governor-21332/

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