ASTANA, 23 December – Novosty – Kazakhstan IA. National Bank of (NB) of Kazakhstan expects to present the concept of pension assets concentrated in the Uniform Accumulation Pension Fund (UAPF) in the first quarter of next year, the NB head, Kairat Kelimbetov said on Monday at a briefing in Astana.
“In the first quarter we will present the concept of pension assets to financial market participant”, said Kelimbetov.
He recalled that the decision was taken to establish UAPF on the basis of the State Accumulation Pension Fund. “Currently, we observe a transfer of assets by the respective APF. The work on four funds has been completed. We will start the work on and will work on five funds. It will be completed in the first quarter of next year, that is, until 1 April,” the head of the National Bank said.
Later, he clarified, the assets of such APFas “Grantum “, “Ular Umit”, “Halyk”, “Astana” will be transferred.”This is the largest. The “Republic “and” Otan” we have already finished”, Kelimbetov said.
“However, preliminary results indicate that there was a difficult situation with many assets. Our task is to prevent any destabilization and some unrest in this area, we accept these assets at their current value, but they will re-estimated after consolidation of all savings has been completed,” he continued.
According to the chairman of the main bank of the country, “there will be losses.” “But the challenge that faces this UAPF is keeping and development of the concept of asset management for the upcoming term. In this regard, the good news are that the level of fees for work of UAPF will reduced, UAPF will have a possibility to receive returns, including at the securities market. We are working with this “, he said.
“A council to manage pension assets will be created. It will be the concept to manage pension assets for the long term and we are working very closely on this document, it will also be the opportunity to finance the budget deficit, it’s GS and quasi-public sector, but we of and how to provide a risk-free system for our retirement savings. I think that there is a light at the end of the tunnel there,” Kelimbetov concluded.
