Unified Pension Fund set up in Kazakhstan

16:50, 8 August 2013

ASTANA. August 8. KAZINFORM - A corresponding Government resolution was published on the website of the information system of Kazakhstan legal acts "Adilet", according to Primeminister.kz.

"The Committee of State Property and Privatization of the Ministry of Finance of Kazakhstan in the manner prescribed by law has to accept the state package of shares of the "National Accumulative Pension Fund" (GNPF) owned by the National Bank of Kazakhstan," the resolution reads.

In addition, according to the document, JSC "GNPF" has been renamed to a non-profit corporation "Single Pension Fund".

Earlier, Deputy Prime Minister of Kazakhstan Kairat Kelimbetov said that the owner of the Single Pension Fund would be the Government. Establishment of the Fund does not change the principles of the accumulative pension, the system of individual pension accounts will be saved.

During an expanded meeting of the Government of Kazakhstan on January 23, 2013 President of Kazakhstan Nursultan Nazarbayev instructed to transfer all individual pension accounts from GNPF to the Single Pension Fund.

Government of Kazakhstan Government