Savings of people in pension funds to be secured

Almaty, 4 December 2008, (Khabar) - The heads of the pension funds declared in Almaty that the depositors of the pension funds need not worry about their savings. There is, of course, a certain decrease in investment profitability, but it has also been mentioned at the conference that it is connected with the temporary reduction in prices of securities which exists in the funds’ investment portfolio. Although with the future improvement of the situation in world capital markets, the profitability of savings will return to its former level. The top managers of Kazakh pension funds are more concerned about the projects they can invest the current capital in. The government has already developed a number of mechanisms to support the financial market in general, and the pension fund systems in particular. Starting from next year, the ministry of finance will make more securities available, supplied by the government in this respect. Apart from that, there is a sub-clause in the budget, according to which the pensioners will receive compensation from any losses as a result of inflation of the budget itself. The funds will also have the chance of participating in the implementation of priority investment projects under the control of the government and the «Samruk Kazyna» fund. There are 19 programs where the participation of pension funds’ assets is available as a part of the «30 corporate leaders» program.

Serik Akhanov, chairman of the Financiers Association of RK:
- We have a special program in the budget which suggests compensation for the possible losses incurred by the pensioner, influenced by inflation and it is a great improvement. We assume that from now on we will receive money from the budget annually so that pension savings will be secured. The implementation of the program is a great thing and it means a great deal to me as well.