Accumulation Pension Funds: condition and development
THE
MINISTRY OF EDUCATION AND SCIENCE OF REPUBLIC OF KAZAKHSTANAcademy of Business
DEPARTMENT
"FINANCE "
PROJECTthe
discipline «FINANCE»theme:Pension Funds: condition and development
Student
of II course, group F1102, specialty financeAltynayleader:Associate ProfessorA.
Sh. DBA
2012
Introduction1.Theoretical
aspects of accumulation pension system:
1.1 Economic essence of pensions.
.2 Stages of formation of
accumulative pension system in the Republic of Kazakhstan
Chapter 2.Analysis of current
status and development of accumulative pension system in Kazakhstan
.1 Structure of accumulation
pension system
.2 Pension saving depositors3.
Ways to improve the pension system and enhancing its social significance
accumulative pension fund provision
.1 Solutions of problems of
accumulative pension system8
.2. Key areas for improving the
accumulative pension fundslist of literature
modern practice of state regulation
of social and economic development of the country necessitates transition to
formation of long-term targets of the pension system. Pension provision in the
Republic of Kazakhstan is a leader in the social protection system, and affects
the interests of more than 1.6 million pensioners and about eight million members
funded pension system. Its qualitative and quantitative characteristics
indicate the level of social, economic, legal and cultural development of
society. The structure and functioning of the pension system in many ways
determine the stability and dynamics of economic and social development of the
country. An effective system of pensions, their timely payment support
favorable social climate. Kazakhstan Government get the task to strengthen the
social orientation by reforms, which strengthening its efforts to reduce
unemployment and poverty, creation of conditions for the implementation of the
labor potential, timely payment of wages, pensions, and social assistance to
the poor. The aim is to improve the social climate in the country.the message
of President of Kazakhstan to the people: “Strategy of entering Kazakhstan to
the number of 50 most competitive countries in the world” from 1st March, 2006
Nazarbaev noticed that "... we are building a socially oriented society
...". The transformation of the socio - political system, the transition
to a market economy required a fundamental change in the state policy in the
field of social security. And since 1997 Kazakhstan is reform pension system
because the existing system, based on the principle of solidarity between
generations, is exhausted its potential.the first step to solving this problem
was the Law "On Pension Provision in the Republic of Kazakhstan",
which was adopted on 20 June 1997. "This Act establishes the legal and
social aspects of pensions in the Republic of Kazakhstan, regulates the
participation of government bodies, individuals and legal entities, independent
from forms of ownership, in the realization of the constitutional right to a
pension."to this law, a modern pension system is formed of two levels:
accumulative and distributive. Appear new financial - economic institutions:
pension funds, organizations involved in the investment management of pension
funds, banks - custodians etc.Prime Minister of Kazakhstan KarimMassimov said
"Accumulation Pension System in the Republic of Kazakhstan - is our
achievement. A lot of things have been done. At the same time- he noted that-
accumulative system needs rethinking and adequate answers to the problems,
which is ripe today.”, formation and management of accumulation pension fundsin
transitional economy one of the most timely and insufficient learned problem.of
the course work is the need to improve management of pension assets, which will
serve as a factor, not only growth in the volume of savings of the population,
but will help stimulate economic growth.The theme is particularly relevant in
the context of problems related to the existing shortage of effective financial
instruments and restrictions in the structure of the investment portfolio of pension
funds.aim of this work is the study and analysis of the development of a
accumulative pension system in the Republic of Kazakhstan, based on an analysis
of the performance of pension funds to identify problems of the pension market
as a whole and suggest ways to solve these problems, the development of plans
and recommendations aimed at further dynamic development of the
system.following research objectives:
· review of
theoretic-methodological aspects of a funded pension system;
· analysis of current
status and development of accumulative pension system in Kazakhstan;
· identify ways to
improve the pension system and improving its social importance.object of study
is the accumulative pension system of the Republic of Kazakhstan.subject is the
aggregation of socio-economic relations in the process of organization of
pension funds of Kazakhstan.theoretical, methodological and information base of
course work totaled works of our scientists in the field of pensions and
pension funds management. Database research served as the statistics of the
Ministry of labour and social protection of RK, the Ministry of finance, the
Agency of RK on regulation and supervision of financial market and financial
organizations of the National Bank of RK, Agency for statistics, financial
statements of Kazakhstan APF. The legal basis used legislative acts and
normative documents of the Government of RK, the official policy papers on
development of pensions in the country.
. Theoretical aspects of
accumulation pension system
.1 Economic essence of pensions
funds of Kazakhstan at present is a
system of three levels (pillars) that combine solidarity and accumulative
mechanisms simultaneously.model of functioning of pension is calculated on the
whole population of Kazakhstan. Population segmentation by categories,
determining the source of pension payments (State budget and/or pension funds),
was based on the age characteristics of citizens involved in the pension
system.first level is the solidary pension system inherited by Kazakhstan from
the Soviet Union after its collapse and based on "intergenerational
solidarity", in which the pension becomes a source of State budget with
tax deductions of working population and other revenues. Retirement benefits is
determined by seniority. Within this level are formed by pension benefits for
those whose pensionable service at the time of retirement as of January 1,
1998, is at least six months.mandatory pension contributions during the period
of employment meets the conditions of the second tier of the pension system and
already obliges the young generation be responsible for its level of income in
retirement, as a source of pension payments will be generated by their
individual retirement account savings.level-funded system based on voluntary
contributions and voluntary occupational pension contributions. Everyone is
invited to the voluntary pension contributions increase their build-up and
thereby secure higher income after completion of work.pension system is a
critical component of social welfare of the Republic, on the one hand, and a
vehicle for investing in the economy of Kazakhstan, on the other.essence of a
funded pension system is to preserve and increase investors ' funds, i.e.
investing in real creation. The mechanism of operation is as follows: employers
monthly royalty in the form of mandatory pension contributions 10 percent of
pay, including salary, all kinds of different prizes, surcharge,
surcharges.contributions are directed to accumulation pension fund chosen by
the depositor, to whom the pension contract offer individual retirement account
and personal-social individual code. Accumulated contributions funds pass
through the depositors authorized custodian bank company under the investment
management of pension assets, which allocates funds in securities, deposits of
banks and other financial instruments. You received when placing income
investment income is distributed called on individual accounts of depositors in
accordance with the amount of accumulated funds. Thus, the individual pension
savings depositors paid them at retirement age.model of pension system is based
on the following principles:
· providing investors
and recipients the right to choose the Pension Fund;
· compulsory
participation in system of all working population;
· differentiation of
pensions and other forms of social protection;
· personalized
retirement savings account depositors;
· assigning social
individual code to everyone who is entitled to pension provision, and further
transfer of pension contributions under the social individual code assigned to
the contributor;
· accrual of pension
contributions and storing generated savings in individual retirement accounts;
· state security
guarantees retirement savings in the amount actually contributed by mandatory
pension contributions, taking into account the level of inflation at the time
of the contributor's retirement;
· mandatory
cumulative pension fund to its depositor or consumer information about the
condition of his retirement savings;
· state regulation of
participants of pension systems (pension funds (NPF), custodian banks and
organizations engaged in investment management of pension assets (NIN)),
including: licensing and prudential regulation of SPC, NIN, banks, custodians,
monitors their activities through financial and statistical reports, as well as
annual audit annual financial reports; the introduction of mandatory
requirements for the management and diversification of pension assets;
· deposit money and
securities in the Bank's custodian, who may not be affiliated with NPF or
OOUIPA;
· control of the
custodian of the Trust Bank pension assets allocation;
· differential
treatment of own and pension assets in the Pension Fund;
· failure of
penalties for non-payment of pension assets contributor, NPF, custodian bank
and OOUIPA, including cases of liquidation or bankruptcy.addition, during the
transition to a funded pension system assumes obligations towards the citizens
of the State, which had worked prior to the commencement of the pension reform,
and guarantees held eligible for pensions to retirees and their resulting size
of the State Center of pensions payment, taking into account the level of
inflation.pension system requires the population to be involved in responsible
for the level of their income after retirement, as a source of pension payments
will be generated by their individual retirement account savings. In addition,
each citizen the possibility of voluntary pension contributions increase their
build-up and thereby secure higher income after completion of work.addition to
creating financially sustainable and fully funded, retirement investors
contribute to the economy through:
· increased savings
population as a whole;
· development
financing institutions and infrastructure;
· promoting the
development of the capital market;
· support the
development of the financial sector;
· stimulate the
development of new financial instruments;
· support the
development of the insurance industry;
· development of new
legal concepts, such as trustee, trust, etc.the Kazakhstan accumulation pension
system structure has three main elements: pension funds, organizations engaged
in investment management of pension assets management companies (PAMC SECTOR),
and banks-custodians.of the interaction of these entities while ensuring a
funded pension future pensioners is presented in Figure 1.pension funds are
among the important socio-economic institutions that control long-term
financial resources and are the most active institutional investors in the
economy.pension funds operate on the basis of a licence issued by the Agency of
RK on regulation and supervision of financial market and financial
organizations, which guarantees that pension fund is specialized exclusively in
the non-State pension provision.pension funds are working to your deductions
were working on the country's economy and bring you the so-called investment
income. The pension funding is strictly regulated by the State to minimize
investment risks. If the Pension Fund had certain losses, he is obliged to
refund the damage. Pension funds managed by management companies who develop
investment strategy. As a result of such a system, you, without force, not just
saving up for their old age, but also have an opportunity to receive investment
income from their contributions, your money is working for the country's
economy, and the budget is minimal losses to social security retirees. However,
if you are not satisfied with the results of the work of the Fund, for example,
income level, you may change the Fund and transfer your pension capital, where
another fund in your opinion more optimum possibilities for growth of
capital/investment income./12/in the implementation of its activities could
collect pension contributions, receive a Commission payment for their
activities and to exercise other rights under the terms of the pension
agreement, conclude contracts with the responsible investment management of
pension assets. At the same time, accumulative pension funds are obliged to:
· to make pension
payments to recipients;
· to conduct
individual account retirement savings and withdrawals;
· provide the
depositor and recipient of information about the State of his retirement
savings, at least once a year, and at his request;
· to protect the confidentiality
of information about the State of the recipient's pension savings;
· be responsible for
violation of pension legislation and conditions of the pension contract;
· on application by
the recipient to transfer his accrued benefits from one fund to another;
· publish statistical
and other information on its activities for the standard time periods of one,
three, five, ten calendar years, with the publication of information containing
guarantees or promises of income on deposits in accumulative pension funds;
· ensure equal
conditions for citizens to enter into pension contract;
· carry out other
duties in accordance with the legislation of the Republic of Kazakhstan.are
legally obliged to annually audit and determine compliance with pension
reserves present value of obligations.management of pension assets of pension
funds is carried out by organizations engaged in investment management of
pension assets or pension fund with its corresponding license. Organization
engaged in investment management of pension assets of accumulative pension
funds, is a legal entity, a professional participant of the securities market
and is created as a joint-stock company in the legislation of the Republic of
Kazakhstan//7 order. The accumulative pension funds, organizations engaged in
investment management of pension assets and custodian bank in relation to each
other are governed by regulation of the tripartite Treaty, custody which
details specifies the rights and obligations of each party and any legal
relationship. The interaction between these three legal participants in the
pension services is as follows: in accordance with the agreement on pension
provision between the Pension Fund and the depositor the depositor receiving
contributions come in the custodian bank, to which the Foundation has awarded
kastodial contract, on specially opened for this investment retirement account
Fund., as their name suggests, manages pension assets investing them into
various tools that are allowed by law. Pension Fund concludes a contract with
the management company, and that, on the basis of its own experience and your
own strategy, forcing pension funds run by buying and selling financial
instruments.market players have two main tasks: to invest pension assets and
regularly evaluated. In addition, NIN should regularly report on its activities
to the FSA and SPC, as well as through the mass media to depositors funds. NIN
are significantly different from other investment companies. First, they are
limited in the choice of destinations for investment. A list of tools you can
invest pension savings, NIN, is determined by the financial supervisory Agency.
This is the most reliable tools with low yield, but with minimal risk.
Secondly, if the customer's normal investment company shares, together with the
company, the risks of investing in the case of a pension fund may claim in PAMC
SECTOR of it damages caused by inadequate management of pension assets. NIN is
liable for its obligations before the accumulative Pension Fund and to depositors
all its assets. Thirdly, the legislation requires the NIN, as well as its
shareholders and managers a number of requirements and restrictions, which are
not valid for other investment companies//12.third element of the system is the
custodian bank, which is not affiliated with NPF or OOUIPA, keeps pension money
and control their target location. He informs the NPF monthly about his State
accounts and the activities of the NIN. The pension fund should be only one
custodian bank. But the Bank can serve multiple funds. Custodian Bank - the
Bank, carrying out activities on the fixation and incorporation of rights on
securities, safekeeping of certificated securities and accounting for money of
a client. Custodian Bank controls the target location of pension assets of NPF
and obliged to block (not enforce) orders NIN or SPC if inconsistency.
Moreover, the law stipulates that in such a case, the custodian bank shall
immediately notify the authorized agency and SPC.system of independent elements
allows you to maintain a high level of reliability of pension capital.addition
to the three key elements of the market a greater role in the work of the
pension system is played by the Republic of Kazakhstan Agency for financial
supervision (FSA) and the Kazakhstan Stock Exchange (KFB)//12.role of the
regulator is the Agency of the Republic of Kazakhstan on regulation and
supervision of financial market and financial organizations. The FSA regulates
and monitors the activities of banks, pension funds and NIN, professional stock
market participants, insurance companies and organizations conducting certain
banking operations. FSA every month on its website provides information about
owned capital, liabilities and assets of NPF, nominal income coefficient on
pension savings, the NPF and the number of pension accounts of depositors in
the NPF, the interest rate, credit, stock and currency risks, the investment
portfolios of SPC, as well as the current state of the funds. Also in his work
includes preparation of summary reports on the balance sheet and statement of
profit and loss of the NPF. In accordance with the law of the Republic of
Kazakhstan as of July 4, 2003 year on State regulation and supervision of
financial market and financial organizations "in the list of functions of the
FSA is responsible for:
. in cases stipulated by
legislative acts of the Republic of Kazakhstan, to issue and revoke permission
for opening (a) financial institutions, their voluntary reorganization and
liquidation, consent to the opening of offices of financial institutions, as
well as to determine the procedure for the issuance of the authorization and
consent;
. in cases stipulated by
legislative acts of the Republic of Kazakhstan, to consent or refuse to consent
to the election (appointment) of persons in positions of executives of
financial institutions, as well as determine the order giving the consent or
refusal of consent;
. set the procedure for the
issue, suspension and revocation of licenses for carrying out professional
activities in the financial market in cases stipulated by legislative acts of
the Republic of Kazakhstan shall issue, suspend or revoke the license;
. to issue normative
statutory acts, mandatory for financial institutions, consumers of financial
services, other individuals and legal entities on the territory of the Republic
of Kazakhstan;
. approve the prudential
norms and other mandatory norms and limits of compliance for financial
institutions, including on a consolidated basis;
. set list, forms, deadlines
and reporting lines (excluding financial and statistical reporting) financial
institutions and their affiliates;
. monitor the financial
organizations of the Republic of Kazakhstan law on accounting and financial
reporting and accounting standards, except for cases stipulated by legislative
acts of the Republic of Kazakhstan;
. to send a representative
to participate in the general meeting of shareholders of financial
institutions;
. check the activities of
financial institutions and their affiliates in cases and within the limits
stipulated by legislative acts of the Republic of Kazakhstan, including audit
organization;
. determine the order of
application and apply to financial entities limited measures and sanctions
provided for by legislative acts of the Republic of Kazakhstan;
. in consultation with the
Government of the Republic of Kazakhstan to decide on compulsory redemption of
shares of financial institutions in cases stipulated by legislative acts of the
Republic of Kazakhstan;
. oversee liquidation
commissions financial organizations in cases stipulated by legislative acts of
the Republic of Kazakhstan;
. publish in mass media
information about financial institutions (with the exception of information
constituting commercial, banking or other secret protected by law), including
information on measures taken thereon.runs as a dedicated shopping mall where
they sell and buy various financial instruments, as well as currency. This is
the platform where NPF operations with hronometr. When investing in a variety
of investment instruments, mostly securities, pension funds are turning to the
pension asset. Exchange is a leading regional financial market, where investors
from all over the world have the opportunity to trade financial instruments a
wide range with the minimum calculated risk and in accordance with
international best practice, and enjoy the variety and the quality of the
Exchange related services//12.pension funds are major institutional investors
on the domestic stock market. The largest share of pension assets (43%)
invested in non-governmental securities issuers. 26% of assets invested in
government securities. By 14% in paper foreign issuers and deposits in
banks//12.
.2 Stages of formation of a
accumulative pension system in the Republic of Kazakhstan
pension system
kazakhstan
Modern Kazakhstan pension system
begins the countdown to 1997, when the Government of the Republic of Kazakhstan
approved the concept of the reform of the pension system in the country, and of
the Republic of Kazakhstan adopted the law "on provision of pensions in
the Republic of Kazakhstan». The innovation consisted in the creation of a
funded pension system with the phasing out of solidary system.the end of the
last century the pension problems have become particularly acute. The reason
for that became the transition to a market economy mechanisms, on the other,
socio-demographic factors inherent in Kazakhstan in the 90 's. The former
solidarity pensions system, high rates of inflation and unemployment of the
population, the fall in GDP, acute fiscal deficit were the causes of the
emergence and increase of arrears in pension payments and the inability to
provide even a minimum level of social guarantees. Thus, became apparent
fragility of the PAYG pension system, based on solidarity between generations.
On the problems of insufficient financing of the necessary pension costs
demographic. Some of them were related to the deformation age structure of the
population and the acceleration of processes of ageing populations by reducing
the birth rate against a background of increased life expectancy.unemployment
and the spread of casual and part-time work have led to adverse shifts in the
labour market, which became part of the population from the mandatory pension
scheme, whose contributions have been the source for the financial basis of
solidary pension system. In order to reduce the projected growth and excessive
increase of the pension burden on the working population, prevention of
deterioration of the living standards of both working and retired people,
ensure uninterrupted payment of pensions in the future, the Government of the
Republic of Kazakhstan as an alternative solution to the overdue reform of the
pension system was conducted.pension reform was adopted by the Chilean model.
Chile's pension system does not contain a control mechanism and is completely
based on the accumulation of funds to individual accounts of employees and
market capitalization of contributions. Anyone who marries an accumulative
pension scheme receives a personal account that accumulates its pension
contributions that are installed and registered. These funds are accumulated
and invested by private pension funds, and on reaching retirement age they
investor becomes the source of his retirement benefits. In addition to the
basics of the Chilean system of Kazakhstan model of perceived and adapted to
fit their particular experience and other countries, and is considered one of
the most successful in the world practice//12.stages of development of
accumulative pension system:
-developed and approved by the
Government of the Republic of Kazakhstan the concept of reforming the pension
system in the Republic of Kazakhstan:
· shall enter into
force the law of the Republic of Kazakhstan "on provision of pensions in
the Republic of Kazakhstan";
· adopted Government
decision on the establishment of the closed joint-stock company "State
accumulative pension fund". The SAPF was assigned a special strategic
role: stimulate the development of NPS, maximizing involvement of the
population in accumulative pension system and a base of depositors pension
systems, building confidence in the new pension system, create the foundations
of the pension market and the competitive environment;
-start of pension systems and
pension market infrastructure;
January-the SAPF entered the first
ever fully funded pension system of Kazakhstan pension contribution;
-first among the SAPF pension funds
funded pension system in history has received a license for independent
management of pension assets.
-2004:-provision of State guarantees
to depositors in the amount actually contributed by mandatory pension
contributions, taking into account the level of inflation at the time of
acquisition of the recipient the right to pension benefits:
· defined scheme pension
payments and a possibility to receive pensions through insurance companies;
· changed the size
and structure of remuneration of accumulative pension funds;
· strengthened
accountability agents to pay the mandatory pension contributions;
· introduced
voluntary occupational pension contributions;
· developed and
adopted a programme for the development of a funded pension system for
2005-2007 years.
-SAPF changed its official name from
"State accumulative pension fund" JSC accumulation pension fund GNPF
where abbreviation is the old content is not preserved;
-a single stocking Center in order
to optimize the payments to the pension system, "of the State Center of
pensions payment:
· installed
extra-judicial liability of pension funds and organizations engaged in
investment management of pension assets, keeping nominal yield savings of
depositors;
· transfers of
pension savings depositors between pension funds through the State Center of
pension payments.
: Organization and holding of the
International Conference on the initiative of the SAPF pension market of
Kazakhstan - 10 years system reform ", dedicated to the 10-year
anniversary of a funded pension system of Kazakhstan//15.
:implemented automatic translation
system of savings from one fund to another, is "taxpayers across the State
Center of pension payments.
. Analysis of current status and
development of accumulative pension system in Kazakhstan
.1 Structure of accumulation pension
funds
pension funds stand at the forefront
of a funded pension system. They accept pension contributions, keep records of
individual retirement savings, inform investors about the status of their
invoices and the saver reaches retirement age pay pension. Funds to depositors
are responsible for the safety and profitability of their savings. Most funds
provide pension services to all segments of the population in all regions of
Kazakhstan and accepts both mandatory and voluntary deductions/12/.- legal person
conducting activities on attraction of pension contributions and pension
benefits, as well as the investment management of pension assets in the manner
prescribed by the legislation of the Republic of Kazakhstan//1.November 1, 2012
year 11 work in Kazakhstan pension funds.funds can be broken down into two
categories:
· corporate-funds set
up only for employees of an enterprise or industry;
· public-funds, for
all categories of the population.corporate concerns only one in Kazakhstan
accumulation pension fund, namely the APF Kazakhmys, which was set up only for
employees of the Corporation. All other pension funds are public.
1.Structure of accumulated pension
system:
Institutional structure of accumulation
pension system
|
1.01.12
|
1.10.12
|
Number of accumulated pension funds
|
11
|
11
|
-incl. independently performing investment
pension asset management
|
11
|
11
|
Number of branches of accumulative pension
funds
|
79
|
120
|
Number of branches in the regions
|
51
|
0
|
Number of organizations, performing investment
pension asset management
|
13
|
13
|
The number of banks licensed to conduct engage
in custodian activities
|
10
|
10
|
-of them banks, custodians of accumulative
pension funds
|
6
|
6
|
.2 Pension savings depositors
General, there has been an increase
in the number of accounts of depositors (recipients) on obligatory pension
contributions and the amount of pension savings.
2.Depositors (recipients) of
accumulative pension funds.
Number of depositors (recipients) of accumulative
pension funds.
|
1.01.12
|
1.10.12
|
|
|
Total
|
on moderate investment portfolio
|
on a conservative investment portfolio
|
on obligatory pension contributions billions
tenge
|
8 137 395
|
8 360 641
|
8 114 706
|
245 935
|
|
2 645,6
|
3 030,5
|
2 994,0
|
36,5
|
under voluntary pension contributions billions
tenge
|
38 318
|
37 943
|
37 943
|
0
|
|
1,2
|
1,3
|
1,3
|
0
|
4 102
|
4 119
|
4 119
|
0
|
|
0,1
|
0,1
|
0,1
|
0
|
savings depositors (recipients), an
increase from the beginning of 2012, at 384.8 billion. (14.5%), on October 1,
2012 year amounted to 3036.2 billion tenge.October 1, 2012, the largest amount
of pension savings had 4 fund: " the Halyk Bank of Kazakhstan»-1001.8
billion. tenge (33.0%), gnpf-585.6 billion tenge (19.3%), «Ұlar»-Umit
393.7 billion (13.0%) and "Grantum-289.0 billion tenge (9.5%) of the total
retirement savings of all funds or in the aggregate, these 4 accounted for
74.8% of all fund retirement savings.sum of fines for delay in transfer of
mandatory pension contributions, delayed transfers of pension savings and
improper management of pension assets, an increase since the beginning of the
year to 1.3 billion. (10.7%), on October 1, 2012 year amounted to 13.4
billion.payments and transfers of funds to insurance companies reporting date
totaled 306.6 billion tenge, an increase compared with January 1, 2012, for
73.4 billion. mln, or 31.4 percent.
Indicator/date
|
01.01.12
|
01.10.12
|
Growth rate (in%)
|
Pension payments
|
233,2
|
306,6
|
31,4
|
Transfers of pension savings insurance
recipients in accordance with the treaty annuities
|
32,8
|
54,1
|
64,9
|
Transfers to other pension funds
|
1405,6
|
1810,6
|
28,8
|
of pension savings to insurance
recipients in accordance with the Treaty annuities from the beginning of 2012,
implemented 11985 recipients totaling $ 21.3 billiontenge.information on the
funded pension scheme on the site of the authorized body, and also funds the
publication of information in the mass media, allows depositors (recipients) to
choose and use the Fund provided pensions legislation to transfer retirement
savings from one fund to another.of October 1, 2012, the total amount of
pension assets investment management PAMC SECTOR stood at 3041.7 billion. tenge,
an increase since the beginning of this year to 389.5 billion. mln, or
14.7%.average monthly increase in pension assets for the period from October 1,
2011, October 1, 2012 year amounted to 43.0 billion. tenge.October 1, 2012, the
amount of pension assets stood at 3041.7 billion. tenge, an increase since the
beginning of this year to 389.5 billion. mln, or 14.7%.
5. Distribution of total pension
assets
Name APF
|
01.01.12
|
01.10.12
|
|
Bil. tenge
|
%
|
Bil. tenge
|
%
|
JSC "НПФ
Народного Банка Казахстана”
|
877,9
|
33,1
|
1
004,5
|
33,0
|
JSC “НПФ ГНПФ”
|
478,1
|
18,0
|
586,9
|
19,3
|
JSC"НПФ
"УларУмит"
|
413,0
|
15,6
|
394,0
|
13,0
|
JSC
"НПФ ГРАНТУМ" (ДО АО "Казкоммерцбанк")
|
243,3
|
9,2
|
289,5
|
9,5
|
JSC"НПФ
"Астана"
|
135,5
|
5,1
|
190,0
|
6,2
|
JSC
"НПФ "Капитал" - ДО АО "Банк ЦентрКредит"
|
146,0
|
5,5
|
175,3
|
5,8
|
JSC"НПФ
"НефтеГаз-Дем"
|
105,2
|
4,0
|
133,8
|
4,4
|
JSC
"НПФ "Атамекен" ДО АО "Нурбанк"
|
8,1
|
89,9
|
3,0
|
JSC"ОНПФ
"Отан"
|
77,0
|
2,9
|
82,2
|
2,7
|
JSC"НПФ
"РЕСПУБЛИКА"
|
69.6
|
2,6
|
76,6
|
2,5
|
JSC"НПФ
"ИндустриальныйКазахстан"
|
22,9
|
0,9
|
19,0
|
0,6
|
TOTAL
|
2
652,2
|
100
|
3
041,7
|
100
|
. Ways to improve the pension system
and enhancing its social significance accumulative pension fund provision
.1 Solutions of problems of
accumulative pension system
shortcomings that currently
characterized by Kazakhstan's pension system: the low level of financial
literacy and investment culture; insufficient coverage of accumulative pension
funds, particularly on Agriculture and the self-employed; lack of retirement
savings to a decent level of retirement benefits in case of old age; underdeveloped
system of voluntary pension savings; the effective investment of pension
savings, in conditions of scarcity of attractive, and at the same time reliable
and liquid securities.the reform of the pension system in Kazakhstan and to
present big problem that is always present and, perhaps, in the future, it's a
problem wither away ignorance of people in the notion of the pension system and
its purpose. The majority of the working population does not have even a clue
about the need for retirement savings, because of some negative aspects, such
as the questionable activities of valut-Tranzit Bank "has had an impact on
almost universal agreement that any organization that accepts deposits, does
not guarantee the safety of these deposits. Therefore, only when the overall
girth of Kazakhstan pension funds for teaching literacy, pensions may be
further improvements in the pension system as a whole.next problem is that most
people are self-employed. In Kazakhstan, 2.5 million.self-employed citizens. It
is said that the 2.5 million. Kazakhstan will not be retired. The issue here is
not to pension funds, and to the scheme on which they operate, and a State that
is not fully constructed. The process of restructuring the economy to reduce
the number of self-employed population is a continuous process.method to
address some of the problems outlined above could be the introduction of the so
called "multiportfele" that would enable every investor make
investment decisions in the management and promotion of their retirement
savings, based on their own preferences in the risk/return ratio. To start the
introduction only three portfolios is expected based on the conservative,
moderate and aggressive investment strategies. However, in the future under
certain conditions is possible and a model keyboard is already more investment
strategies. Thus, there is the prospect, in which depositors would have not
only rights but also responsibilities for managing their pension assets.
Analysts expect that this measure will be effective for at least three problem
positions: to overcome the low level of investment and financial literacy; to
engage in the pension system of those who still prefers to stay out of it; and
in the development of the voluntary pension scheme. By the way, the introduction
of multiple investment portfolios alongside solid safety guarantees retirement
savings are the priorities set by the head of State in the framework of further
development of the pension system.trends in profitability on the market
investing pension assets show that the pension funds of Kazakhstan are in
search of the best ways of preserving and increasing money savers. Therefore,
the study of problems and prospects of development of the pension funds are
gaining relevance.situation today is the pensions of our citizens cannot but
cause concern and not only among the pensioners, and not only at the next
candidates (employees nearing retirement age), but also in people of middle age
and young people.fairness it should be noted that in recent years the average
monthly pension has risen substantially: assigned to 9898 tenge in 2006 to
2010, the tenge in 21500. At the same time, it is clear that pensioners in our
country continue to be the population with the lowest income.the start of
pension reform in 1998, increased the retirement age from 60 to 63 for men and
from 55 to 58 for women. Although the average life span of men in Kazakhstan
barely perevalivalo for 61 years. Apparently this can explain the significant
decrease in the number of pensioners with 2.85 million. in 1997, prior to the
1998 year, 1.98. Reduction in one year alone amounted to almost 900 thous.(!)
man. Since then, the number of people receiving pensions in our country
declined steadily (respectively increased the number not lived up to the
retirement age), reaching 1.63 million. in the year 2007 (currently about 1.7
million). The average life expectancy in Kazakhstan in 2009 amounted to:
men-63.6 years; Women-73.55.a difficult financially for the country, the
Government has found a very simple solution is to reduce the burden on the
budget at the expense of the elderly. People, citizens, of course, could
understand and internally to take such a decision of the Government, if the
facts have not been observed the apparent theft of public resources by
individual, particularly close to power. If there has been no widespread
increase corruption and awkwardly large relative to the population and GDP of
the State the number of dollar billionaires and multimillionaires in this
country.the same time it was decided to further reduce the load on the
Government budget through a gradual transition from shared to a funded pension
system model, the so-called "Chilean" model.over 12 years 10% monthly
deductions from the wages of citizens of our country have allowed current 13
Cumulative pension funds accumulate more than 2 trillion tenge. Seems like a
wonderful picture.
But official
sources analysis shows in www.afn.kz <#"657271.files/image001.jpg">
2.Dynamics of change of pension
contributions, a "pure" investment income and retirement savings.
3. Dynamics of change of a total
pension assets.