Atameken considers concept of law on pensions and the financial market
The Atameken National Chamber of Entrepreneurs of the Republic of Kazakhstan received an amended version of the Concept of the Draft Law of the Republic of Kazakhstan "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Pension Provision and Financial Market".
The current model of pension assets management has a number of drawbacks, expressed in the absence of a competitive market for the management of pension assets in the interests of depositors, and the depositors’ right to choose the management company. Thus, there is no involvement of the population in the process of increasing the efficiency of investment of their pension savings.
The main purpose of the Concept development is to provide the depositor with the right to transfer a part of pension savings to the pension assets management company, provided that the threshold of the sufficiency of the amount of pension savings is exceeded. The amount of pension savings required to conclude a pension annuity agreement is considered to be the sufficiency threshold.
Depositors who have the super-sufficient pension savings, and the necessary level of financial literacy, will be able to dispose of some part of pension savings when choosing a management company.
According to the developer, this approach will allow investors to exercise their right to choose the most effective investment strategies, form an institutional competitive environment in the market of services for pension assets management.
We suggest you familiarize with the Concept, and if you have suggestions and (or) comments to the Concept, please send information to the email: b.otarbaev@atameken.kz or call us: 8 (7172) 919342
The text of the Concept can be found at the Atameken website in the "Business and Law" tab, or by clicking the link or at https://legalacts.egov.kz/.
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