Kazakhstan: more citizens move pension savings to private managers

Kazakhstanis are increasingly transferring pension savings to private management companies, according to Khabar 24, citing 24KZ. Between 7 September and 14 October, contributors transferred over 92 million tenge, almost 1.5 times the amount moved in the previous eight months. The rise in interest coincided with a change in pension management rules.

Under the new rules, contributors can transfer not only voluntary contributions but also the full amount of mandatory and occupational deductions. The funds keep their pension status and remain in individual accounts at ENPF. Murat Sharipov, deputy chairman of the ENPF management board, said people interested in choosing a strategy can help grow their savings and future pension.

From the start of the year to 6 September, over 44,000 contributors transferred 69 million tenge. Around 40% of transfers and amounts came from people aged 30 to 39. Six private management companies currently operate in the market. ENPF stresses that the decision is the contributor's own and that past results do not guarantee future profits.