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Financial Experts May Get Access to Money of UAPF Depositors

The Financial Supervision Agency has developed proposals for Kazakhstani people to invest their own savings in the UAPF. Deputy Chairman of the Agency for Financial Market Regulation and Development of the Republic of Kazakhstan (ARRFR) told Kursiv.kz about that on the sidelines of the round table “Debt Market of the Republic of Kazakhstan”.
Financial Experts May Get Access to Money of UAPF Depositors

As part of the working group affiliated to the Government of the Republic of Kazakhstan, the possibility of UAPF funds use for health and housing expenses by Kazakhstanis is being discussed.

“These are the group’s top priorities, but people will be able to spend the money from the excess savings of Kazakhstanis, so we have developed proposals for investing in asset management companies (PAMC). This is not a bill, but a proposal,” said Maria Hadzhiyeva.

The document is currently in the Financial Institutions’ Association of Kazakhstan. The experts are positive that the transfer of even a small share of funds to private hands will positively affect not only the savings of people in Kazakhstan.

“One of our tasks is to restore the institution of strategic investors at KASE, and this is the return of private pension asset management companies. We actively work with the Ministry of Labor so that savings can be spent in three ways,” the source said.

Last year, the National Bank developed amendments to legislation that allowed Kazakhstani people to transfer money from the UAPF to life insurance companies (LICs) before reaching the age of 50.

“Our offers do not have this option. LICs and UAPF will close the niche for receiving pensions. Let me remind you that UAPF pays money to a certain age, and LICs - to the level of survival,” concluded the deputy chairman of the Agency for financial market regulation and development of the Republic of Kazakhstan.

The minimum threshold for Kazakhstani savings in UAPF today is 10.1 million tenge for men and 13.8 million tenge for women.

Source: https://kursiv.kz/news/pensionnaya-sistema/2020-03/finansistov-mogut-dopustit-k-dengam-vkladchikov-enpf

Photos are from open sources.

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