The creation of a new single pension fund in Kazakhstan is officially aimed at improving the state pension system. However, such a reform, in addition to the nationalisation of private savings funds, will concentrate most of the mandatory and voluntary pension savings in the hands of the state. Experts fear negative consequences of the reform for both savers and investors.
24.04.2013 Majilis (the lower chamber of the Parliament) approved the second reading of the draft bill “On pensions in the Republic of Kazakhstan”. The reform will raise the retirement age for women, phased in over a period of 10 years,