Otajonov spoke at a press conference on the pension reform, Spot reported on Friday at 20:46. A competition among investment managers follows the transfer, and the money goes to those who win it. The funded system and the fund will stay separate legal entities, each with its own supervisory board, management and strategy, he said; the board of the funded system will seat representatives of local authorities, business and foreign experts, and decisions on the money and the investment policy will be its own.
“The reason is that now we need to gather all the funds and accumulate them in one place,” he said of the first step, the transfer to the fund.
A competition among investment managers follows the transfer, and the money goes to those who win it.
The transfer sits in the reform whose other half is the age: 60 to 63 for men and 55 to 58 for women by 2039, 3 months a year from 2028, with the state’s transfers to the fund set to rise from 16.3 trillion to 23 trillion sum and the fund’s own count of 5.9 million self-employed against 860,000 who pay in. The consultation closes on 30 September.
Not on the page: how much money the funded accounts hold at Xalq Bank, the managers’ fee, and the date after 30 September on which the decree is meant to be signed.