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In 2012, Kazakh Pension Savings Grew 20%

Friday 8 February 2013

ASTANA (Tengrinews) – Savings in Kazakhstan’s pension funds grew 20.1%t and made 3.2 tln tenge ($20.7 bln) in 2012, the press-service National Bank of Kazakhstan announced.

As of January 1, 2013, there were 11 pension funds in Kazakhstan. The number of individual pension accounts for compulsory pension payments went 3.5% up in 2012 and made 8.4 mln accounts by the end of the year.

According to the National Bank of Kazakhstan, as of January 1, 2013, pension payments and transfers to insurance companies from the funds made 323 bln tenge ($2.2 bln) growing by 89.8 bln tenge ($597 mln) or 38.5% in 2012. Pension deposits made 503.1 bln tenge ($3.4 bln) in 2012 (48.7 bln tenge – $325 mln – in December 2012).

Meanwhile, the average yield of pension funds in Kazakhstan made 4.0% for moderate-risk investment portfolios and 1.75 on conservative ones. Official inflation rate in Kazakhstan stands a 6% in 2012. “Overall, the cumulative yield during the period of 1998-2012 made 366.15% for moderate-risk investment portfolios and 356.07% for conservative ones, while the cumulative inflation made 236.31% during the said period,” the National Bank states.

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