Stages of development funded
pension system in the Republic of Kazakhstan
Kadyrbaev Ch.K., Khasenov S.B
KSTU named after Z.Aldmazhar
Modern pension
system of Kazakhstan begins its countdown to the 1997, when the government of
Kazakhstan has approved the Concept of reforming the pension system in the
country and adopted the Law of the Republic of Kazakhstan "On pensions in
the Republic of Kazakhstan." Innovation is the creation of the foundations
of a funded pension system for the phasing out of solidarity system.
At the end of the
last century, the problem of pensions has become particularly acute. The reason
for this was the transition from one side to the mechanisms of the market
economy, on the other - the socio-demographic factors inherent in Kazakhstan in
the 90s of the last century. The conditions to act in solidarity pension system
the high rate of inflation and unemployment in the population, falling volumes
of GDP, a sharp fiscal deficit and gave birth to the increase of pension
arrears and the inability to provide even the minimum social guarantees. Thus,
it becomes apparent instability of the distribution of the pension system based
on solidarity between generations. On the problems associated with lack of
funding required pension costs are layered demographic. Some of them were
related to the deformation of the age structure of the population and
accelerate the aging of the population by reducing fertility, with increased
life expectancy in Kazakhstan.
Rising unemployment
and the spread of informal and underemployment have led to negative shifts in
the labor market, the consequence of which was the release of part of the
population of the mandatory pension system, whose contributions have been the
source for the financial basis of solidarity pension system. In order to reduce
the projected increase in pension gain and excessive burden on the working
population, preventing the deterioration of the living standards of both active
and retired, to ensure trouble-free in the future payment of pensions by the
Government of the Republic of Kazakhstan as an alternative way to solve this
urgent problem was carried out reform of the pension system.
The basis of the
pension reform was adopted by the Chilean model. The pension system in Chile
has no distribution mechanism and is fully based on the accumulation of funds
in individual accounts of employees and capital contributions. Anyone coming
into the funded pension scheme, receives a personal account, which accumulated
its pension contributions, the amount of which is set and fixed. These funds
are accumulated and invested by private pension funds and the contributor
reaches retirement age, they become the source of his pension benefits. In
addition to the fundamentals of the Chilean model of Kazakhstan adopted and
adapted to fit their particular experience of other countries, so is considered
one of the most successful in the world / 1 /. Kazakhstan became the first
country in the CIS, which in 1998 began the systematic transition to funded
pension schemes on the principles of personal pension contributions. The main
objective of the pension reform was to build financially sustainable and fair
system that takes into account economic growth, commensurate with labor
contribution pension through a personalized account of pension contributions.
In addition, the funded pension system has been designed to solve a number of
problems: alleviate social tensions, gradually release the budget from the
burden of pension payments, promote the emergence of citizens to earn a lot of
interest and legally. As a result, pension reform, the future pensions were to
preserve and increase, and the economy receive another institutional investors
- pension funds / 2 /. The main stages of development of accumulative pension
system: 1997: - developed and approved by Decree of the Government of the
Republic of Kazakhstan Concept of reforming the pension system in the Republic
of Kazakhstan;
2006: - set a
single cost center in order to optimize payments to pension system on the basis
of the State Enterprise "State Center for Pension Payments";
- Set extrajudicial
responsibility of pension funds and organizations engaged in investment
management of pension assets, keeping nominal yield savings of depositors;
- Executing
transfers of pension savings between pension funds through the State Center for
pension payments.
2007: - the
organization and holding of the international conference initiated GNPF
"Pension Market of Kazakhstan - 10 years, systemic reforms",
dedicated to the 10th anniversary of the accumulative pension system of
Kazakhstan / 3 /.
2009:
- Introduced
automatic transfer savings from one fund to another is carried out
"automatic translation" through the State Center for pension
payments.
1) In the first
phase (from April 1, 2009) pension funds only those investors who have entered
into a new pension agreement, accumulated on one IPS.
2) The second stage
(from 1 July 2009) Taxpayers engaged in all depositors (recipients), which has
previously been awarded two or more contracts on pension provision with
different SPF. At this stage, involving all accumulative pension funds and
State center on payment of pensions SCPP. It made a kind of
"collapse" of pension savings in one IPS investor in the fund, to
which the depositor has a contract with a later date of conclusion.
3) And the third
step (2012) will shift to services through electronic cards when the
cardholder, ie the investor will be able to make choices fund, which he wants
to entrust their savings and simultaneous translation savings through the
electronic system maintenance. At the final stage, the NPC will move to a
qualitatively new level when the investor based on his personal preferences, he
will be able to choose their investment portfolio / 4 /.
Список
использованных источников
1.
Обучающая книга
"Беззаботная старость" http://www.fingramota.kz/pensia/book/read-141/.
2.
Журнал ответов и решений
«Наши деньги Центральная Азия» №20, статья «Пенсия в портфеле».
3.
Интернет газета http://articles.gazeta.kz/art.asp?aid=323791
4.
Официальный веб-сайт АО «НПФ «ГНПФ» www.gnfp.kz