By mid 2001 total pension assets may reach $1 bln in Kazakhstan

/IRBIS, Jan 26, 01, information provided by Panorama/ - The third year of the pension reforms has ended in Kazakhstan. Total pension assets reached KZT112.65 bln (about $777 mln) as of January 1, 2001, of which 39% belong to the State accumulative pension fund (SAPF). Monthly growth of the pension assets varies within 4-6%. With such tempo we can get close to $1 bln level in half year period. Ninety six percent of the pension assets has been invested. Total accrued investment income equaled KZT35.98 bln, or 31.9% of all pension assets. Pension payments, including transfers from one fund to another one, equaled KZT22 bln. Average amount of pension accumulations for one depositor equaled KZT33,860. At that, for average depositor of the SAPF it is KZT24,203, and for the depositors of private APF is higher at KZT43,517. The proportion of pension assets invested in government bonds decreased to 75% of all the assets, which is considered positively. The deposits of the second tier banks equaled KZT2.8 bln, or 2.5% of the pension assets. The bonds of the "A" listing were purchased by the pension funds for KZT14.6 bln (12.9%). The shares of the "A" listing for KZT2.63 bln (2.34%). If these figures are compared with those of the second year of the reform, positive trends become obvious. Pension assets have doubled since 1999. The number of depositors increased by 721 thousand. Average amount of accumulations for one depositor of private pension funds grew by KZT15,410, and for the SAPF depositors - by KZT4,248. Resulting investment income for all accumulative pension system grew almost three times compared to 1999. The proportion of pension assets invested into GB decreased by 15%. Aidar ALIBAEV, The chairman of the Board of the Association of Pension Funds