Social media and the media are widely discussing the norm to abolish the state guarantee on pension savings, which has been in effect since 2003. In this regard, the Ministry of Labor and Social Protection of the Population made a statement. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The department noted that the institution of state guarantee was introduced during a period when citizens did not have the opportunity to independently influence the investment strategy of their pension savings. "Since the state determined the investment policy and limited the right of depositors to manage their funds, it assumed the obligation to compensate the difference between the actual investment return and the inflation rate," the statement said.
Currently, depositors are given the right to independently choose an investment management company and an investment strategy, so the initial legal and economic justification of the state guarantee loses relevance. According to the ministry, a depositor who chooses a manager at his own discretion independently evaluates the expected return, risks, and asset management conditions and makes an investment decision.
In such a case, imposing on the state the obligation to pay compensation for the results of investment decisions made by the depositor himself does not comply with the principles of fair use of state resources. "In addition, it should be noted that the state guarantee is provided as a one-time compensation and does not affect the amount of permanent pension payments in the long term. Therefore, the preservation of this guarantee is not a key factor ensuring an adequate level of pension provision," experts explained.
At the same time, the proposed changes do not mean that the state renounces responsibility for the safety of pension savings. The pension asset management system will continue to be under multi-level state control.