The development of the document is being carried out within the framework of the sustainable pension system strategy "Kelechek Bulagy," which was approved in 2022. The main goal of the project is to update the rules for the functioning of accumulative pension funds and the investment processes related to pension savings.
The draft proposes to approve new regulatory acts that will regulate the activities of management companies, custodians, and the pension funds themselves, as well as establish rules for investing pension funds and a methodology for calculating the value of assets.
In addition, it is planned to abolish government resolutions that were in effect from 2015 to 2023, which concerned the investment of pension savings.
One of the key initiatives is to expand the financial instruments in which the assets of accumulative pension funds can be invested. In particular, the following limits are proposed:
- at least 40% of assets in government securities;
- up to 40% in bonds of Kyrgyz issuers;
- up to 30% in shares of companies in Kyrgyzstan;
- up to 15% in mortgage-backed securities and housing certificates;
- up to 30% in deposits of financial institutions;
- up to 10% in precious metals (gold, silver, platinum);
- up to 10% in securities of the National Bank;
- up to 10% in index investment funds with investments in government securities of foreign countries.
At the same time, investing pension savings in securities of companies registered in offshore zones will be prohibited.
Furthermore, the project introduces an investment declaration that defines the strategy, goals, and directions for investing pension funds.
It is also proposed to create risk committees in accumulative pension funds that will monitor investment and financial risks.
The document emphasizes that these measures are aimed at increasing the reliability of the accumulative pension system, protecting the funds of depositors, and developing the financial market in the country.
According to the developers, the implementation of the resolution will not require additional funds from the state budget and will not lead to negative social or economic consequences.
