Uzbekistan plans to transfer pension savings to investment companies
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Uzbekistan plans to transfer citizens' funded pension savings to investment companies after moving them from Narodny Bank to the Pension Fund. Executive Director Murodbek Atadjanov announced the plan on September 25 at a press conference on pension reform. Public discussion of the draft decree runs until September 30.
Key Facts
- The draft pension reform decree proposes transferring the funded pension system from Narodny Bank to the Pension Fund starting in 2027.
- A supervisory board including local government representatives, business representatives, and foreign experts will make decisions on pension fund management and investment policy.
- Public discussion of the draft decree on pension reform runs until September 30.
- Citizens' pension savings, including additional payments from the state budget and social tax, are proposed to be considered personal property with inheritance rights preserved.
Pension Fund Transfer
The draft reform provides for the transfer of the funded pension system from Narodny Bank to the Pension Fund starting in 2027. At the first stage, savings will be moved to the Pension Fund, while the funded pension system and the Pension Fund will retain separate legal entity status. They will have independent supervisory boards, management bodies, and separate strategic and institutional policies.
Investment Management Plans
A competition among investment managers is planned, after which accumulated funds will be transferred to them for management. Atadjanov said that at the initial stage it is necessary to accumulate funds in one place. The supervisory board, not the Ministry of Economy and Finance, will make decisions on pension fund management and investment policy.
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