Citizens' funded pension savings are planned to be transferred to investment companies for management after being moved from Xalq banki to the Pension Fund. This was announced on September 25 by Murodbek Atadjanov, Executive Director of the Extrabudgetary Pension Fund under the Ministry of Economy and Finance, at a press conference on the draft pension reform, Spot’s correspondent reports.
According to him, the savings will initially be transferred to the Pension Fund. However, the funded pension system and the Pension Fund will remain separate legal entities. They will have separate supervisory boards, management bodies, and independent strategic and institutional policies.
“The supervisory board will be separate, and their management boards will also be separate, but they will be part of the pension system”, the Pension Fund head said.
The supervisory board is expected to include representatives of local authorities, businesses and foreign experts. According to Atadjanov, decisions on managing the funds and investment policy will be made by the supervisory board rather than the government through the Ministry of Economy and Finance.
At the same time, a competition is planned among investment managers to whom the funds will be entrusted.
“The reason is that we now need to collect all the funds and accumulate them in one place”, Atadjanov explained.
The pension reform draft provides for the transfer of the funded pension system from Xalq banki to the Pension Fund starting in 2027.
Funds held in funded pension accounts, including additional payments from the state budget and social tax, as well as income from investing the savings in investment and financial instruments, are proposed to be recognized as citizens' personal property. Their right to inherit these funds will also be preserved.
Public discussion of the draft presidential decree will continue until September 30.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
