The initiative has been developed as part of the implementation of the sustainable pension system strategy "Kelechek Bulagy," which was approved in 2022. The main goal of the project is to update the regulations concerning the operation of accumulative pension funds and the investment of pension savings.
As part of this project, it is planned to approve several regulatory acts that will govern the activities of depositories, management companies, and pension funds, as well as the rules for investing pension funds and calculating the value of assets.
Furthermore, it is proposed to repeal a number of government resolutions that were in effect from 2015 to 2023, which pertained to the process of investing pension savings.
An important part of the document is the expansion of the list of financial instruments available for investing the funds of accumulative pension funds. In particular, pension savings may be placed:
- in government securities — no less than 40% of assets;
- in bonds of domestic issuers — up to 40%;
- in shares of Kyrgyz companies — up to 30%;
- in mortgage-backed securities and housing certificates — up to 15%;
- in deposits of financial credit organizations — up to 30%;
- in precious metals (gold, silver, platinum) — up to 10%;
- in securities of the National Bank — up to 10%;
- in index investment funds that invest in government securities of foreign countries — up to 10%.
The use of pension savings to purchase securities of companies registered in offshore jurisdictions is prohibited.
The project also proposes the creation of an investment declaration that will define the goals, strategy, and directions for investing pension funds.
It is suggested to form risk committees in accumulative pension funds that will monitor investment and financial risks.
The document emphasizes that these measures are aimed at strengthening the reliability of the accumulative pension system, protecting the funds of depositors, and developing the financial market of the country.
According to the developers, the implementation of the resolution will not require additional expenditures from the republican budget and will not lead to negative social or economic consequences.
