It is planned that citizens' accumulated pension savings will be transferred to investment companies for management after being moved from the National Bank to the Pension Fund.
Tashkent, Uzbekistan
Murodbek Atajanov, executive director of the extra-budgetary Pension Fund under the Ministry of Economy and Finance, announced this on September 25 at a press conference dedicated to the pension reform project.
According to Atajanov, in the initial stage, savings will be transferred to the Pension Fund. Furthermore, the system of funded pensions and the Pension Fund itself will retain the status of separate legal entities. They will have independent governing councils and management bodies, as well as separate strategic and institutional policies.
It is planned that representatives of local authorities, businesses, and foreign experts will join the management council. This body, not the Ministry of Economy and Finance, will make decisions regarding the management of pension funds and investment policy, Atajanov specified.
Simultaneously, a competition among investment managers is planned, who will subsequently be entrusted with managing the accumulated funds. The head of the Pension Fund noted that initially, the funds need to be consolidated in one place.
The pension reform project provides for the transition of the funded pension system from the National Bank to the Pension Fund, which will begin in 2027.
According to the project, funds in citizens' accounts within the funded pension system, including additional payments from the state budget and social tax, as well as income from investing savings in financial and investment instruments, are proposed to be considered the personal property of citizens. The right of inheritance of these funds is also planned to be preserved.
Public discussions on the draft presidential decree on pension reform will continue until September 30.