Performance of Pension Funds

Charles M. Becker, Grigori A. Marchenko, Sabit Khakimzhanov, Ai-Gul S. Seitenova and Vladimir Ivliev

Chapter 7 in Social Security Reform in Transition Economies, 2009, pp 135-149 from Palgrave Macmillan

Abstract: Abstract After ten years of collecting and investing 10% of the economy’s wage income, Kazakhstani pension funds managed to accumulate an equivalent of 10% of GDP. This is second only to commercial banks, whose assets amounted to 90% of GDP by the end of 2007. However, if looked at as a source of old-age income, pension asset accumulations on their own have been insufficient. The chapter attempts to find explanations of why pension fund returns were underwhelming. The three 10s were produced by a combination of poor investment returns, pervasive tax evasion, and high wage growth. This chapter focuses on the first - investment returns.

Keywords: Commercial Bank; Pension Fund; Open Fund; Investment Return; Major Shareholder (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61802-2_7

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DOI: 10.1057/9780230618022_7

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