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Performance of Pension Funds

In: Social Security Reform in Transition Economies

Author

Listed:
  • Charles M. Becker
  • Grigori A. Marchenko
  • Sabit Khakimzhanov
  • Ai-Gul S. Seitenova
  • Vladimir Ivliev

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.

Suggested Citation

  • Charles M. Becker & Grigori A. Marchenko & Sabit Khakimzhanov & Ai-Gul S. Seitenova & Vladimir Ivliev, 2009. "Performance of Pension Funds," Palgrave Macmillan Books, in: Social Security Reform in Transition Economies, chapter 7, pages 135-149, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61802-2_7
    DOI: 10.1057/9780230618022_7
    as

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