Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan plans to draft a law on the establishment and operation of private and corporate pension funds by the end of 2027.
The initiative is provided for in a draft presidential decree on reforming the pension system, published by the Ministry of Economy and Finance on 15 September.
Public discussion of the document will continue until 30 September.
Under the draft, by 1 January 2027, the Ministry of Economy and Finance is to submit to the Cabinet of Ministers a draft document on the organizational structure, management and establishment of the Supervisory Board of the funded pension system for citizens.
By 1 June 2027, the ministry is tasked with developing, taking into account international experience, a draft presidential decree on the phased introduction of a pension system based on notional and individual accounting of citizens’ contributions to the Pension Fund, additional state support and independent accumulation of future pension savings.
By the end of 2027, the Ministry of Economy and Finance, together with the Central Bank, the National Agency of Perspective Projects, the Ministry of Employment and Poverty Reduction, the Federation of Trade Unions and the Confederation of Employers, is to submit a draft law on the establishment and operation of private and corporate pension funds.
The introduction of such mechanisms is expected to create a competitive environment in the financial market and give citizens the opportunity to independently choose instruments for voluntary pension savings.
