or why it is not wise to invest all the savings in one currency
The pension savings of UAPF contributors and beneficiaries consist of contributions received to an individual pension saving account (IPSA) and accrued investment income.
UAPF provided accounting data as of March 1, 2023
From January 2021, as of March 1, 2023, about KZT3.2 trln was transferred from the UAPF to the special accounts of Kazakhstanis opened in banks-authorized operators to improve living conditions. Thus, the Fund executed 1,351,861 applications of contributors and beneficiaries. The average amount seized per one application is about KZT2.4 mln.
UAPF informs its contributors and beneficiaries about the increasing cases of fraudsters sending false information on social networks.
- Soon I'm going to retire, where can I apply for a pension?
In order to receive both the basic and solidarity (PAYG) pension from the state budget, and pension benefits from the UAPF at the expense of compulsory pension contributions and (or) compulsory occupational pension contributions (if any), when you reach retirement age, you should apply with a single application to the State Corporation (PSC) at the place of residence with the presentation, among other things, of an identity document, as well as information about a bank account.
The investment income of pension assets accrued in January 2023 exceeded the figure for the same period by 5.4 times and amounted to KZT66.4 billion.
The enpf.kz website contains a report on the management of pension assets of the NBRK and IPM as of February 1, 2023. A detailed report on the investment of pension savings is posted on the website enpf.kz in the section “Indicators - Investment activity”, which provides monthly information on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM). As previously reported, the total amount of pension assets as of February 1, 2023 amounted to about KZT14.9 trln. At the same time, UAPF pension assets held in trust by the NBRK amounted to KZT14,845.94 bln. Pension assets managed by IPM amounted to KZT9.57 bln.
In January 2023, the Unified Accumulative Pension Fund provided about 2.6 million services to its contributors and beneficiaries, of which 1.6 million - in electronic format, 780.5 thousand - in automatic, more than 60 thousand - in a remote format in the form of consultations. Thus, Kazakhstanis receive 95% of pension services remotely.
The volume of pension savings of Kazakhstanis as of February 1, 2023 amounted to KZT14.9 trln. Since the same date last year, it has increased by almost KZT1.8 trln or 13.4%.
It is no secret that many of our citizens still treat pension contributions as a mandatory but intangible payment, or even panic unreasonably, declaring that everything is gone, someone appropriated pension savings, and so on to the very limits of violent fantasy. Why such pessimism and negative forecasts? For older people who survived defaults, the loss of savings in banks in the 90s and other financial shocks, such thoughts are understandable, younger people doubt, it seems, for the company or out of ignorance. We decided to find out, is it worth worrying?
If a person has already retired and started receiving benefits, will his savings in the UAPF continue to be invested?
All money received on the individual pension saving account of the contributor, including CPC, COPC, VPC, as well as investment income accrued on them, penalties and other receipts, after the contributor reaches retirement age, is still part of his pension assets and will be invested by the National Bank of the Republic of Kazakhstan in accordance with the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan.
The entire system of investment management and accounting of pension assets is transparent: each contributor has the opportunity to see his investment income in his personal account on the enpf.kz website, in a mobile application or on the e-government portal. Information on the financial instruments in which pension assets are placed is published on the UAPF website in the "Indicators/Investment Activity" section.
UAPF JSC constantly improves the availability of its services. One of the ways to communicate with our clients is cooperation with Kazpost JSC.
Now, when submitting an application for the appointment of pension payments and making changes and (or) additions to the details, the application can be signed using a QR code.
The enpf.kz website contains a report on the management of pension assets of the NBRK and the IPM as of January 1, 2023.
The total volume of pension assets as of January 1, 2023 amounted to about KZT14.7 trillion. At the same time, UAPF pension assets held in trust by the NBRK amounted to KZT14,621.89 billion. Pension assets managed by the IPM amounted to KZT9.36 billion.