From May 1, 2021, the norms of the Law of the Republic of Kazakhstan On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Restoration of Economic Growth go into effect, regulating the procedure for transferring unclaimed amounts of guarantee compensation to the UAPF for crediting to individual pension saving accounts (IPSA) for recording voluntary pension contributions (VPC).
UAPF JSC informs its contributors about the introduction of some changes and additions to the regulatory legal acts of the Republic of Kazakhstan on the regulation of the financial market.
From May 1, 2021, the first voluntary pension contribution (VPC) received by the UAPF will be the basis for opening an individual retirement account for recording voluntary pension contributions.
I read that pension accounts of UAPF contributors will be closed if no contributions are made? I am currently unemployed, does this mean that my account will be closed? Where, then, will my savings go?
For the convenience of contributors and taking into account new opportunities for early use and transfer of pension savings to investment management companies, UAPF has updated its mobile application since the beginning of 2021.
The application is intended for the Fund's clients and allows you to receive up-to-date information about its activities, as well as detailed information about the state of your retirement account.
As of March 1, 2021, the Unified Accumulative Pension Fund paid benefits to 385,500 beneficiaries. In general, more than 585 thousand pension benefits, lump-sum pension benefits and transfers to insurance organizations were made for a total amount of over KZT 704 billion.
As of March 1, 2021, pension savings in the amount of KZT 12.6 trillion were formed on the accounts of the contributors of the Unified Accumulative Pension Fund. Over the year, that is, from 03/01/2020 to 03/01/2021, the amount increased by more than KZT 1.5 trillion, or by 14%.
The Unified Accumulative Pension Fund has provided 7.2 million services to its contributors since the beginning of 2021 in the period from 01.01.2021 to 01.03.2021. This is 2.2 times more than in the same period last year in 2020. It is worth noting that the growth was both in e-services and in services provided in person in the branches of the UAPF.
This year, the UAPF began to carry out a reconciliation with the "Government for Citizens" State Corporation for the presence in the social protection authorized body’s information system of those persons who have reached retirement age who have been assigned pension benefits and the state basic pension benefit at the expense of budgetary funds, but who did not apply to the UAPF for the payment of pension savings. Reconciliation will also be carried out to ensure that the authorized body has mobile phone numbers of beneficiaries registered in the state database in order to provide a proactive service for receiving pension benefits from the UAPF.
UAPF JSC informs about the entry into force from 01.03.2021 of the Rules for keeping records of pension savings at the expense of compulsory pension contributions, compulsory occupational pension contributions and voluntary pension contributions on individual pension saving accounts (IPSA) of contributors (beneficiaries), approved by the resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated February 12, 2021 No. 27 , according to which the IPSA is closed after 1 (one) month, provided that there are no pension savings.
The size of the monthly pension benefit from the UAPF is determined as one twelfth of the annual amount of pension benefits, calculated in accordance with the provisions of the Decree of the Government of the Republic of Kazakhstan dated October 2, 2013 No. 1042 (Appendix 2 Methodology for calculating the amount of pension benefits). At the same time, the monthly pension payment from the UAPF is carried out in the amount of at least 70% of the minimal subsistence level. (Previously, the monthly pension payment from the UAPF was carried out in the amount of at least 54% of the minimal subsistence level).