From February 1, 2021, the UAPF began transferring lump-sum pension payments to special depositors' accounts opened in banks that are authorized operators.
After receipt of a lump-sum pension payment to a special account in an authorized operator - JSC Housing Construction Savings Bank Otbasy Bank, the recipient within 45 working days (according to paragraph 13 of the Rules for the Use of lump-sum pension payments to improve housing conditions in accordance with the legislation of the Republic of Kazakhstan) provides the authorized operator with documents confirming the purpose of lump-sum pension payments.
In case of failure to provide the authorized operator with supporting documents within the prescribed period, these funds are subject to return to the UAPF to the depositor's pension account.
Please note that within 45 working days after the transfer of the amount of pension savings requested by the depositor from the UAPF to the special account of the authorized operator, this amount is withdrawn from the investment management and, consequently, investment income ceases to accrue on it.
The annual return on pension assets of the UAPF for 2020 was 10.92%. Based on these data, when returning the average amount of a one-time pension payment in the amount of, for example, 5.5 million tenge from a special account of an authorized operator in the UAPF, unused for its intended purpose within 45 working days, the amount of investment income lost by the depositor may amount to about 100 thousand tenge.
In addition, pension savings transferred to a special account are not covered by the state's statutory guarantee for their safety, taking into account the level of inflation. Also, the amounts of one-time pension payments from the UAPF are calculated and withheld from individual income tax (IIT) according to the method chosen by the depositor and indicated in his application.
Proceeding from this, in order to exclude cases of refund of funds to the UAPF, loss of investment income and state guarantees, as well as premature calculation of the IPN, we recommend that depositors responsibly and carefully plan the use of lump-sum pension payments. Before submitting an application, you should carefully study the list of documents required to confirm the intended use of pension savings and ensure their timely provision to the authorized operator.