5 questions. April.
You made the right decision. Voluntary contributions are an additional opportunity to provide yourself with an adequate pension in old age. That is why it is important to form your pension capital now in order to have a financial safety cushion in the future. Moreover, starting from May 1, 2021, it will not be easy to open an individual pension account to account for voluntary pension contributions, but it will be very simple - the basis for this will be your first voluntary pension contribution received by the UAPF.
DPV can be transferred both by a depositor – an individual at the expense of his income in his favor, and by a depositor (an individual or a legal entity) in favor of the recipient. At the same time, the amount and frequency of contributions are determined by the depositor independently.
It should be noted that when an individual pays a DPV in his favor at the expense of his income, tax legislation provides for a tax deduction for the amount of the paid DPV.
In addition, starting from January 1, 2021, the income tax paid by the tax agent (employer) at the expense of its own funds in favor of the employee is deductible when calculating corporate income tax. At the same time, the amounts paid by the employer for the benefit of the employee are not taken into account when taxing the employee's income.
You can pay DPV to the UAPF through second-tier banks (STB) or through Kazpost JSC. By the way, some banks provide the opportunity to transfer contributions online (via a mobile application or self-service terminals). In addition, it is possible to submit an application to the employer, on the basis of which the latter will regularly transfer the DPV to the UAPF in favor of the applicant or a third party.
First of all, it should be noted that pension savings can be transferred to the investment portfolio managers in an amount not exceeding the difference between the actual amount of the depositor's pension savings in the UAPF and the threshold of minimum sufficiency of pension savings or, if there is a pension annuity agreement with an insurance company providing for lifetime payments, in an amount not exceeding the balance of pension savings on the depositor's account in the UAPF.
Due to the fact that the activity of the UIP is a competitive environment where management companies offer their conditions and investment strategy, we recommend that the depositor study the information about the company in detail before making a decision to transfer his savings. Investment declarations and information on commission fees are posted on the enpf website.kz in the "Services" section- "Register of Investment Portfolio Managers".
Investing pension savings is a long–term process, so it is better to evaluate the first results of management no earlier than in a year.
Based on this, the depositor can:
- not more than once a year to submit a statement on the change of the UIP for the transfer of their pension savings in trust management from one UIP to another UIP;
- submit to the UAPF an application for the return of pension savings held in the trust management of the UIP to the trust management of the National Bank (not earlier than two years after the initial transfer of pension savings to the trust management of the UIP).
10 calendar days before the depositor reaches retirement age, his pension savings, taking into account investment income, will be returned to the management of the National Bank of the Republic of Kazakhstan (if they were in the trust management of the UIP before this period) and used for the purposes of making pension payments according to the schedule, concluding a pension annuity agreement or for other purposes provided for legislation.
I would like to draw attention to such moments. The state guarantee of the safety of mandatory pension contributions, mandatory occupational pension contributions in the amount of actually paid mandatory pension contributions, mandatory professional contributions, taking into account the level of inflation, is provided only for amounts managed by the National Bank of the Republic of Kazakhstan.
In the event of a negative difference between the nominal return on pension assets received by the UIP and the minimum value of the return on pension assets calculated in accordance with the Law and the regulatory legal act of the ARRFR, the UIP reimburses this negative difference at the expense of its own capital in the manner and within the time limits established by the regulatory legal act of the ARRFR, for the subsequent transfer of this amount to the Applicant, pension the savings of which were in the trust management of this UIP as of the end of the year preceding the year in which the refund is made. At the same time, the specified amount is credited to individual pension accounts of depositors opened in the UAPF.
The minimum level of profitability will be calculated based on the weighted average yield of pension assets transferred to the management of the UIP operating in the market.
The register of UIPS that meet the requirements established by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARRFR) is maintained and posted monthly on the Internet resource of the ARRFR (www.finreg.kz ).
Currently, 6 out of 18 operating in the financial market and having licenses to operate in the securities market (investment portfolio management activities) comply with the requirements approved by the ARRFR for the UIP:
JSC "First Heartland Jysan Invest";
JSC "BCC Invest" - subsidiary of JSC "Bank CenterCredit";
JSC "Halyk Global Markets" (BEFORE JSC "Halyk Bank of Kazakhstan");
JSC "TO Halyk Finance National Bank of Kazakhstan";
JSC "First Heartland Capital";
Centras Securities JSC.
However, in order to transfer pension savings to the trust management of the specified UIP, it is necessary to have an agreement on the trust management of pension assets, as well as a custodial agreement concluded between the UAPF, the UIP and the custodian bank.
To date, the UAPF has concluded agreements on the trust management of pension assets with:
JSC "First Heartland Jysan Invest",
JSC "Halyk Global Markets" (BEFORE JSC "Halyk Bank of Kazakhstan"),
JSC "BCC Invest" - subsidiary of JSC "Bank CenterCredit";
Centras Securities JSC.
Thus, there are already 4 UIPS in the financial market, with which the UAPF has concluded an agreement on the trust management of pension assets.
After you decide on the choice, you can see what amount of investment income is accrued from the placement of your pension savings by the management company in the statement from the individual pension account, which can be generated for any period in the personal account on the website www.enpf.kz
Yes, the tax legislation provides for withholding of income tax in case of early withdrawal of pension savings in order to improve housing conditions and (or) pay for treatment. Pension contributions received on the individual pension account of the depositor are not subject to individual income tax (IIT). Therefore, pension savings are subject to taxation upon payment.
However, upon receipt of a lump–sum pension payment, the depositor is given the right to choose - the IPN can be paid at a time or with a delay - monthly in equal shares for no more than sixteen years upon retirement (according to the schedule established by the UAPF for pension payments).
If the depositor decides to pay the IPN immediately in full, then he must indicate in the application the amount for withdrawal minus the IPN in the amount of 10%.
Both amounts are already indicated in the statement provided by the UAPF to the depositor, for his convenience and independent decision-making. The amount indicated by the depositor for withdrawal will be transferred from the UAPF to his special account opened with an authorized operator.
Yes, of course. The rules for using lump-sum pension payments to improve housing conditions in accordance with the legislation of the Republic of Kazakhstan provide that pension savings can be used by citizens an unlimited number of times within the amount of pension savings in the UAPF available for withdrawal for housing, treatment or transfer to management companies.