I heard that now there is a joint pension annuity. My husband and I would like to pool our retirement savings as I don't have enough funds to convert to an annuity. How can we do it?
A joint annuity is a product that implies the participation in a pension annuity agreement of two insurers (Assured) who are spouses or close relatives in accordance with the Code of the Republic of Kazakhstan On Marriage (Matrimony) and Family.
A joint annuity, unlike a classic pension annuity, will allow you to combine pension savings and redistribute income under a pension annuity agreement.
The purpose of a joint annuity is to ensure the availability of a pension annuity. Close relatives, as well as married couples, can use this product, if one spouse does not have enough pension savings to buy a pension annuity, and the second has a surplus, then through a joint retirement annuity, both spouses will provide themselves with lifetime benefits.
When concluding a joint pension annuity agreement for each spouse, insurance payments are recorded separately and a personal schedule of insurance payments is drawn up.
Spouses will receive monthly insurance benefits for life, including in the event of dissolution of marriage (matrimony) in the amount established by the insurance benefit schedule, the total amount of which cannot be lower than 1.4 times the subsistence minimum (SM) in force on the date of conclusion of the pension annuity contract.
In the event of the death of one of the spouses, the other spouse will continue to receive their personal insurance benefits according to the schedule in accordance with the joint pension annuity agreement (at least 0.7 SM).