The first reason: an incorrect amount for withdrawal is indicated in the contributor's application submitted to the authorized operator, including with an excess of existing pension savings.
Recommendation: check the current information about your pension savings, including information about the available amount (in your personal account on the enpf.kz website, in the UAPF mobile application, on the egov.kz portal) immediately before submitting an application to an authorized operator for receiving one-time pension benefits.
The second reason is that the amount to be withdrawn is incorrectly indicated when choosing the method of payment of the individual income tax (IIT).
Recommendation: in case of targeted withdrawal of savings (for housing, medical treatment), the contributor has the right to choose one of two methodsof paying the IIT. The first way is to take advantage of the deferred payment of the IIT and pay the IIT in equal monthly installments for no more than sixteen years after retirement (according to the established schedule of pension payments from the UAPF). The second way is to pay the tax in full immediately upon a lump sum pension benefit payment. The method of paying the PIT should be indicated in the application to the authorized operator.
If the contributor decides to take advantage of the delay in paying the IIT, then it is necessary to indicate in the application the amount for withdrawal without deducting the IIT.
If the contributor decides to pay the IIT immediately in full, then he must indicate in the application the amount to be withdrawn minus the IIT in the amount of 10%.
Both amounts are already indicated in the statement provided by the UAPF to the contributor, for his convenience and independent choice. The amount specified by the contributor for withdrawal will be transferred from the UAPF to his special account opened with an authorized operator.
The third reason: the contributor's application indicates the amount requested for withdrawal, without taking into account the minimum sufficiency threshold (for example, the entire amount of pension savings available in the individual pension account is indicated).
Recommendation: the application should indicate the amountwithin the amount available for withdrawal and indicated in the statement, received by the contributor in the UAPF.
Fourth reason: the application indicates an irrelevant amount, which does not take into account changes in the amount of pension savings due to market fluctuations in investment return as a result of changes in exchange rates or the value of financial instruments in the investment portfolio of pension assets.
Recommendation:Check the current information about your pension savings, including the available amount, immediately before applying for a lump sum pension benefit.
Fifth reason: the contributor has submitted repeated, duplicate applications.
Recommendation: wait. In accordance with the legislation, within five business days from the day the UAPF receives an electronic notification from the authorized operator, the UAPF transfers to the operator the amount of a one-time pension benefit for subsequent crediting to a special account of the contributor (beneficiary) opened by the authorized operator.
If the UAPF did not receive an electronic notification of the refusal to transfer the benefit with an indication of the reason for the refusal from the UAPF, the contributor should wait five business days before the date of transfer of the amount of savings to his special account and not submit repeated applications to the authorized operator.