From January 1, 2024, upon the order of the head of state, the launch of the "National Fund for Children" project is planned. However, parents and other legal representatives of children will see the first contributions from February 2024, as the relevant institutions require a month for calculations and accurate counting of minors.
The Unified Accumulative Pension Fund (UAPF) is responsible for the accounting of targeted requirements (obligations), targeted assets, and targeted accumulations in targeted accumulative accounts (hereinafter referred to as TAA). The UAPF is also responsible for making payments of targeted accumulations.
It is worth noting that the UAPF possesses extensive practical experience in implementing socially significant projects. It has unique information technology systems for personalized accounting and remote services, as well as a well-developed regional network to provide accessible services to the population.
It is envisaged that the National Bank of the Republic of Kazakhstan will annually submit to the UAPF a report on the formation and usage of the National Fund. This report will contain information on 50% of the averaged investment income (hereinafter referred to as AII) of the National Fund, the AII rate, and the amount of income accrued to previously formed targeted requirements of participants.
Annually, in January, the UAPF will provide the Ministry of Justice of the Republic of Kazakhstan with an electronic list of children, i.e., participants of targeted requirements. This list will be independently compiled based on information obtained from the State Database "Individuals" as of the end of December 31 of the reporting year, for the purpose of reconciliation.
Based on the information received from the National Bank of the Republic of Kazakhstan regarding the 50% of the averaged investment income (AII) of the National Fund and the reconciliation document signed by the UAPF with the Ministry of Justice of the Republic of Kazakhstan, the UAPF will calculate the amount of targeted requirements for each participant and enter this data into the information system.
Regular reports on the program will be posted on the official website of the UAPF at enpf.kz.