Kazakhstan has a unique model of the state guarantee of the safety of mandatory types of pension contributions (OPV, OPV) in the amount of the amounts actually paid, taking into account the level of inflation at the time of the right to pension payments.
In other words, when a person retires, the profitability on his pension account is calculated taking into account inflation for the entire period of participation in the accumulative pension system.
Let's say the amount of mandatory pension contributions of a participant of the pension system amounted to 5,000,000 tenge. Taking into account inflation at the time of reaching retirement age, this is 6,000,000 tenge.
If the amount of savings, taking into account investment income, is more than 6 000 000 tenge, then a guarantee refund is not required in this case.
If the amount of savings, taking into account investment income, is less than 6,000,000 tenge, let's say 5,900,000 tenge. Accordingly, such a depositor will receive a guaranteed refund in the amount of 100,000 tenge.
👉 When transferring pension savings to the management of private management companies, the guarantee of the state is replaced by the guarantee of the management company to ensure a minimum level of profitability of pension assets.
❗️ Payment of the difference under the state guarantee, registration of documents for payment is carried out by the "State Corporation "Government for Citizens".