On June 22, 2023, an Open Doors Day was held at UAPF JSC
The Open Doors Day has already become a traditional event for contributors of the Unified Accumulative Pension Fund. The main agenda this time was the topic Pension planning. Pension Calculator.
The pension system of Kazakhstan consists of several levels and sources of benefits: the basic and solidarity parts come from the state budget, the accumulative (funded) part comes from mandatory and voluntary contributions to the UAPF.
Responsibility for pension provision in our country is divided between three parties: the state, the citizen himself and the employer, so it is very important for an employee to monitor the timely payment of compulsory pension contributions by the employer and, in general, the state of his individual pension saving account in order to plan his future pension. The Fund's specialists spoke about this at a meeting with the participants of the Open Doors Day.
Those present expressed particular interest in the issue of calculating future pension benefits using the Pension Calculator on the UAPF website and in the БЖЗҚ/ЕНПФ mobile application. We assessed the possibility of both the current and the forecast calculator, which allows the user to independently calculate the estimated amount of all pension benefits, including pensions from the state budget and funded from the UAPF.
The calculator allows you to calculate pension benefits in the event of a planned one-time withdrawal of pension savings. Here, in the calculator, there is a calculation of the increase in benefits from the UAPF for employees who have worked in hazardous industries for at least 60 months, taking into account the statutory correction factor.
The participants considered the calculation very useful, which makes it possible to see the dynamics of pension benefits in the event of the transfer of part of pension savings to companies managing the investment portfolio.
Also, using the Pension Calculator you can calculate the amount of the insurance premium and insurance benefits from the insurance company in case of transferring pension savings to an annuity. These calculations will help you understand the timing of payments, the period of their implementation, up to the size of the first benefit and compare how profitable it is for you and make your choice.
The event was attended with high attendance and lively discussions.
The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor (beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)