JSC "SPSF" answers to topical questions
1) Hello! I installed the APP from the UAPF and now check my statement every two or three days. I noticed that the amount changes all the time, but for some reason it is not only a plus, but also a minus. Explain why this is happening?
In the statement, you see the amount of pension savings, which includes pension contributions and investment income from investing the received funds.
We remind that the pension contributions received to the individual pension account, which are recorded by the UAPF, are not just stored, but invested by the Trustee of pension assets - the National Bank of the Republic of Kazakhstan (NBRK) in various financial instruments. The national Bank invests pension assets in accordance with the list of financial instruments allowed to be purchased at the expense of pension assets approved by the Government of the Republic of Kazakhstan, and investment limits in accordance with the investment Declaration of the UAPF.
You see daily changes in the amount of savings because it is recalculated and revalued daily in accordance with the results of investing pension assets.
Note that investment income is a variable amount and can be either positive or negative in the short term.
It is important to remember that the funds of UAPF depositors are diversified by types and directions of investment, including currencies, in order to minimize risks. For example, currently about 2/3 of investments are denominated in tenge and about 1/3 - in foreign currency, most of the latter-in US dollars.
In addition, investment income includes income in the form of remuneration for securities (deposits and other transactions), income in the form of market revaluation of financial instruments, income in the form of currency revaluation, income on assets under external management, etc.
For example, we can consider the accrual of investment income to the accounts of depositors and recipients in 2020. For January, net investment income amounted to + 28.15 billion tenge, for February +111.7 billion tenge, for March +521.8 billion tenge, for April – 125.6 billion tenge, for the period from may to June 2, 2020 – 102.4 billion tenge.
As you can see, in March there was a large increase in investment income (+521.8 billion tenge), in April, may – early June, a decrease in investment income. But despite this, its total amount for the period of January to June 2, 2020 remains positive +433.6 billion tenge.
If we understand why March this year has become so profitable, we will go back a few months and find out that it was in March that the us dollar strengthened against the tenge from 381 to 448 tenge per 1 us dollar. And then we saw the result. The positive currency revaluation of pension assets placed in foreign currency instruments resulted in a significant increase in net investment income for pension assets.
In April, on the contrary, the tenge strengthened against the us dollar from 448 tenge to 424 tenge. The trend of strengthening the national currency continued in may 2020. The tenge exchange rate rose to 411 per us dollar. The first days of June are also characterized by an increase in the exchange rate of the national currency to 402 tenge per 1 us dollar. Accordingly, there was a negative revaluation of pension assets placed in currency instruments, which affected the decrease in investment income.
Therefore, we draw your attention to the fact that pension savings are long – term investments and it is advisable to analyze the amount of investment income for a period of at least one year.
2) I Recently found out that I can transfer my pension savings from the UAPF to an insurance company under a pension annuity agreement. Is it possible to know what amount should I have and what I will receive payment in the event of a transfer of money or if you stay in the Fund?
Each depositor of the Unified accumulative pension Fund can independently calculate their future pension payments from both the UAPF and the insurance company, using one of the most popular services on the Fund's website – the Forecast pension calculator. In particular, it covers all components of the pension within the multi-level pension system of Kazakhstan: the state basic pension and the old-age pension (or solidary), as well as the pension formed from mandatory pension contributions (OPV), mandatory occupational pension contributions (OPV) and voluntary pension contributions (DPV).
At the same time, if the projected amount of pension savings (formed at the expense of OPV, OPV and DPV) is sufficient to reach retirement age, a pop-up window will appear notifying the user about the possibility of concluding a pension annuity agreement with an insurance company in the future and receiving lifetime pension payments. The calculation immediately allows you to find out the estimated size of the annuity payment from the insurance company, so you can independently compare it with payments on the schedule from the UAPF.
Note that it is easy and very simple to perform calculations. To do this, you must fill in all the necessary fields in the forecast calculator, such as date of birth, gender, work experience, amount of savings, etc. If you are registered in your personal account on the site enpf.kz the fields in the calculator are filled in automatically and future payments are calculated in just two or three clicks.
The results of calculating your future payments from the UAPF will be issued in three scenarios: pessimistic, realistic, and optimistic. All three options take into account the expected level of profitability. At the same time, all forecast results are presented in real value terms (minus inflation for the corresponding forecast period). In addition, you will see the age and date of retirement, the number of years until the savings are exhausted, and so on.
In addition, on the site enpf.kz it is also possible to calculate the amount of pension savings for the current year, sufficient to transfer to an insurance company. to do this, you will need a pension calculator in the column "Transfer of savings to CSR",
3) Good afternoon! I would like to clarify with you, I received a payment of 42,500 tenge twice during the state of emergency, can this affect my pension account?
The Unified accumulative pension Fund has nothing to do with the social payment of 42,500 tenge. Social payments to citizens who have lost their income due to the state of emergency in the amount of the minimum wage are made from the State social insurance Fund (SSSF).
Assets of the state social insurance Fund – funds accumulated from social contributions and intended for social payments in cases of social risk stipulated by the law "on mandatory social insurance". Cases of social risk, for example, include loss of employment, disability, loss of breadwinner, loss of income due to pregnancy and childbirth, loss of income due to adoption of a newborn child( children), loss of income due to being on parental leave after reaching the age of one year.
But the pension assets of the UAPF are the depositors ' own money (pension contributions and investment income) in their individual pension accounts, intended for pension payments in accordance with the law "on pension provision in the Republic of Kazakhstan".
In addition, the state guarantees the safety of your savings in the UAPF. Thus, in accordance with article 5 of the Law, the state guarantees recipients the safety of mandatory pension contributions, mandatory occupational pension contributions to the UAPF in the amount of actually made mandatory pension contributions, mandatory occupational pension contributions taking into account the level of inflation.
4) I Would like to know whether pension payments from JSC "UAPF" are subject to individual income tax? If so, in what size?
According to articles 320 and 326 of the Tax code of the Republic of Kazakhstan, as amended by article 33 of the Law of the Republic of Kazakhstan "on the introduction of the Code of the Republic of Kazakhstan "on taxes and other mandatory payments to the budget" (hereinafter - the Law), payments related to income in the form of pension payments that are subject to taxation and the tax rate applied to income in the form of pension payments are defined.
In particular, according to article 320, the taxpayer's Income is taxed at the rate of 10 percent. With the exception of income in the form of dividends received from sources in the Republic of Kazakhstan, they are taxed at the rate of 5 percent.
According to article 326-income in the form of pension payments subject to taxation includes payments made by the Unified accumulative pension Fund:
1) from taxpayers ' pension savings formed at the expense of:
mandatory pension contributions in accordance with the legislation of the Republic of Kazakhstan;
mandatory professional pension contributions in accordance with the legislation of the Republic of Kazakhstan;
voluntary pension contributions in accordance with the terms of the agreement on pension provision through voluntary pension contributions;
2) individuals-residents of the Republic of Kazakhstan who have reached the retirement age and left for permanent residence outside the Republic of Kazakhstan in accordance with the Law of the Republic of Kazakhstan " on pension provision in the Republic of Kazakhstan»;
3) individuals-residents of the Republic of Kazakhstan who have not reached the retirement age and have left for permanent residence outside the Republic of Kazakhstan in accordance with the Law of the Republic of Kazakhstan " on pension provision in the Republic of Kazakhstan»;
4) individuals in the form of pension savings inherited in accordance with the legislation of the Republic of Kazakhstan;
5) to individuals in the form of a one-time payment for the burial of a deceased person who has pension savings, in accordance with the procedure established by the legislation of the Republic of Kazakhstan.