On November 29, 2023, an Open Day was held at the Unified Accumulative Pension Fund (UAPF) on the topic: "National Fund for Children."
On the Open Day, the Unified Accumulative Pension Fund traditionally welcomes its guests to explain the purpose of the socially significant state project "National Fund for Children," its implementation mechanism, and to answer any questions of interest.
The main agenda of the regular Open Day was the topic "National Fund for Children."
Starting from January 1, 2024, as per the directive of the head of the state, the project "National Fund for Children" is launched. According to this project, all children who are citizens of Kazakhstan will be annually credited with 50% of the investment income of the National Fund of the Republic of Kazakhstan (hereinafter referred to as the "National Fund"). The income is averaged over the eighteen years preceding the reporting year to minimize potential risks of investment income reduction in specific periods.
The amounts credited to the children will continue to be invested as part of the National Fund's assets, with additional investment income being accrued on them.
Until the children reach the age of 18, targeted savings and investment income will be accrued without the right of early withdrawal. Individuals who permanently relocate from Kazakhstan to another country lose the right to use the National Fund’s finances.
Unused amounts of targeted savings, in the absence of claims for payments within 10 years after the recipient reaches adulthood, will be transferred to an individual pension account for the recording of voluntary pension contributions. Their withdrawal will be carried out in accordance with the legislation of the Republic of Kazakhstan.
Just to remind you, the main goal of the "National Fund for Children" project is to support the younger generation and provide them with the opportunity to improve their housing conditions or obtain education through national savings. Kazakhstani children will have the opportunity to use targeted savings for education, including in foreign universities, as well as for the purchase of housing.
The Unified Accumulative Pension Fund has been designated as the operator of the project. Its task is to account for targeted requirements (obligations), targeted assets, targeted savings in targeted accumulation accounts, and the implementation of targeted savings payments.
Information about whether a child is a participant in the program can be obtained by their legal representatives in their personal account on the egov.kz portal.
In addition, regular reports on the program will be posted on the official website of the UAPF (enpf.kz).
To include a child in the list of recipients of disbursements from the National Fund, parents or other legal representatives of children do not need to gather any documents, open accounts, or go anywhere, as the process is automated. The UAPF, in collaboration with the Ministry of Justice of the Republic of Kazakhstan, is conducting the necessary integration work, and accounts will be opened in the Unified Accumulative Pension Fund automatically based on the State Database "Individuals."
Parents (or legal representatives) are strongly recommended to check in advance the presence and accuracy of the inclusion of the Individual Identification Number (IIN) of their underage child on the egov.kz portal.
Specialists from the UAPF discussed this and many other topics with participants during the Open Day event.
Participants in the meeting received answers to questions regarding when and how the "National Fund for Children" project will be implemented, the ways and purposes for which children can access their savings, how the annual contributions are calculated, where and how parents or legal representatives can obtain information about the funds allocated from the National Fund to their children, when the first funds will be deposited into the accounts of children, and so on.
Fund specialists explained in detail the implementation mechanism of the new social state program "National Fund for Children" and addressed all the questions raised.
The event generated significant interest and lively discussion among all participants.
The Unified Accumulative Pension Fund (UAPF) was established on August 22, 2013, based on the Joint-Stock Company "NPF GNPF." The founder and shareholder of ENPF is the Government of the Republic of Kazakhstan, represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension asset management have been transferred to the Council for the Management of the National Fund.
In accordance with pension legislation, UAPF attracts mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, manages pension payments, individual accounting of pension savings and payments, and provides depositors (recipients) with information about the state of their pension savings (for more information, visit www.enpf.kz).