How is the minimum sufficiency threshold calculated when withdrawing part of pension savings?
At the initiative of the Head of State, in order to support Kazakhstanis, UAPF depositors were granted the right to early withdrawal of part of their pension savings before retirement age for strictly defined alternative purposes – improving housing conditions and paying for medical treatment. At the same time, the main purpose of pension savings remains: they must provide future retirement income at least at the level of the minimum pension.
Based on this, the state bodies developed, and then approved by the Government of the Republic of Kazakhstan, a method for determining the threshold of minimum sufficiency of pension savings. (Government resolution "On approval of the Rules for the implementation of pension payments and lump-sum pension payments to improve housing conditions and (or) payment of treatment, formed at the expense of compulsory pension contributions, compulsory professional pension contributions from the unified accumulative pension Fund, return them to the unified accumulative pension Fund, techniques for the calculation of pensions, a method to determine replacement rate of average monthly income of the recipient of pension payments, methods for determining the threshold of minimum sufficiency of pension savings").
According to the provisions of this Methodology, the thresholds of the minimum sufficiency of pension savings are calculated, which will allow to form by the time of reaching retirement age the pension capital necessary to ensure the monthly income of a pensioner in the amount of at least one minimum pension. That is, the threshold of the minimum sufficiency of pension savings is the amount of money that should be saved in the depositor's pension account for the main purpose – pension payments. While for alternative purposes, the part of pension savings that exceeds the threshold can be withdrawn.
Taking into account the fact that depositors in the future (before the retirement age) They will still continue working and, accordingly, make pension contributions to the UAPF, the minimum sufficiency thresholds are calculated for each specific age, based on the assumption that monthly (12 times a year) transfer of mandatory pension contributions to the UAPF from income in the amount of the minimum wage.
Thus, the calculation of the size of the minimum sufficiency thresholds is based not on how much a person can earn by a certain age, but on the fact that the amount of pension savings by retirement age meets the minimum requirements specified above.
The minimum sufficiency thresholds for pension savings for 2021 are as follows:
Age, years
Thresholds of minimum adequacy of pension accumulations, KZT
.
2.. How do I check if I have enough funds to withdraw part of my pension savings?
The UAPF provides several ways to check your savings:
The first and most popular method - via Internet communication –at any time and from anywhere in the world, you can get the necessary information in your Personal Account on the enpf website.kz or in the mobile app. For access, the depositor needs an electronic digital signature (EDS can be obtained remotely on the portal egov.kz) or the IIN and password registered in the UAPF database.
The second method is to send the statement to the email address specified by the depositor. The depositor chooses the frequency of receiving information: monthly, quarterly, semi-annually or annually.
The third method is through your Personal Account on the e-government portal egov.kz. The entry is made using an EDS or a one-time SMS password sent to the depositor's mobile phone number registered in the mGov mobile database.
You can also check your pension account by contacting any of the UAPF offices or by receiving an annual statement by traditional mail.
The contributor can always choose and change the method of informing on the site enpf.kz (using EDS) or at the UAPF office.
For those who are more comfortable and accustomed to receiving all services via smartphones or tablets, there is a simple and functional ENPF application.
To register in this mobile application, you can use a one-time password, which will be sent to your mobile phone via SMS.
Also on the website and mobile application of the Fund in your account in the option "Bank account statement" added the function of obtaining extracts from individual retirement accounts, indicating the sufficiency threshold for withdrawal of pension savings.
For the convenience and support of the population, a new service has been developed on the Fund's website to obtain information about the threshold of pension savings sufficiency cabinet.enpf.kz/porog. You can use the service using an electronic digital signature (EDS) or SMS to a mobile phone number registered in the mGov mobile citizens database.
To log in using an EDS, you need to click on the link cabinet.enpf.kz/porog, consent to the collection and processing of personal data, select a signature certificate and log in to the service using an EDS. To log in with a one-time password, you only need to take a few steps:
enter your IIN and mobile phone number;
give your consent to the collection and processing of personal data;
click the "Send code" button;
enter the received six-digit code from your mobile phone.
This additional service is convenient for investors and will allow you to quickly learn the threshold of sufficiency without a digital signature and a visit to the offices of the pension Fund. The service fully complies with the requirements of the authorized state bodies.
How to withdraw part of the pension savings to citizens? Where to apply?
If, after checking your pension savings with the UAPF, you have decided to use part of your pension savings for housing and / or medical treatment, then you need to contact an authorized operator.
By a Government decree, the authorized operators for the targeted use of lump-sum pension payments from the unified accumulative pension fund are appointed:
– in order to improve housing conditions-joint stock company "Housing Construction Savings Bank "Otbasy Bank»;
- in order to improve housing conditions by making an initial payment for obtaining a mortgage housing loan for the purchase of housing and (or) housing with repairs under one bank loan agreement; partial or full repayment of mortgage loan for the purchase of the home and (or) home repairs in one of the contract of Bank loan, refinancing mortgage loan second tier banks (STB) (currently SPSF concluded agreements on cooperation with JSC "Housing construction savings Bank "family Bank", JSC "Halyk Bank of Kazakhstan" JSC "Altyn Bank", JSC "Bank CenterCredit»);
– in order to pay for treatment-joint-stock company "Housing Construction Savings Bank "Otbasy Bank".
The agreement with the STB defines the procedure for information interaction and exchange of information between the authorized operator and the UAPF on accounting, transfer and refund of lump-sum pension payments, as well as the duties and responsibilities of each of the parties to the agreement, including the terms and obligations to maintain confidentiality of information.
The integration of the UAPF information systems and authorized operators is carried out through the integration service on the e-government web portal.
More detailed information about the rules for withdrawing and using part of pension savings for special needs is available on the UAPF website.
After reviewing the depositor's documents, the authorized operator will send a notification to the UAPF for the transfer of pension savings in the amount determined by the depositor himself and specified in his application.
After receiving a notification from the authorized operator, the UAPF will transfer pension savings (within 5 working days) to the authorized operator to a special account of the depositor in order to improve housing conditions and (or) pay for treatment.
How do I pay the tax for the withdrawn money? Is it possible to pay them all at once or divided?
The depositor has the right to choose the method of payment of individual income tax (IPN) when paying pension savings (recall that when transferring contributions, the IPN was not charged).
Citizens can choose to defer the payment of the personal income tax or pay it in full when paying savings for improving housing conditions and (or) paying for treatment. Deferral means that the PPI will be paid monthly in equal installments for no more than sixteen years according to the schedule established by the unified accumulative pension fund for pension payments upon reaching retirement age.
I would like to transfer some of my retirement savings to the management of financial companies. Where should I apply?
Depositors can transfer their pension savings into trust management to management companies that have a license to manage an investment portfolio and meet additional requirements established by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, such as:
Ø Sufficient experience in managing client assets;