On March 14 of this year, the next Open Doors Day will be held online in all branches of the UAPF.
The topic of the event this time will be the pension annuity as one of the options for receiving pension benefits.
Recall that a pension annuity is a product offered by life insurance companies and which allows UAPF contributors (beneficiaries), subject to sufficient pension savings, to begin receiving life-long benefits, including earlier than the statutory retirement age.
In terms of its content, a pension annuity is a pension provision instrument, which, along with pension benefits from the UAPF, is intended to pay for future needs after the end of employment, when there may not be other sources of income.
The Law of the Republic of Kazakhstan dated July 12, 2022 No. 138-VII On amendments and additions to certain legislative acts of the Republic of Kazakhstan on the regulation and development of the insurance market and the securities market, banking activities introduced amendments and additions to the pension legislation, which entered into effective from September 12, 2022, allowing contributors (beneficiaries) to conclude a pension annuity agreement together with spouses or close relatives, which can partially solve the gender problem of lower pensions for women by providing life insurance benefits from insurance organizations.
Couples can pool their pension savings to purchase a joint pension annuity. For example, if one spouse does not have enough pension savings to conclude a pension annuity agreement, and the other has a surplus, then through a joint pension annuity, both spouses will provide themselves with life benefits. When concluding a joint pension annuity agreement for each spouse, insurance benefits are fixed separately and a personal schedule of insurance benefits is drawn up.
Spouses will receive monthly insurance benefits for life, including in the event of dissolution of marriage (matrimony) in the amount established by the insurance benefit schedule, the total amount of which cannot be lower than 1.4 times the subsistence minimum (SM) in force on the date of conclusion of the contract pension annuity.
In the event of the death of one of the spouses, the other will continue to receive their personal insurance benefits according to the schedule in accordance with the joint pension annuity agreement (at least 0.7 MP).
Thus, a joint pension annuity reduces the risks of low financial security in old age.
Participants of the Open Doors Day will learn in detail how this instrument of insurance and accumulative (funded) pension system works.
In addition, UAPF specialists will talk about the right of contributors (beneficiaries) to apply to the insurance company with an application to change the terms of the pension annuity agreement in terms of reducing the amount of insurance benefits and returning money to UAPF, but not earlier than two years from the date of conclusion of the pension annuity agreement. They will also answer all questions related to the pension accumulation system, and provide individual advice to everyone.
To participate in the event, each participant must follow the link (enter the link for each branch separately). Then enter the event number: (enters the branch itself) and the event password: (enters the branch itself)
UAPF JSC is waiting for its contributors (beneficiaries) and everyone at the Open Doors Day event!
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)