On March 14, 2023, another Open Doors Day was held at the UAPF branches. The event, which has already become traditional, is constantly being held in a new way. UAPF specialists select the most relevant topics and an accessible form for presenting information.
This time, everyone who wants to learn more about such a product of the accumulutive pension system as a pension annuity and its new form - a joint (or family) annuity, joined the online broadcast of the event throughout the country.
In 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, along with other sources of income, such as pension benefit from the UAPF by age and the state pension payment, as well as in situations where other sources of income may not be available.
When a contributor (beneficiary) concludes a pension annuity agreement with an insurance organization, his pension savings are transferred from the UAPF to the selected insurance organization in the manner prescribed by pension legislation.
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.
A joint annuity is a product that implies the participation in a pension annuity agreement of two insureds (assured) who are spouses or close relatives in accordance with the Code of the Republic of Kazakhstan On Marriage (Matrimony) and Family and simultaneously insured.
A joint annuity, unlike the classic pension annuity, allows you to combine pension savings and redistribute income under a pension annuity agreement.
According to international practice, both individual and joint pension annuities are a financial instrument for planning a pension through life-long benefits.
Thus, now in our country, contributors (beneficiaries) who have the right to transfer pension savings to an insurance organization can choose one of two types of annuity, based on their goals and needs.
The purpose of the joint annuity is to ensure the availability of pension annuity, including a partial solution to the gender problem of lower pensions for women by providing life insurance benefits from insurance organizations.
The participants of the event received answers to questions about the conditions for acquiring a joint pension annuity, the rights that it provides, the features of receiving pension payments, and also received advice on individual calculations for this product in various scenarios.
During the Open Doors Day, it was repeatedly emphasized that pension savings are the property of the contributor (beneficiaries) and citizens are legally given the opportunity to choose the option of receiving pension payments based on their goals and needs. And these opportunities are constantly expanding. For example, since last year, Kazakhstanis who already have a pension annuity agreement have the right not earlier than two years from the date of its conclusion to apply to an insurance company with an application to change the terms of the pension annuity agreement in terms of reducing the amount of insurance payments and returning money to the UAPF. Specialists of UAPF branches also spoke about the algorithm for such a transfer
In addition, responsible employees of UAPF branches answered all the questions of the participants of the event. Contributors (beneficiaries) can always receive advice on the funded pension system both at UAPF branches and online on the enpf.kz website, in instant messengers and social networks, or by calling 1418.
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)