Key indicators of UAPF as of April 1, 2023
Increasing every year, pension contributions and the investment income accrued on them form a financial safety cushion, demonstrating the stability and reliability of the pension system of Kazakhstanis.
As of April 1, 2023, pension savings in the amount of KZT15.4 trillion were formed on individual accounts of contributors (beneficiaries) of the Unified Accumulative Pension Fund. Since the beginning of the year, they have grown by more than KZT736 billion (or 5%). They include pension contributions and investment income. For 3 months of 2023, the volume of pension contributions amounted to KZT487.4 billion, which is 27% more compared to the same period last year. The increase in pension savings was ensured, among other things, due to net investment income, which as of April 1, 2023 from the beginning of the year amounted to KZT336.33 billion and exceeds the previous year by KZT40.5 billion or 14%.
Since January 1, 2023, savings from compulsory pension contributions (CPC) have increased by KZT704.5 billion (or 5%). The amount of pension savings from compulsory occupational pension contributions (COPC) amounted to about KZT477 billion, having increased by 7% over 3 months. The largest increase of 10.7% since the beginning of the year was demonstrated by the accumulation of voluntary pension contributions (VPC), which amounted to more than KZT3.9 billion.
The volume of pension contributions since the beginning of 2023 amounted to about KZT487.4 billion, which is 27% or KZT103.9 billion more than last year. It should be noted that the growth occurred in all types of contributions: compared to the same period last year, the volume of CPC increased by 27% (by KZT99 billion), COPC - by 24% (by KZT4.5 billion), the largest increase occurred in VPC - 64% (by KZT194 million).
Since the beginning of the year, UAPF has paid about KZT98 billion. Most of the payments were pension benefits by age - KZT36.09 billion (36.85%), lump-sum pension benefits for the improvement of housing conditions and medical treatment - KZT34.4 billion (35.1%).
Age pension benefits for 3 months of the current year exceed the amount of these payments for the same period last year by 35%, which is associated both with an increase in the number of beneficiaries and with a 5% indexation of pension benefits from the UAPF in 2023.
It should be noted that the amount of the average monthly pension benefit according to the schedule from the UAPF (in connection with reaching retirement age) amounted to 32,082 tenge (in the same period last year, the average monthly benefit was 29,372 tenge), and the maximum amount of benefit was 742,692 tenge (in the same period last year year, the maximum benefit is 707,326 tenge).
Inheritance payments were also made - KZT12.4 billion, payments in connection with leaving for permanent residence outside the Republic of Kazakhstan - KZT8.7 billion, funeral payments - KZT1.4 billion, disability benefits - KZT690.6 million. About KZT4.3 billion transferred to insurance companies
The number of individual pension saving accounts in the UAPF as of April 1, 2023 amounted to 12.15 million units, 11 million of which are for compulsory pension contributions. The number of COPC accounts is 607,473; 367,543 IPSAs have been opened for VPC accounting. At the same time, since the beginning of the year, more than 52.7 thousand CPC accounts, about 14.4 thousand COPC accounts and about 9.5 thousand VPC accounts have been opened.
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)