At the Open Day, the Integrated Accumulative Pension Fund traditionally receives its guests to talk about the accumulative pension system, explain the details of its mechanism, and answer any questions of interest. The main agenda of the next open day was the topic “Social Code of the Republic of Kazakhstan. Innovations in the pension system of Kazakhstan”.
As you know, on July 1 of this year, the Social Code came into force, combining all legislative acts in the field of social protection of the population, providing support for citizens and providing state guarantees from birth to retirement.
The Code defines the solidarity and collective responsibility of the state, employers and citizens in the social security system, it was developed taking into account the characteristics of the country, as well as the best international experience, including the legislation of the European Union.
The Social Code of the Republic of Kazakhstan provides for a number of innovations regarding the accumulative pension system of Kazakhstan concerning the expansion of the rights of depositors to manage their assets, the use of pension savings for housing and treatment by pensioners who have retired on seniority, an increase in funeral payments, compulsory employer pension contributions (OPVR), the compulsory nature of pension contributions for all, a decrease in the commission of the IAPF, new rules for obtaining lump-sum pension payments for medical treatment and housing.
This was discussed at a meeting with the participants of the Open Day by the specialists of the Fund.
The participants of the meeting asked the following questions:
What are the innovations provided for by the Social Code in the field of pensions? What new approaches will be used? What are the advantages of innovations? How are they implemented in practice?
The Fund’s specialists answered questions in detail, explained the significance of each innovation and gave examples of the implementation of the norms of the Social Code.
The event aroused great interest on the part of the participants and was held in conditions of active discussion.
The IAPF was established on August 22, 2013 on the basis of NPF SAPF JSC. The founder and shareholder of the IAPF 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. Trust management of IAPF pension assets 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 National Fund Management Council.
In accordance with the pension legislation, the IAPF attracts compulsory pension contributions, compulsory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (for more details, see www.enpf.kz).