Chairman of the Executive Board of UAPF JSC is designated as a member of the Steering Committee of the ISSA European Network (IEN)
The International Social Security Association (ISSA) was founded in 1927 under the auspices of the International Labor Organization and is the leading international organization that unites government agencies, organizations and departments in the field of social security. The organization has over 320 member organizations in 150 countries of the world with headquarters in Geneva (Switzerland). UAPF has been a member of the ISSA since May 1, 2015.
At the ISSA World Forum in October 2022, the Chairman of the Executive Board of UAPF JSC Zhanat Kurmanov designated as a member of the Steering Committee of the ISSA European Network (IEN) for the triennium 2023-2025. Documentary confirmation of this status was received the other day.
The Steering Committee (SC) of the IEN is composed of CEOs from member organizations within Europe. The Committee is engaged in public work on the implementation of the program of events of the ISSA in the European region and aims to enhance the opportunities for relevant topical exchanges between member institutions in Europe. Its activities are jointly supported by the IEN Secretariat and the ISSA General Secretariat.
The Steering Committee provides guidance to the planning and implementation of the IEN activities. The members of the Steering Committee are nominated by the current ISSA Bureau Members
IEN organizes events on priority themes of the European member institutions, the main focus of which is to increase opportunities for the exchange of experience using interactive and engaging methodologies.
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)
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The site enpf.kz presents a report on the management of pension assets
Investment portfolios of pension assets managed by the NBRK and IPM as of November 1, 2022
All information on how pension savings are invested is posted on the enpf.kz website in the “Indicators - Investment Activity” section. Presented here is a monthly detailed report on the investment of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM), as well as reviews of investment activities.
As already reported, the total amount of pension assets as of November 1, 2022 exceeded KZT14.15 trln. At the same time, UAPF pension assets held in trust by the NBRK amounted to KZT14,135.78 bln. Pension assets managed by the IPMs amounted to KZT9.06 bln.
Investment portfolio of pension assets managed by the NBRK
The main areas for investing pension assets of the NBRK as of November 1, 2022 are as follows:
47.7% are government securities of the Republic of Kazakhstan,
25.5% - foreign assets (including assets under index management, as well as foreign government securities, foreign corporate bonds),
about 13% - instruments of the quasi-public sector,
more than 8% - STB instruments,
2.7% - IFOs,
other assets.
In order to increase return in the long term and reduce risks, work is underway to further diversify the portfolio of pension assets and increase more profitable instruments in it.
As of November 1, the investment portfolio in terms of currencies in which financial instruments purchased with pension assets are denominated looks like this:
investments in national currency - 70.53%, in US dollars - 28.41%, in other currencies - 0.06% of the portfolio of pension assets.
It should be noted that since 2014, the period of transfer of all pension assets under the management of the NBRK, the foreign exchange share of pension assets has increased from 17% to about 28.5%.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income since the beginning of 2022 amounted to KZT672.49 bln. The return on pension assets for 10 months of 2022 was 4.82%, for the last 12 months (from November 2021 to October 2022) it was 5.97%. For the period from 2014 to October 2022, the accumulated investment income amounted to KZT6.7 trln, and the accumulated return on pension assets is 119.5% with inflation of 115.2%.
A detailed structure of the investment portfolio of financial instruments managed by the NBRK, indicating issuers and an overview of investment activities, are posted on the official website of the UAPF.
Recall that in Kazakhstan there is a model of the state guarantee of the safety of pension savings. In accordance with Article 5 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan, the state guarantees beneficiaries the safety of compulsory pension contributions and compulsory occupational pension contributions to the UAPF in the amount of actually made contributions, taking into account the inflation rate at the time of obtaining the right to pension benefits.
Investment portfolio managers
The total amount of funds under the management of the IPM is KZT9.06 bln.
Pension assets in trust management of Jusan Invest JSC amounted to KZT4.079 bln. They were used to purchase: shares of Exchange Traded Funds (ETF) - they make up 30.65% of the portfolio; NBRK notes (22.36% of the portfolio); Government securities of the Ministry of Finance of the Republic of Kazakhstan (17.67%). 24.69% of the portfolio is in REPO, 4.59% - in government securities of foreign states. Note that 64.73% of the portfolio is presented in tenge, 35.27% in US dollars.
As a result of investment activities, income from the beginning of the year amounted to KZT39.17 mln, the return on pension assets for the period amounted to 1.43%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating issuers, is presented on the UAPF website.
As of November 1, 2022, pension assets held in trust by Halyk Global Markets JSC amounted to KZT2.61 bln. In the portfolio structure, reverse repo (no more than 90 calendar days) is 49.26%; bonds of quasi-public organizations of the Republic of Kazakhstan 13.23%; equity instruments of foreign issuers (ETF units) also 13.23%; securities with state status, issued by the central governments of foreign states - 6.88%; bonds of second-tier banks of the Republic of Kazakhstan 5.71%; corporate bonds of organizations of the Republic of Kazakhstan 4.49%; IFO bonds 4.24%, other assets. Investments in the national currency amounted to 79.10% of the portfolio, in US dollars - 20.90%.
The amount of investment income since the beginning of the year amounted to KZT60.09 mln, the return on pension assets managed by Halyk Global Markets JSC from 01.01.2022 to 01.11.2022 amounted to 2.29%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC with indication of issuers is presented on the UAPF website.
Pension assets held in trust by BCC Invest JSC as of November 1 of this year amounted to KZT1.48 bln. They are distributed into government bonds of the Republic of Kazakhstan - 44.06%; bonds of quasi-public organizations of the Republic of Kazakhstan 15.74%; shares (ETF for indices) – 11.93%; shares and depositary receipts of foreign issuers 8.34%; IFO bonds 5.88%; bonds of STB RK 5.51%; corporate bonds of issuers-residents of the Republic of Kazakhstan 5.22%; cash on investment accounts 3.25%; other assets. 70.77% of the portfolio was invested in instruments in national currency, 29.23% in US dollars.
As a result of investment activities, income from the beginning of the year amounted to KZT4.43 mln, the return on pension assets managed by BCC Invest JSC for ten months amounted to 0.35%.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC with an indication of issuers is presented on the UAPF website.
As of November 1, 2022, UAPF pension assets held in trust by Centras Securities JSC amounted to KZT0.98 mln. They are invested in government securities of the Ministry of Finance of the Republic of Kazakhstan 54.6%; REPO - 15.39%; cash on investment accounts 11.86%; bonds of quasi-public organizations - 8.34%; shares and depositary receipts of RK issuers - 8.06%; equity instruments of foreign issuers (ETF Units) - 1.76%. 80.72% of the portfolio was invested in instruments in national currency, 19.28% in US dollars.
As a result of investment activity, the amount of investment income from the beginning of the year amounted to KZT29.4 mln, the return on pension assets managed by Centras Securities JSC for the period amounted to 2.48%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC with an indication of issuers is presented on the UAPF website.
Recall that after receiving pension assets from the UAPF, the IPMs invest them in permitted financial instruments specified in the Rules for the implementation of investment portfolio management activities, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 3, 2014 No. 10, and provided for in the Investment Declaration of the IPM.
When transferring pension savings to the management of the IPM, the guarantee of the state is replaced by the guarantee of the management company to ensure the minimum level of return on pension assets. The minimum level of return is calculated on the basis of the weighted average return on pension assets transferred to the management of IPMs operating on the market.
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)
ANNOUNCEMENT
UAPF notified pensioners who did not apply for pension benefits
The UAPF conducted a targeted notification of Kazakhstanis who have reached retirement age and have pension savings in the UAPF, but have not applied for pension benefits to the UAPF.
As already reported, the UAPF annually, together with the State Corporation "Government for Citizens" (State Corporation), conducts a reconciliation to identify persons who have reached retirement age and have pension savings in the UAPF, while receiving pension benefits by age at the expense of budgetary funds, but not applied for benefit to the UAPF.
The State Corporation sends SMS messages to the specified category of persons, where it proposes in a proactive format to agree to receive benefits from pension savings. Recall that about 8 thousand citizens have already begun to receive benefits from the UAPF in a proactive format.
Work to identify those who did not apply for pension benefits to the UAPF continues. UAPF sent to beneficiaries who had not previously applied to UAPF, if the relevant information is available, SMS messages or notifications to an email address.
The UAPF reminds that, according to the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan, persons who have reached retirement age and have pension savings in the UAPF are entitled to receive pension benefits from the UAPF. In this connection, it recommends that you timely apply to the divisions of the State Corporation at the place of residence for the appointment of pension benefits from the UAPF in connection with the achievement of retirement age. We note that pension benefits from the UAPF are assigned from the date of application and are paid until the pension savings are exhausted.
Detailed information can be obtained by calling the toll-free number 1418 or at the UAPF offices.
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)
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UAPF held an online seminar "School of financial journalism in the field of pensions"
The UAPF annually conducts seminars as part of outreach activities aimed at improving financial literacy, as well as awareness of the pension system and changes in pension legislation. These seminars help in understanding how personal pension savings are formed, how and who manages pension assets and many other issues related to the accumulative pension system. The autumn "School of financial journalism in the field of pensions", which was held online on November 24 and 25, 2022, gathered about 100 people for training, including acting Kazakhstani journalists and bloggers, as well as students of journalism departments. Within two days, the Fund's specialists held master classes in Kazakh and Russian. The course program consisted of training modules: - Pension systems of the world, demographic trends and the need for a funded (accumulative) component, the pension system in the Republic of Kazakhstan, the activities of the UAPF, development strategy; - Management of pension assets by the National Bank of the Republic of Kazakhstan and IPM; - Digital UAPF (presentation about the electronic services of the Fund); - Pension provision in the EAEU countries; - Types of payments of pension savings from the UAPF. The heads of divisions and specialists of the Fund in an accessible form and using visual presentations told about how the pension systems of the world work, what the pension system of Kazakhstan consists of and what types of benefits exist in it. The heads of the public relations department told current and future journalists about how information and explanatory work is carried out and how to make interesting material on the topic of pensions. In the process of online communication, those present were keenly interested in the proposed material and actively asked questions to the speakers. All course materials are presented on the website enpf.kz in the section "About the Fund" - "Press Center" - "Special Projects".
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)
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As of November 1, 2022, from January 2021, the UAPF has executed 1,336,516 applications from contributors (beneficiaries) for the use of pension savings to improve housing conditions. About KZT3.2 trln was transferred to the special accounts of Kazakhstanis opened in banks-authorized operators. The average amount of lump-sum pension payments amounted to about KZT2.4 mln. It should be noted that the rate of withdrawal of pension savings is declining. For example, in October 2022, 2,993 applications were executed in the amount of KZT7.5 bln. For comparison, in October 2021, 35,434 applications were executed in the amount of KZT87.8 bln.
As before, the majority of executed applications fall on the share of residents of Almaty (17.61%), Astana (14%), Mangistau region (10.33%). On the website www.enpf.kz in the section "Indicators" there is detailed information - for what purposes do Kazakhstanis plan to use lump-sum pension payments, incl. by regions (subsections "Lump-sum pension benefits for improving housing conditions by purpose" and "Lump-sum pension benefits for improving housing conditions", respectively).
Analyzing the purposes for which contributors (beneficiaries) use their savings, the following main directions can be noted. Most often (about 36% of all applications) - this is the acquisition of a dwelling in the ownership of civil law transactions (final settlement) and the construction of an individual residential building (if there is a land plot in the property). More than 21% of applications were executed for use by contributors (beneficiaries) of pension funds under housing construction savings programs. Another 21% of applications were executed in order to replenish the contribution to housing construction savings for further accumulation. Approximately 20% of applications were executed for making a down payment for obtaining a mortgage housing loan for the purchase of a home (including within the framework of financing by an Islamic bank), full and partial repayment of debt on a mortgage housing loan and its refinancing
It should be noted that KZT456.3 bln was returned to individual pension saving accounts (IPSA) of contributors (beneficiaries) from authorized operators due to the fact that lump-sum pension benefits by Kazakhstanis were not used within the time limits established by law, at the request of the applicant and for other reasons
UAPF also executed 395,730 applications for medical treatment for a total amount of KZT311.1 bln. At the same time, the average withdrawal amount is about KZT0.8 mln. In October this year, 2,362 applications were executed in the amount of about KZT3 bln (for comparison: in the same month last year - 12,462 applications in the amount of KZT10.8 bln).
Most often (more than 96% of applications), Kazakhstanis use their savings for medical purposes for dental services. Only 2.8% of applications were executed for the purpose of receiving ophthalmological services. Less than 1% of pension savings were used for other medical areas
At the same time, about KZT31.9 bln was returned to the IPSA of contributors (beneficiaries) in the UAPF from the authorized operator (Housing Construction Savings Bank Otbasy Bank JSC). These funds were not used within the time limits established by law, at the request of the applicant and for other reasons.
You can get acquainted with the current statistics on the use of pension savings for medical treatment on the website www.enpf.kz in the section "Indicators" - "Lump-sum pension benefits for medical treatment"
As of November 1 of this year, about KZT8.7 bln based on 5,891 applications was transferred into the investment portfolio manager (IPM). At the same time, the total number of unique applicants is 3,379 people, which means that there are contributors who have decided to transfer part of their savings to several management companies. The average transfer amount is about KZT1.5 mln
As soon as the age and the amount of savings allowed, I transferred a part to the insurance company. Now I would like to return some part of it to the pension fund. Is it possible?
Since 2003 our citizens have the right to enter into pension annuity agreements with life insurance companies (hereinafter referred to as LIC). Such an agreement allows citizens to receive regular payments from LIC without waiting for retirement age, taking into account annual indexation (at least 5%) for life.
The Law of the Republic of Kazakhstan on the development of the insurance market, which came into force on 12 September, 2022, provides citizens with a pension annuity agreement with the right to partially return money from LIC back to IAPF.
To implement the Law, on 20 October, 2022, a relevant regulatory legal act (RLA) was adopted, which comes into force 10 calendar days after its official publication, namely from 8 November, 2022.
From this date, citizens who have pension annuity agreements can apply to the LIC with an application and return to IAPF a part of the insurance premium that exceeds the minimum cost of the pension annuity agreement.
To do this, the pension annuity agreement shall be renegotiated on new terms, which should ensure payments at a level not lower than 70% of the subsistence minimum.
Insurance organizations are obliged, within 20 calendar days from the date of the insured's application, to transfer the amount of money to be returned to IAPF.
Recently got a job as a courier in a small private company. How do I know if my individual account receives pension contributions and how to do it?
First, when you get a job, you must formalize your relationship with the employer by concluding an employment contract or a civil law contract. In both cases, the employer (tax agent) is obliged to transfer mandatory pension contributions (MPC) to your individual pension account on a monthly basis in the amount of 10% of your earnings. In order to make sure that he/she faithfully fulfills his/her obligations to transfer contributions, their receipt on the account must be monitored.
IAPF offers contributors various methods. As of today, the most popular is the personal profile on the Fund's website and in the IAPF mobile application.
Using an EDS or IIN and a password, you can enter your Personal Profile at any time and see your pension savings and receipt of funds.
To do this, go to the Fund's website, where in the upper right corner there is an icon with the corresponding inscription: "Personal Profile". Click on it and then select “Individual Profile”. For beginners, registration is required.
If you have an electronic digital signature, it will come in handy in two cases. Firstly, with the help of EDS, you simply enter your profile. But a digital signature has its own validity period, and although it is quite simple to re-register it on the egov portal, it is better to do the following with it right away. Go to the Personal Profile - in the section "Services" - making changes and additions to the details and select "Method of informing" - INTERNET.
If there is no EDS, then visit any IAPF branch once and choose the INTERNET there as a method of informing. After that, you can enter your personal profile using the IIN and the password you have chosen.
In the upper left corner there is a “Services” function, by clicking on which you will be taken to the general section of services. You need to get a statement from an individual pension account. Specify the period you are interested in, then the received statement can be downloaded to a computer or, if desired, sent by e-mail.
Through your personal profile, you can also track not only the state of the account, but also the status of consideration of applications for the payment of pension savings, change your details, make forecasts for your pension, etc.
For general advice on the pension system, there is a unified call-center at toll-free number 1418.
What payments exist in IAPF, and who has the right to them?
Persons who have reached retirement age: men - upon reaching 63 years old; women this year - upon reaching 60 and a half years old, in 2023 - 61 years old, have the right to pension payments from IAPF at the expense of mandatory pension contributions and professional pension contributions according to the established schedule.
The second category of recipients are persons with disabilities of the first and second groups, if the disability is established indefinitely.
To assign an old-age pension and a state basic pension, as well as to receive payments from mandatory pension contributions and mandatory professional pension contributions from IAPF, it is necessary to apply with a single application and a package of documents only to the Public Service Center of Government for Citizens State Corporation. The recipient will be provided with a proactive, that is, by default, service for the payment of a state guarantee.
To make pension payments from IAPF to persons with disabilities of the first and second groups, if the disability is established indefinitely, it is necessary to contact IAPF - directly to the office or through the website in the "Electronic Services" section.
The list of required documents for receiving pension payments is detailed on enpf.kz website.
In this case, the day of applying for a pension payment is considered:
- for recipients who have reached retirement age - the day of registration of the application by the State Corporation;
- for recipients with disabilities of the first and second groups, if the disability is established indefinitely - the date of receipt or submission of documents to IAPF.
Upon reaching the age of 45 years old by the contributor, with the sufficiency of pension savings of at least 70 percent of the subsistence minimum established by the law on the republican budget and effective as of 1 January of the corresponding financial year, it is possible to transfer their savings to an insurance company by concluding a pension annuity agreement.
In addition, foreigners and stateless persons who have left for permanent residence outside the Republic of Kazakhstan and who have submitted documents specified by the laws of the Republic of Kazakhstan, confirming the fact of departure, have the right to receive pension savings. In order to receive payments in connection with departure for permanent residence, it is necessary to go through the procedure for registering departure in the prescribed manner at the migration police, obtain citizenship of another state, and then submit the necessary package of documents to the Fund.
In the event of the death of a pensioner or a person who has pension savings in IAPF and has not reached retirement age, the savings shall be inherited in the manner prescribed by law. Moreover, IAPF shall pay a lump-sum payment for burial within 52 MCI to the person who carried out the burial of the deceased. Today it is 166 thousand 632 KZT.
My mother received an SMS message with the text that she has savings in IAPF. What is this? After all, she has been retired for five years already? Isn't this a “trick”?
IAPF together with Government for Citizens State Corporation annually carries out an annual reconciliation of persons who have reached retirement age and have pension savings in IAPF.
During the reconciliation process, IAPF specialists notify persons who have reached retirement age and receive a pension from the state budget about the need to apply for pension payments from IAPF.
Let us explain why this happens: in order to assign an old-age pension and a state basic pension, as well as to receive payments from mandatory pension contributions and mandatory professional pension contributions from IAPF, citizens need to apply with a single application and a package of documents only to the Public Service Center of Government for Citizens State Corporation.
However, until 2018, when, in all likelihood, your mother retired, there was no such service: upon reaching retirement age, citizens submitted documents separately to the State Corporation for receiving a basic pension and an old-age pension and separately to IAPF for receiving payments from pension savings. Some citizens who applied to the State Corporation and began to receive state payments did not apply for payments to IAPF.
It is for such persons who did not apply that work is carried out to assign pension payments from IAPF by sending an SMS message from the unified number of the State Corporation 1414 to the telephone number registered in the database of mobile citizens. It is enough for those who receive such messages to send a response message, other additional applications and submission of documents to IAPF or PSC are not required.
Further, payments from IAPF, together with pension payments by age, shall be credited to bank accounts that were previously provided to the State Corporation when assigning the state basic pension payment.
At the same time, the amount and term of pension payments from IAPF depend on the balance of pension savings on the individual pension account of the recipient.
My friend works without deducting pension contributions, he says that there is no guarantee that we will receive our pension savings? I would like to object to him, please state how it sounds in the law.
Kazakhstan is the only country in the world where there is a state guarantee of the safety of pension savings of citizens, taking into account the inflation rate at the time of retirement.
The Law “On Pension Provision in the Republic of Kazakhstan” (Article 5) guarantees recipients the safety of mandatory pension contributions and mandatory professional pension contributions to IAPF in the amount of actually paid contributions, taking into account the inflation rate at the time of obtaining the right to pension payments.
In other words, when a person retires, the return on his/her individual pension account is calculated in relation to the inflation rate for the entire period of being in the accumulative pension system. If the profitability of pension savings during this time is below the inflation rate, the state compensates for this difference.
Therefore, you can be sure that the savings of contributors are reliably protected and this does not depend on how situation in the financial markets and the situation with investment income develop.
Contributors receive the right to payment under the state guarantee upon reaching retirement age. In addition, people with disabilities of groups I and II have this right, if the disability is established indefinitely, persons who have left for permanent residence outside Kazakhstan, foreigners and stateless persons who transferred MPC, MPPC, heirs in the event of the death of a person entitled to payment under the state guarantee.
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IAPF holds an online seminar on the subject “School of financial journalism in the field of pension provision”
Integrated Accumulative Pension Fund, as part of active awareness-raising work among the population aimed at improving financial literacy, as well as awareness of the pension system and changes in pension laws, the formation of personal pension savings and the results of pension asset management, is conducting another free course of the school of financial journalism. Both current journalists and active bloggers from all over Kazakhstan, as well as students of journalism faculties can take part in the training. Within two days, specialists in the field of the accumulative pension system will hold master classes in Kazakh and Russian. The course program will include training modules on various subjects: - Pension systems of the world, demographic trends and the need for an accumulative component, the pension system in the Republic of Kazakhstan, the activities of IAPF, development strategy; - Management of pension assets of the National Bank of the Republic of Kazakhstan and Investment portfolio management; - Digital IAPF (presentation about the electronic services of the Fund); - Pension provision in the EAEU countries; - Types of payments of pension savings from IAPF. In addition, the heads of IAPF PR department will tell their current and future colleagues how awareness-raising work is carried out in the Fund and how to make interesting material about the accumulative pension system. The event will be held online on November 24 in Russian and on November 25 in Kazakh from 10.00 to 13.00. Pre-registration is required to participate. An application for participation is to be sent to the email: press@enpf.kz, indicating information about yourself: full name, name of the media or educational institution (for students), date of participation, email and WhatsApp number (for sending an invitation link). An invitation link will be sent to you the day before the start of the event.
The school has become a traditional annual event. Since 2017 about 400 current and future journalists have taken part in it. IAPF was established on 22 August, 2013 on the basis of State Accumulative Pension Fund APF JSC. The founder and shareholder of IAPF is the Government of the Republic of Kazakhstan represented by the Committee of State Property and Privatization State Institution 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 1 January, 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 laws, IAPF attracts mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the contributor (recipient) with information on the state of his/her pension savings (for more details, see www.enpf.kz ).
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The real return on pension savings is positive in the long run
As already reported, the amount of pension savings of contributors to the Unified Accumulative Pension Fund as of October 1, 2022 exceeded KZT14.1 trillion. The share of accumulated net investment income in pension savings, taking into account benefits paid, in this amount is 36.7%. The net investment income provided by the National Bank since 2014 (the end of the process of merging all pension assets into the UAPF) amounted to KZT6.8 trillion. Despite the volatility of the financial markets, which is typical for 2022, due to the diversification of the investment portfolio of pension assets by instruments, industries and currencies, during July, a positive investment income was earned for nine months, a net investment income in amount of KZT716.8 billion was distributed to the accounts of depositors and beneficiaries. The return for the last 12 months on pension assets secured by the National Bank of the Republic of Kazakhstan (from October 2021 to September 2022) amounted to 7.52%. Note that pension savings are long-term investments and it is advisable to analyze the amount of investment income for a period of at least 1 (one) year. Short-term data (weekly, monthly, etc.) are not indicative, because subject to constant changes in market conditions. For example, the cumulative return on pension assets over 5 years amounted to 55.8% with cumulative inflation of 53.7%. If we take an even longer period, then the investment return from the date of the foundation of the funded pension system (1998) to October 1, 2022, on an accrual basis, amounted to 722.84%, with inflation for the entire period of 646.37% Thus, in the medium and long term, a positive real (exceeding accumulated inflation) return on pension savings is ensured. The entire system of investment management and accounting of pension assets is transparent: each contributor has the opportunity to see their investment income in their personal account on the enpf.kz website or in a mobile application. Information on investment management of UAPF pension assets and financial instruments in which UAPF pension assets are placed is published on the official website of UAPF (www.enpf.kz) in the section “Indicators/Investment activity”.
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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) |
Since August of this year, within the framework of the state program «Еmployment Roadmap 2020» in Karasay rural district, work has begun on the current repair of the district inter – village highway from the village of Kyna to the village of Karasay with a length of 18 km. Five people have been employed under this program. Repairs are performed by LLP «Akzhol Akkol».
On September 1, this year, akim of Akkol district Alpysbay Kairzhanov held a meeting at the construction site of a 45-apartment residential building in Akkol.
The meeting was attended by Deputy akim of the district, heads of independent departments, the head of the housing and utilities service, as well as a representative of the contractor.
During the meeting, the issues of harvesting campaign, preparation for the heating season, completion of current and major repairs of social and housing facilities, digitization of agricultural land, opening of new jobs, construction of housing and utilities facilities, as well as increasing the number of existing SMEs were discussed.
Recall that the construction of a 5-storey 45-apartment residential building on Imanov street, 18 in Akkol, is implemented within the framework of the state housing construction program «Нұрлы жер». Construction work started on July 1 this year. The construction contractor is «Kamila» LLP. The cost of the project is 421 381 million 561 thousand tenge. The total area of a 1-room apartment is 35.7 m2, a 2-room apartment is 57.4 and 55.2 m2, and a 3-room apartment is 68.0 m2. Depositors who have savings in JSC «Жилстройсбербанк» and are registered in need of housing can apply for housing.
At the end of the event, the mayor of the district instructed the relevant services to accelerate the pace of work on the construction of housing and utilities facilities and strengthen the work on the effective use of budget funds.