Voluntary pension contributions (VPC) are money that contributors contribute on their own to the UAPF. They can be made by both individuals in their favor, and individuals and legal entities in favor of a third party. At the same time, the amount and frequency of payment of VPC are set independently by an individual or legal entity.
One of the advantages of paying VPC is that when a VPC is paid by an individual to his own benefit from his income, tax legislation provides for a tax deduction for the amount of paid VPC. In addition, from January 1, 2021, VPCs paid by a tax agent (employer) at their own expense in favor of an employee are deducted when calculating corporate income tax. At the same time, the amounts paid by the employer to VPC in favor of the employee are not taken into account when taxing the employee's income.
Note that from May 1 of this year, the basis for opening an individual pension saving account for VPC accounting is, among other things, the first voluntary pension contribution received by the UAPF. Thus, the contributor (beneficiary) does not need to visit the office of the Fund, the identification of the individual in whose favor the VPCs are paid will be carried out according to the personal data (full name, IIN, date of birth) indicated in the electronic format of the payment order when transferring the VPC, and all the necessary information: about the details of a valid identity document of an individual, about the place of permanent residence, other information will be received by the UAPF from the relevant information systems of state bodies.
According to paragraph 1 of Article 33 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan, the right to pension benefits from the UAPF at the expense of VPC arises from the following persons who have pension savings:
1) have reached the age of fifty;
2) who are disabled;
3) foreigners and stateless persons leaving or leaving for permanent residence outside the Republic of Kazakhstan, who have submitted documents determined by the legislation of the Republic of Kazakhstan, confirming the intention or fact of departure;
4) having pension savings within the limits of the amounts of voluntary pension contributions and the investment income accrued on them, which are in a unified pension savings fund and (or) a voluntary pension savings fund, for at least five years.
Subparagraph 4) of paragraph 1 of this article entered into force on May 1, 2021. According to this innovation, VPC benefits can be received by all persons with VPC savings in the pension system for at least five years. Thus, having started to save funds at the expense of VPC, for example, at the age of 20 or 30, at 25 or 35, respectively, you can start receiving your first payments.
Recall that the payment of VPC to the UAPF can be made through second-tier banks (STB) or Kazpost JSC. Some STBs provide the ability to transfer contributions online (via a mobile application or self-service terminals). In addition, it is possible to submit an application to the employer, on the basis of which the latter will regularly transfer the VPC to the UAPF in favor of the applicant or a third party.