INFORMATION MESSAGE
How can I use part of my pension savings to improve housing conditions, pay for medical treatment, and / or transfer them to an investment portfolio manager?
According to the law "On Amendments and Additions to Certain legislative Acts of the Republic of Kazakhstan on the restoration of economic growth", citizens have the right to use part of pension savings to improve housing conditions and (or) pay for treatment that is not included in the guaranteed amount of free medical care and mandatory social health insurance, as well as for transfer to the investment management of private management companies.
The right to use part of their pension savings in order to improve the living conditions in their favor or wife (husband) or close relatives, and (or) to pay for treatment for yourself or wife (husband) or close relatives can take advantage of the following persons, who UAPF pension savings, formed at the expense of compulsory pension contributions (OPV) and (or) mandatory professional pension contributions (oppv):
1) the amount of pension savings that exceed a minimum threshold for adequacy of pension savings.
While lump-sum pension payment may not exceed the amount of the difference between the amount of pension savings for schetov and (or) oppw of the depositor (recipient) and the minimum threshold of adequacy of retirement savings, calculated according to the Method of determining the minimum threshold for the adequacy of retirement savings, approved by the Government of the Republic of Kazakhstan on the date the email is sent from an authorised dealer;
2) where the amount of pension provides a replacement rate of average monthly income of the recipient at no less than 40 per cent, determined in the manner established by the Government of the Republic of Kazakhstan.
At the same time, a one-time pension payment may not exceed 50 percent of the amount of pension savings at the expense of the depositor's (recipient's) OOP and (or) OOP as of the date of receipt of the initial electronic notification from the authorized operator.;
3) who have entered into a pension annuity agreement with an insurance company;
At the same time, a one-time pension payment may not exceed the amount of pension savings at the expense of the individual pension accounts of the depositor (recipient).
To exercise the right to use part of the pension savings, citizens will first have to check their pension savings and make sure that the amount available for withdrawal is available in their individual pension account with the UAPF.
On the corporate website of the enpf Foundation.kz in your Personal Account, as well as in the updated UAPF mobile app, Telegram, you can check online information about the amount available for withdrawal.
In the Personal Account on the corporate website of the Fund and in the mobile application, two methods of authorization are available: enter the IIN and password or use an electronic digital signature. Also, when you log in to the mobile app, you can use TouchID or FaceID, if they are available on your mobile device. For convenience, the user can choose the language of service: Kazakh or Russian.
Those depositors (recipients) who, after checking their pension savings in the UAPF, have decided to use part of their pension savings to improve housing conditions and (or) pay for treatment, will have to contact the authorized operator through the authorized operator's Internet portal to open a special account and submit an application for a one-time pension payment (hereinafter referred to as the application for payment) using an electronic digital signature (EDS).
When applying for the payment of the authorized operator of the depositor (recipient) must select the method of payment of personal income tax (pit) in a lump sum pension payment (recall that each contribution in the Fund of IIT is not charged), putting the selected method in the statement of deduction of IIT, which is also signed by the digital signature.
That is, citizens themselves indicate to the UAPF at what point to deduct the PPI from the amount of a one-time pension payment: immediately in full at the time of payment, or to retain the PPI in a deferred period (monthly in equal shares when reaching retirement age according to the pension payment schedule).
The authorized operator within 2 (two) working days will receive an email notification in the Fund, which will contain information about approved application for payment, including information about the purpose of the exemption, name, ETC., IIN, on the amount of lump-sum pension payments in the amount determined by the depositor (recipient), the retention pit, and attach to an email notification of the statement of deduction of IPN, also signed by the digital signature of depositor (recipient).
After receiving an electronic notification from the authorized operator, the UAPF transfers the amount of the one-time pension payment of the depositor (recipient) to the authorized operator within 5 working days, which in turn will transfer it to the special account of the depositor (recipient).
The amount of a one-time pension payment may be held in a special account of the depositor (recipient) opened with an authorized operator (Otbasy Bank JSC) for no more than 45 working days.
During this period, the depositor (recipient) must provide the authorized operator of the documents for its intended purpose or if they are not submitted within the time specified, the amount of lump-sum pension payments should be returned to the authorized operator in the Fund, which will enroll them into an individual retirement account (recipient).
Thus, all citizens ' requests for improving housing conditions and (or) paying for treatment will be received and considered by the authorized operator on the principle of "one window" and a separate appeal to the UAPF from citizens will not be required, except for the independent online receipt of information in the UAPF about the amount of pension savings available for withdrawal.
In addition to withdrawing pension savings for the purpose of improving housing conditions and(or) paying for medical treatment, from 2021, citizens will also be able to participate in the management of their pension savings at the expense of the IOP and (or) OPP through the independent choice of investment portfolio managers (IPOs) offering different investment strategies. For transfer of pension savings to WHIP the investor must submit an application in the form prescribed by the internal document Eppothum a personal appeal to the regional offices of the SAPF or remotely via the Internet resourcing using the electronic digital signature.
Please note that the right to use part of their pension savings for transfer to the UIP can be used only after the appearance on the financial market of Kazakhstan of the UIP defined by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, with which the UAPF will conclude agreements on the trust management of pension assets, as well as custodial agreements.
UAPF was established on August 22, 2013 on the basis of JSC "NPF "GNPF". The founder and shareholder of the UAPF 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. The National Bank of the Republic of Kazakhstan performs the trust management of the pension assets of the UAPF. Since January 1, 2016, the functions of developing proposals for improving the efficiency of pension asset management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, and provides the depositor (recipient) with information about the state of his pension savings (for more information, see www.enpf.kz).