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 for the purpose of improving housing conditions in their favor or spouse or close relatives, and (or) to pay for treatment for themselves or spouse or close relatives, can be used by the following persons who have pension savings in the UAPF formed at the expense of mandatory pension contributions (OPV) and (or) mandatory professional pension contributions (OPV):
1) the amount of pension savings that exceeds the threshold of the minimum sufficiency of pension savings.
While lump-sum pension payment may not exceed the amount of the difference between the amount of pension savings at the expense of OPV 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 due to the OPV and (or) OPV of the depositor (recipient) on 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;