About some changes in the order of accounting and calculation of pension assets
UAPF informs its depositors about the introduction of certain amendments and additions to the regulatory legal acts of the Republic of Kazakhstan on the regulation of the financial market.
The procedure for accounting for pension savings and the frequency of revaluation of the value of pension assets are determined by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2013 No. 237 "On Approval of the Rules for the Operation of the unified Accumulative Pension Fund and (or) Voluntary accumulative Pension Funds". By the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market of February 15, 2021 No. 31 "On Amendments and Additions to certain Regulatory legal Acts of the Republic of Kazakhstan on financial market Regulation", the above-mentioned Rules were amended in terms of the procedure for calculating the value of the conditional unit of pension assets. According to the new procedure, the calculation is carried out on a weekly basis as of the end of the first working day of the week and at the end of the last calendar day of the month.
The procedure for accounting and calculating pension assets provides for the following methodological approach. Upon receipt of pension contributions to the individual pension account (IPS) of the depositor (recipient), operations for crediting the received amount of pension contributions are carried out with their conversion to the equivalent number of conventional units of pension assets, at the current value of the conventional unit on the date of receipt of pension contributions. When making pension payments from the depositor's (recipient's) IPS, operations to write off the amounts of pension savings are carried out with their conversion into an equivalent number of conventional units of pension assets, at the current value of the conventional unit on the date of pension payment.
Since pension assets are long-term investments, calculating the value of a conventional unit on a weekly basis (as of the end of the first working day of the week and at the end of the last calendar day of the month) allows you to smooth out daily possible fluctuations in pension savings on the IPS of depositors (recipients) due to short-term market changes in the value of financial instruments and investment income on them.
Thus, possible changes in the statements from the IPS provided to depositors (recipients) in terms of investment income will be reflected at the end of the first working day of each week and at the end of the last calendar day of each month. At the same time, information on all pension contributions (penalties) received, pension payments made, and transfers (to second-tier banks, authorized operators, insurance companies, and investment portfolio managers) will continue to be reflected in full on a daily basis during operations.