I am afraid to transfer my savings to the investment management of private companies, suddenly they will not justify the trust? Can I return them to the UAPF?
The state guarantee of the safety of mandatory pension contributions, mandatory professional pension contributions in the amount of actually made mandatory pension contributions, mandatory professional contributions, taking into account the level of inflation, is provided only for the amounts managed by the National Bank of the Republic of Kazakhstan.
In the event of a negative difference between the nominal return on pension assets received by the UIP and the minimum value of the return on pension assets calculated in accordance with the Law and the regulatory legal act of the ARRFR, the UAPF shall reimburse this negative difference from its own capital in the manner and within the time limits established by the regulatory legal act of the ARRFR, for the subsequent transfer of this amount to the depositor, whose pension savings were in the trust management of this UIP as of the end of the year preceding the year., in which the refund is made. At the same time, the specified amount is credited to the individual pension accounts of the depositor opened in the UAPF.
The minimum level of return will be calculated from the weighted average return on pension assets transferred to the management of the PPI operating in the market. Information on the indicators of the minimum yield and the weighted average yield on pension assets will be published monthly on the official Internet resource of the National Bank of the Republic of Kazakhstan.
According to the Law of the Republic of Kazakhstan "On Pension Provision in the Republic of Kazakhstan", UIPS have the right to charge a commission fee for investment management. The maximum amount of UIP remuneration may not exceed 7.5% of the investment income received. The actual amount of the commission fee will be approved annually by the UIP management body and may change no more than once a year.
The depositor has the right to:
- no more than once a year to submit an application for a change in the UIP for the transfer of their pension savings in trust from one UIP to another UIP;
- submit an application to the UAPF for the return of pension savings held in the trust management of the UIP to the trust management of the National Bank (not earlier than two years after the initial transfer of pension savings to the trust management of the UIP).
10 calendar days before the depositor reaches the retirement age, his pension savings, taking into account the investment income, will be returned to the management of the National Bank of the Republic of Kazakhstan (if they were previously in the trust management of the UIP) and used for the purposes of making pension payments according to the schedule, concluding a pension annuity agreement or for other purposes provided for by law.