The unclaimed amounts of the guaranteed compensation will be transferred to the accounts for voluntary pension contributions
From May 1, 2021, the provisions of the Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Restoring Economic Growth" will come into effect, regulating the procedure for transferring by the Kazakhstan Deposit Guarantee Fund (KDF) the amounts of guaranteed compensation unclaimed during the year to the UAPF for crediting to individual pension accounts (IPS) for accounting for voluntary pension contributions (DPA).
If the depositor of the deposit in a bank that was a member of the mandatory deposit guarantee system and which was deprived of the license to conduct all banking operations, within one year from the date of the start of payment of the guarantee compensation, did not apply to the KFGD, the KFGD will transfer the unclaimed amount of the guarantee compensation to the UAPF for crediting them to the IPS for accounting for DPV.
This applies to new insurance claims (revocation of the bank's license) that occurred after May 1, 2021, and will also apply to depositors of banks for which payments are already being made - for them, the term of payment of the guarantee compensation will last until May 1, 2022.
In addition, from May 1 of the current year, the primary (s) received by the UAPF will be the basis for the automatic (non-declarative) opening of the IPS for the accounting of the DPV:
- a voluntary pension contribution from an individual depositor in their own favor at the expense of their income or from a depositor (individual/legal entity) in favor of the recipient;
- the unclaimed amount of the guarantee refund from the CFDD.
At the same time, the identification of the individual in whose favor payments will be made will be carried out according to the personal data (full name, IIN, date of birth) specified in the electronic format of the payment order, and all the necessary information: about the details of the current identity document of the individual, about the place of permanent residence, and other information will be obtained by the UAPF from the relevant information systems of state bodies.
If a person already has an IPS for accounting for DPV already opened in the UAPF, then the unclaimed amount of the guarantee refund will be credited to this account.
It should be noted that the unclaimed amounts of the guarantee refund credited to the IPS will be invested in the same manner as the other amounts of the DPA.
Persons who have pension savings at the expense of DPV in the UAPF have the right to receive them upon reaching 50 years of age, upon the onset of disability, when leaving for permanent residence outside the Republic of Kazakhstan as foreigners and stateless persons who have submitted documents defined by the legislation of the Republic of Kazakhstan confirming the intention or fact of departure.
To return the unclaimed amount before the occurrence of the above conditions, the depositor can apply to the CFDD in accordance with the Law of the Republic of Kazakhstan "On Mandatory Guarantee of deposits placed in second-tier Banks of the Republic of Kazakhstan. The KFGD, in turn, will send a notification to the UAPF and the refund will be made. At the same time, if the UAPF depositor's DPV account was opened automatically and there are no funds left on it after the return to the CFDD, then it is closed automatically after a month.