Hello! I recently read the news on one of the portals that you can receive payments from the UAPF at the expense of voluntary pension contributions, even before reaching retirement age. Can you tell us in more detail what a DPV is and how to start receiving payments before the age of 63?
Voluntary pension contributions (VPS) are money that is made by depositors on their own initiative to the UAPF. They can be made both by individuals in their own favor, and by individuals and legal entities in favor of a third party. At the same time, the amount and frequency of payment of the DPV are set by an individual or legal entity independently. Thus, for example, in June you can top up your account by 5 thousand tenge, and in July by 10 thousand tenge, etc. However, in order to receive decent pension payments in the future, you need to top up your account regularly.
One of the advantages of paying the DPA is that when an individual pays the DPA in his own favor at the expense of his income, the tax legislation provides for a tax deduction for the amount of the DPA paid (i.e., the DPA paid is not subject to the IIT). In addition, starting from January 1, 2021, the personal income tax paid by the tax agent (employer) at the expense of its own funds in favor of the employee is deducted when calculating corporate income tax. At the same time, the amounts paid by the employer for the employee's benefit are not taken into account when taxing the employee's income.
It should be noted that since May 1 of this year, the first voluntary pension contribution received by the UAPF is also the basis for opening an individual pension account for accounting for DPA. Thus, you do not need to visit the office of the Fund, the identification of the individual in whose favor the DPV is made is carried out using personal data (full name, IIN, date of birth) specified in the electronic format of the payment order when transferring the DPV, 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, the UAPF receives from the relevant information systems of state bodies.
Regarding the age of payments due to DPV. According to paragraph 1 of Article 33 of the Law of the Republic of Kazakhstan "On Pension Provision in the Republic of Kazakhstan", the right to pension payments from the UAPF at the expense of the DPV arises from the following persons who have pension savings:
1) those who have reached the age of fifty;
2) who are disabled;
3) foreigners and stateless persons who leave or have left for permanent residence outside the Republic of Kazakhstan, who have submitted documents defined by the legislation of the Republic of Kazakhstan confirming the intention or fact of departure;
4) having pension savings within the limits of the amounts of voluntary pension contributions and the investment income accrued on them, being in the unified accumulative pension fund and (or) the voluntary accumulative pension fund, for at least five years.
It should be noted that subparagraph 4) of paragraph 1 of this article entered into force on May 1, 2021. According to this innovation, all persons whose DPA has been in the pension system for at least five years can receive DPA payments. Thus, starting to save money at the expense of DPV, for example, in 25 or 35, respectively, in 30 or 40 years, you can start receiving your first payments.
We remind you that the payment of DPV in the UAPF can be made through second-tier banks (STB) or JSC "Kazpost". Individual STBs provide the ability to transfer contributions online (via a mobile app or self-service terminals). In addition, it is possible to submit an application to the employer, on the basis of which the latter will regularly transfer the DPV to the UAPF in favor of the applicant or a third party.