INFORMATIONAL MESSAGE
The average transfer amount to the companies managing the investment portfolio is two million tenge
Since January 2021, legislative norms have come into force granting citizens the right to use part of their pension savings not only to improve housing conditions and (or) pay for treatment, but also to transfer to investment management companies managing investment portfolios (UIP).
The depositor's pension savings can be transferred to the management of the UIP:
- in an amount not exceeding the difference between the actual amount of the depositor's pension savings in the UAPF and the threshold of minimum sufficiency of pension savings; or
- in an amount not exceeding the balance of pension savings on the depositor's account in the UAPF, if there is a concluded pension annuity agreement with an insurance company providing for lifetime payments.
In order to transfer pension savings to one or more UIPS, the depositor must apply to the UAPF with an application. The application can be submitted through the personal account on the enpf website.kz or by personal contact to any regional branch of the UAPF.
The UAPF transfers pension savings to the trust management of the UIP within thirty calendar days after the date of receipt of the application from the depositor. The remaining part of the depositor's pension savings will continue to be managed by the National Bank.
Pension savings transferred to the investment management of the UIP do not relate to withdrawals of lump-sum pension payments (as in the case of withdrawals for the purpose of improving housing conditions and/or treatment) and will not be subject to individual income tax at the time of their transfer to the UIP.
After the initial transfer of pension assets to the trust management of the UIP, the depositor has the right to:
- not more than once a year to submit an application to the UAPF for the transfer of their pension savings in trust management from one UIP to another UIP;
- submit to the UAPF an application 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).
Including 10 calendar days before the depositor reaches retirement age, the depositor's pension savings are returned to the investment management of the National Bank.
As of September 16, 2021, the manager of the investment portfolio transferred 5.2 billion tenge, the UAPF executed 2,707 applications. The average transfer amount is about 2.0 million tenge. Detailed statistics on the transfer of a year of pension savings to trust management are also available on the enpf website.kz in the "Indicators" section - "Transfer of pension savings to management companies".
At the moment, the UAPF has concluded agreements on the trust management of pension assets with four UIPS. You can get acquainted with the information about them and study their investment declarations on the enpf website.kz in the "Services" section - "Register of investment portfolio managers". It should be noted that out of 5.2 billion tenge - 44.97% or 2.3 billion tenge was transferred to JSC "Jusan Invest", 27.58% or 1.4 billion tenge to JSC "Halyk Global Markets", 17.95% or 0.9 billion tenge to JSC "BCC Invest", 9.50% or 0.5 billion tenge to JSC "Centras Securities".
In the context of regions, more than half of the funds transferred to the UIP account for the two largest cities of Kazakhstan, Almaty and Nur-Sultan, 45.3% and 26.2% respectively. The third place in the transfer of UIP funds for the Mangystau region is 5.5%.
Recall that after receiving pension assets from the UAPF, the UIP invests them in authorized financial instruments specified in the Rules for the Implementation of Investment Portfolio Management Activities approved by Resolution No. 10 of the Board of the National Bank of the Republic of Kazakhstan dated February 3, 2014, and provided for in the Investment Declaration of the UIP.
According to the Law on Pension Provision, UIPS have the right to charge a commission for investment management. The maximum value of the remuneration of the UIP may not exceed 7.5% of the investment income received. The actual amount of the commission fee is approved annually by the management body of the UIP and may change no more than once a year.
During the period when pension savings are under the management of the National Bank until the depositor reaches retirement age, a guarantee of the safety of pension savings, taking into account the level of inflation, is in effect. When transferring pension savings to the management of the UIP, the guarantee of the state is replaced by the guarantee of the management company to ensure the minimum level of profitability of pension assets, which is calculated based on the weighted average yield of pension assets transferred to the management of the UIP operating in the market.
UAPF was established on August 22, 2013 on the basis of JSC "NPF "GNPF". The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of the UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension assets management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory occupational pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (more on www.enpf.kz )