INFORMATIONAL MESSAGE
Now all individual pension accounts in the UAPF are opened automatically
On October 12, 2021, the President of the Republic of Kazakhstan signed the Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on social protection of Certain Categories of Citizens" (hereinafter referred to as the Law), within the framework of which appropriate amendments were made, including the Law of the Republic of Kazakhstan "On Pension Provision in the Republic of Kazakhstan".
According to these changes, from October 26, 2021, individual pension accounts (IPS) for accounting for mandatory occupational pension contributions (OPP)The UAPF will open automatically upon receipt of the first installment.
The information systems of the UAPF are prepared for a new procedure for opening IPS for accounting of the UAPF, similar to the opening of IPS in the UAPF for other types of pension contributions.
Recall that the explicit procedure for opening an IPS is valid:
- from January 8, 2019 in respect of mandatory pension contributions;
- from May 1, 2021 in respect of voluntary pension contributions.
The identification of the natural person in whose favor the UOPP is transferred will be carried out according to his personal data (full name, IIN, date of birth) indicated in the electronic format of the payment order when transferring the UOPP, and all the necessary information: about the details of a valid identity document of an individual, about the place of permanent residence, other information the UAPF will receive from the relevant information systems of state bodies.
The agent (payer) of the pension Fund is an employer who is obliged to deduct contributions from his own funds in favor of the employee in the amount of 5 percent of his monthly income accepted for calculating pension contributions in the manner determined by the Government of the Republic of Kazakhstan.
Recall that those citizens who work in harmful and dangerous fields of activity have the right to pension savings at the expense of the OPPV. The list of such professions was approved by the Decree of the Government of the Republic of Kazakhstan "On approval of the List of industries, works, professions of employees in whose favor depositors of mandatory occupational pension contributions at their own expense make mandatory occupational pension contributions" dated December 31, 2013 No. 1562.
Legislative changes on the automatic opening of IPS for the accounting of OPPOS will significantly facilitate the fulfillment of agents' obligations to transfer OPPOS: there is no need, together with an employee, to issue an application for the opening of IPS for the accounting of OPPOS with the provision of a certain list of documents containing more than 10 names to the UAPF.
For reference:Mandatory occupational pension contributions are paid in the national currency of the Republic of Kazakhstan - no later than the 25th day of the month following the month of income payment. By economic entities applying a special tax regime – in accordance with the procedure and terms provided for by the tax legislation of the Republic of Kazakhstan.
The tax authorities control the transfer of the OPPV. If the employer does not timely transfer to the IPS of the employee of the OPPV (subject to the actual payment and receipt of income by the employee), the tax authorities are collected from the employer and are subject to transfer to the UAPF of the OPPV with an accrued penalty in the amount of 2.5 times the official refinancing rate established by the authorized body for each day of delay.