Hello! Can you explain how my pension is formed in the UAPF? Everything I have accumulated is just paid to me once?
Savings accumulated in an individual retirement account are not paid out at the same time when the retirement age comes. Pensioners receive them on a monthly schedule together with pension payments from the state budget (basic and solidary pension). The amount of the monthly payment from the UAPF is calculated in accordance with the Methodology provided for by the Decree of the Government of the Republic of Kazakhstan dated October 2, 2013 No. 1042.
According to this Method, the calculation of the monthly payment from the UAPF in the first year of retirement is the next. The amount of savings on an individual pension account is multiplied by the rate of pension savings payments – 6.5% and divided by 12.
For example, 9 000 0000 tenge has been accumulated. 9 000 000*6,5 %= 585,000 tenge. This is the annual amount of payments from the UAPF. We divide it by 12 months and get: 585,000 / 12 months = 48,750 tenge.
In the following years, the amount of the monthly pension payment will increase annually by the indexation rate of pension payments – 5%.
It is possible to receive pension savings at a time only if the amount of pension savings on the date of the recipient's application does not exceed twelve times the minimum pension established by the law on the republican budget for the corresponding financial year (from 01.04.2022 – 576,384.00 tenge = 12 * 48,032.00).