I worry that my savings will simply "burn out" after I have passed away. And I want to leave it to my only son. Tell me, what happens to pension savings after the death of a person?
Articles 31, 32 and 33 of the law" on pension provision in the Republic of Kazakhstan " (hereinafter referred to as the law) define that in the event of the death of a person who has pension savings in the UAPF at the expense of mandatory pension contributions and mandatory professional pension contributions, voluntary pension contributions, his pension savings will be inherited in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
In addition, in accordance with the provisions of Paragraph 5 of Article 50 of the law, the recipient, as well as in the event of the death of a person who has pension savings and has not reached the generally established retirement age, his family or the person who carried out the burial, the UAPF pays a lump sum payment for burial within the amount of 52.4 times the monthly calculation index established for the corresponding financial year, which is established in the amount established by the law on the Republican budget, but not exceeding the funds in an individual pension account (IPS).
If, after making a lump sum payment for burial, the balance of pension savings in the recipient's IPS is an amount that does not exceed the minimum pension amount established by the law on the Republican budget for the corresponding financial year, this balance is paid as a payment for burial.
An up-to-date list of necessary documents, depending on the type of payment, the method of their transfer to the UAPF (upon arrival/by means of postal communication/when applying through a third party), requirements for their registration, as well as application forms and samples of their filling, depending on the type of payment currency, samples of power of attorney, contacts with the UAPF are available at the fund's address: www.enpf.kz.