I heard that there is now a joint pension annuity. My husband and I would like to combine our retirement savings, since I do not have enough funds to transfer to an annuity. How can we do this?
A joint annuity is a product implying participation in a pension annuity contract of two policyholders (insured) who are spouses or close relatives in accordance with the Code of the Republic of Kazakhstan "On Marriage (Matrimony) and Family".
A joint annuity, unlike a classic pension annuity, will allow you to combine pension savings and redistribute income under a pension annuity agreement.
The purpose of a joint annuity is to ensure the availability of a retirement annuity. Close relatives, as well as married couples can use this product, if one spouse does not have enough pension savings to buy a pension annuity, and the second has a surplus, then through a joint pension annuity, both spouses will provide themselves with lifetime payments.
When concluding a joint pension annuity agreement for each spouse, insurance payments are recorded separately and a personal schedule of insurance payments is drawn up.
The spouses will receive monthly insurance payments for life, including in the event of divorce (matrimony) in the amount established by the schedule of insurance payments, the joint amount of which cannot be lower than 1.4 times the subsistence minimum (PM) effective on the date of conclusion of the pension annuity agreement.
In the event of the death of one of the spouses, the second will continue to receive their personal insurance payments according to the schedule according to the joint pension annuity agreement (at least 0.7 PM).