As soon as the age and the amount of savings allowed, I transferred part to the insurance company. Now I would like to return some of it to the pension fund again. Is it possible?
Since 2003, our citizens have the right to conclude pension annuity agreements with life insurance companies (hereinafter referred to as CSW). Such an agreement allows citizens, without waiting for retirement age, to receive regular payments from the CSR, taking into account annual indexation (at least 5%) for life.
The Law of the Republic of Kazakhstan on the development of the insurance market, put into effect from September 12, 2022, citizens who have a pension annuity agreement are granted the right to partially refund money from the CSF back to the UAPF.
In the implementation of the Law, on October 20, 2022, a corresponding regulatory legal act (NPA) was adopted, which comes into effect after 10 calendar days after its official publication, namely from November 8, 2022.
From this date, citizens who have a pension annuity agreement can apply to the CSJ with an application and return to the UAPF part of the insurance premium exceeding the minimum value of the pension annuity agreement.
To do this, the pension annuity contract is renegotiated under new conditions, which should ensure payments at a level not lower than 70% of the subsistence minimum.
Insurance organizations are obliged to transfer the amount of money to be refunded to the UAPF within 20 calendar days from the date of the insured's request.