My wife and I wanted to transfer our retirement savings to an insurance company, but she doesn't have enough to transfer them. I heard that we can combine our retirement savings, how to do it?

It is absolutely true that the Law of the Republic of Kazakhstan dated July 12, 2022 No. 138-VII "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market, banking activities" introduced amendments and additions to pension legislation that came into force on 12.09.2022, including including allowing depositors (recipients), in cases provided for by law, to conclude a pension annuity agreement jointly with spouses or close relatives.

A joint annuity is a product implying the 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" and at the same time insured.

A joint annuity, unlike a classic pension annuity, allows you to combine pension savings and redistribute income under a pension annuity agreement.

It should be noted that in order to conclude a pension annuity agreement, the amount of pension savings must be sufficient to ensure payment of at least 70 percent of the subsistence minimum (1.4 times the subsistence minimum in the case of concluding a pension annuity agreement by two persons), established by the law on the republican budget and effective on January 1 of the corresponding fiscal year.

The list of persons entitled to transfer pension savings to an insurance company and the necessary package of documents for this can be found here on the Fund's website.