As a result of the analysis of applications for lump-sum pension payments received from authorized operators, the following main reasons can be identified and advice can be given on how to eliminate them and prevent them in the future.
The first reason: in the application of the depositor, submitted to the authorized operator, an incorrect amount for withdrawal is indicated, including in excess of the available pension savings.
Recommendation: check up-to-date information about your pension savings, including information about the available amount (in your personal account on the enpf.kz website, in the UAPF mobile application, on the egov.kz portal) immediately before submitting an application to an authorized operator for receiving lump-sum pension payments.
The second reason is that the amount for withdrawal is incorrectly indicated when choosing a method of paying personal income tax PPI).
Recommendation: in case of targeted withdrawal of savings (for housing, treatment), the depositor has the right to choose one of two methods of paying for the PPI. The first way is to take advantage of the PIT payment deferral and pay the PPI monthly in equal installments for no more than sixteen years after retirement (according to the established pension payment schedule from the UAPF). The second way is to pay the tax in full immediately with a lump sum pension payment. The method of payment of the IIT should be indicated in the application to the authorized operator.
If the depositor decides to take advantage of the deferred payment of the PPI, then it is necessary to indicate in the application the amount to be withdrawn without deducting the PPI.
If the depositor decides to pay the PPI immediately in full, then he must indicate in the application the amount to be withdrawn minus the PPI in the amount of 10%.
Both amounts are already indicated in the statement provided by the UAPF to the depositor, for his convenience and independent choice. The amount indicated by the depositor for withdrawal will be transferred from the UAPF to his special account opened with an authorized operator.
The third reason: the depositor's application indicated the amount requested for withdrawal, without taking into account the minimum sufficiency threshold (for example, the entire amount of pension savings available on an individual pension account was indicated).
Recommendation: the application should indicate the amount within the amount available for withdrawal and indicated in the extract received by the contributor to the UAPF.
The fourth reason: the application indicated an irrelevant amount that does not take into account changes in the amount of pension savings due to market fluctuations in investment income as a result of changes in exchange rates or the value of financial instruments in the investment portfolio of pension assets.
Recommendation: Check for up-to-date information about your pension savings, including information about the available amount, immediately before applying for a lump sum pension payment.
Fifth reason: the contributor submitted repeated, duplicate applications.
Recommendation: wait. In accordance with the law, within five working days from the date of receipt by the UAPF of an electronic notification from the authorized operator, the UAPF transfers the amount of the lump-sum pension payment to the operator for subsequent crediting to the special account of the contributor (recipient) opened by the authorized operator.
If the authorized operator has not received an electronic notification from UAPF about the refusal to transfer the payment indicating the reason for the refusal, then the depositor should wait five business days before the date of transfer of the amount of savings to his special account and not submit repeated applications to the authorized operator.
Recall that if a contributor to the UAPF has an amount exceeding the sufficiency threshold, an application for its use can be submitted an unlimited number of times. If, for any reason, the depositor was denied the application for a lump-sum pension payment, then, having eliminated the reason for the refusal, it is possible to re-apply to the authorized operator. If the depositor wants to use his savings for different purposes, then you can submit separate applications for these purposes within the amount available for withdrawal.