JSC "UAPF" informs its contributors about the introduction of some changes and additions to the regulatory legal acts of the Republic of Kazakhstan on the regulation of the financial market.
The procedure for accounting for pension savings and the frequency of revaluation of the value of pension assets are determined by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2013 No. 237 “On Approval of the Rules for the Operation of a Unified Accumulative Pension Fund and (or) Voluntary Accumulative Pension Funds”. By the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated February 15, 2021 No. 31 “On Amendments and Additions to Certain Regulatory Legal Acts of the Republic of Kazakhstan on Financial Market Regulation”, the above Rules were amended in terms of the procedure for calculating the cost of a conventional unit pension assets. According to the new procedure, settlement is carried out on a weekly basis as of the end of the first working day of the week and the end of the last calendar day of the month.
The procedure for accounting and calculation of pension assets provides for the following methodological approach. Upon receipt of pension contributions to the individual pension account (IPA) of the contributor (recipient), transactions for crediting the received amount of pension contributions are carried out with their recalculation into an equivalent number of conventional units of pension assets, at the current value of the conventional unit on the date of receipt of pension contributions. When making pension payments from the IPS of a contributor (recipient), operations to write off the amounts of pension savings are carried out with their conversion into an equivalent number of conventional units of pension assets, at the current value of a conventional unit on the date of the pension payment.
Since pension assets are long-term investments, the weekly calculation of the value of a standard unit (as of the end of the first working day of the week and the end of the last calendar day of the month) allows to smooth out daily possible fluctuations in value of financial instruments and investment income on them.
Thus, possible changes in IPA statements provided to contributors (beneficiaries) in terms of investment income will be reflected at the end of the first working day of each week and at the end of the last calendar day of each month. At the same time, information on all receipts of pension contributions (penalties), on pension payments and transfers made (to second-tier banks, authorized operators, insurance companies, investment portfolio managers) will continue to be reflected daily, during transactions, in full.