Good afternoon! I apologize for such a question, but we are all mortals and I would like to ask what happens to our pension savings if a person does not live up to retirement? Do you have funeral payments or does all the money just go to the budget?
Retirement savings are the property of the contributor. In the event of the death of a contributor or recipient, as well as a person who has pension savings in the UAPF and has not reached retirement age in accordance with paragraphs 1-3 of Article 11 of the Law, his family or the person who performed the burial, the UAPF is paid a lump-sum payment for burial within the amount of 52 4 times the monthly calculation index established for the corresponding financial year by the law on the republican budget, but not more than the funds available for the IPA. In the event that the balance of pension savings on the recipient's IPA after the lump-sum payment for burial amounts to an amount not exceeding the minimum pension established for the corresponding financial year by the law on the republican budget, this balance is paid as a payment for burial.
In addition, the provisions of Articles 31 and 32 of the Law determine that in the event of the death of a person who has pension savings in the UAPF at the expense of mandatory pension contributions and mandatory professional pension contributions, they are inherited in the manner established by the legislation of the Republic of Kazakhstan.