Hello! In the WhatsApp messenger, my brother sent the news that at the expense of pension savings from the UAPF you can buy a car, is this true and how much can you count on?
According to the Law of the Republic of Kazakhstan dated 02.01.2021 No. No. 399-VI "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on the Restoration of Economic Growth" citizens have the right to use part of pension savings to improve housing conditions and (or) pay for treatment that is not included in the guaranteed volume of free medical care and mandatory social health insurance, as well as for transfer to investment management by private management companies.
In accordance with the provisions of articles 30, 31 and 32 of the Law of the Republic of Kazakhstan “On Pension Provision in the Republic of Kazakhstan” (hereinafter referred to as the Law), the right to use part of their pension savings in order to improve housing conditions in their favor or spouse (wife), or close relatives and (or) to pay for treatment for themselves or their spouse, or close relatives, the following persons who have pension savings in the UAPF formed at the expense of mandatory pension contributions (MPC) and (or) mandatory professional pension contributions (MPPC) can use:
1) the amount of pension savings of which exceeds the minimum pension savings adequacy threshold.
At the same time, the lump-sum pension payment cannot exceed the amount of the difference between the amount of pension savings at the expense of the MPC and (or) the MPPC of the contributor (recipient) and the threshold for the minimum adequacy of pension savings, calculated in accordance with the Methodology for determining the threshold for the minimum adequacy of pension savings, approved by the Government of the Republic of Kazakhstan, as of the date receiving an electronic notification from an authorized operator;
2) for whom the amount of pension, and for the persons specified in paragraph 7 of Article 11 of the Law, the amount of pension and monthly allowance provides a replacement rate for the average monthly income of the recipient at a level of at least 40 percent, determined in the manner determined by the Government of the Republic of Kazakhstan. When calculating the average monthly income replacement rate, the recipient's income preceding the retirement date, but not more than the average monthly income in the republic, is taken into account.
At the same time, the one-time pension payment cannot exceed 50 percent of the amount of pension savings at the expense of the MPC and (or) MPPC of the contributor (recipient) as of the date of receipt of the initial electronic notification from the authorized operator;
3) those who have entered into a pension annuity agreement with an insurance company.
At the same time, the one-time pension payment cannot exceed the amount of pension savings at the expense of the MPC and (or) MPPC on the individual pension accounts of the contributor (recipient).
Thus, pension savings can be used exclusively for the purposes and in the manner established by the legislation of the Republic of Kazakhstan. At the same time, pension savings cannot be used to buy a car or pay for consumer loans.