Unfortunately, the pandemic affected our family, we lost our father. Can I inherit his retirement savings?
The money accumulated on individual pension accounts is the property of the contributor (recipient) and is kept in the Fund indefinitely, even in the event of his death.
In accordance with Articles 31, 32, 33 of the Law of the Republic of Kazakhstan “On Pension Provision in the Republic of Kazakhstan”, in the event of the death of a person who has pension savings at the expense of mandatory, mandatory professional and voluntary pension contributions, they are inherited in the manner established by the legislation of the Republic of Kazakhstan.
Inheritance of pension savings is carried out by will or by law. When there is no will or does not determine the fate of the entire inheritance, as well as in other cases established by civil law, inheritance by law takes place.
According to the Civil Code of the Republic of Kazakhstan, in order to acquire an inheritance, the heir must accept it by filing at the place of opening of the inheritance to a notary or authorized in accordance with the law to issue a certificate of the right to inheritance to an official of an application for acceptance of the inheritance or an application for issuing a certificate of the right to inheritance. The inheritance must be accepted within six months from the date of the opening of the inheritance, i.e. within six months from the date of death of the testator.
Also, in accordance with the provisions of paragraph 5 of Article 50 of the above Law, in the event of the death of the recipient, as well as a person who has pension savings and has not reached the generally established retirement age, his family or the person who performed the burial, the UAPF is paid a lump-sum payment for burial within the amount 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 on the individual pension account.
If the balance of pension savings on the beneficiary's individual pension account 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.
It should be noted that the limitation on the term for applying to the UAPF for a lump-sum payment for burial is not provided for by the current legislation, and therefore, payment for burial upon submission of documents provided for by law can be made even after several years after the death of a person with pension savings in UAPF.