According to the law "On Amendments and Additions to certain 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 amount of free medical care and mandatory social health insurance, as well as for transfer to investment management to private management companies.
The right to use part of their pension savings in order to improve housing conditions in their favor or spouse or close relatives, and (or) to pay for treatment for themselves or spouse or close relatives, can be used by the following persons who have pension savings in the UAPF formed at the expense of mandatory pension contributions (OPV) and (or) mandatory professional pension contributions (OPV):
1) the amount of pension savings that exceeds the threshold of minimum sufficiency of pension savings.
In this case the lump-sum pension payment cannot exceed the amount of the difference between the sum of pension savings at the expense of MPC and (or) APPV of the contributor (recipient) and the minimum threshold of sufficiency of pension savings, calculated according to the Method of determining the minimum threshold of sufficiency of pension savings approved by the Government of the Republic of Kazakhstan on the date of receipt of electronic notification from an authorised dealer;
2) in which the size of the pension provides a replacement coefficient of the average monthly income of the recipient at a level not lower than 40 percent, determined in accordance with the procedure established by the Government of the Republic of Kazakhstan.
At the same time, a one-time pension payment may not exceed 50 percent of the amount of pension savings due to the OPV and (or) OPV of the depositor (recipient) on the date of receipt of the initial electronic notification from the authorized operator;
3) who have concluded a pension annuity agreement with an insurance company;
At the same time, a one-time pension payment may not exceed the amount of pension savings at the expense of OPV and (or) OPV on the individual pension accounts of the depositor (recipient).
To exercise the right to use part of the pension savings, citizens will first need to check their pension savings and make sure that the amount available for withdrawal is available in their individual pension account in the UAPF.
On the corporate website of the enpf Foundation.kz in your Personal Account, as well as in the updated mobile application of the UAPF, Telegram, you can check online information about the amount available for withdrawal.
In the Personal Account on the corporate website of the Fund and in the mobile application, two authorization methods are available: enter the IIN and password or use an electronic digital signature. You can also use Touch ID or Face ID, if available on your mobile device, when you log in to the mobile app. For convenience, the user can choose the language of service: Kazakh or Russian.
Those depositors (recipients) who, after checking their pension savings in the UAPF, have decided to use part of their pension savings to improve housing conditions and (or) pay for treatment, will have to contact the authorized operator through the authorized operator's Internet portal to open a special account and submit an application for a one-time pension payment (hereinafter referred to as the application for payment) using an electronic digital signature (EDS).
At the same time, when submitting an application for payment to an authorized operator, the depositor (recipient) must choose the method of paying individual income tax (IPN) for a one-time pension payment (recall, when transferring contributions to the UAPF, IPN is not charged), indicating the chosen method in the application for withholding IPN, which is also signed by the EDS.
That is, citizens themselves indicate to the UAPF at what point to withhold IPN from the amount of a one-time pension payment: immediately in full at the time of payment, or to withhold IPN in a deferred period (monthly equal shares when reaching retirement age according to the schedule of pension payments).
The authorized operator within 2 (two) working days send an email notification to the Fund which will contain information on the approved application for payment, including information about the purpose of withdrawal, name, ETC., IIN, the amount of lump-sum pension payments in the amount specified by the depositor (recipient), the retention pit, with the attachment to the electronic notification of statements about the retention of IPN, also signed by the digital signature of the contributor (recipient).
After receiving an electronic notification from the authorized operator, the UAPF transfers the amount of the depositor's (recipient's) one-time pension payment to the authorized operator within 5 working days, which in turn will transfer it to the depositor's (recipient's) special account.
The amount of a one-time pension payment may be held in a special account of the depositor (recipient) opened with an authorized operator (Otbasy Bank JSC) for no more than 45 working days.
During this period, the depositor (recipient) must provide the authorized operator with the documents for their intended purpose, or if they are not provided within the specified time, the amount of the one-time pension payment must be returned by the authorized operator to the UAPF, which will transfer them to the individual pension account of the depositor (recipient).
Thus, all citizens ' appeals on improving housing conditions and (or) paying for treatment will be received and considered by the authorized operator on the principle of "one window" and a separate appeal to the UAPF from citizens will not be required, except for their own online receipt of information in the UAPF about the amount of pension savings available for withdrawal.
In addition to withdrawing pension savings in order to improve housing conditions and(or) pay for treatment, from 2021, citizens will also be able to participate in the management of their pension savings at the expense of OPV and (or) OPV through the independent selection of investment portfolio managers (IPOs) offering different investment strategies. To transfer part of the pension savings to the UIP, the depositor must submit an application in the form established by the internal document of the UAPF by personal application to the regional offices of the UAPF or remotely via the Internet resource of the UAPF using an electronic digital signature.
Please note that the right to use part of their pension savings for transfer to UIP can be used only after the appearance on the financial market of Kazakhstan of UIP, defined by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, with which the UAPF will conclude agreements on trust management of pension assets, as well as custodial agreements.