As a result of the analysis of applications received from authorized operators for receiving lump-sum pension payments, the following main reasons can be identified and advice can be given on how to eliminate them and prevent them in the future.
The first reason: the depositor's application submitted to the authorized operator indicates an incorrect amount for withdrawal, including exceeding the available pension savings.
Recommendation: check up-to-date information about your pension savings, including information about the available amount (in your personal account on the enpf website.kz, in the UAPF mobile app, on the portal egov.kz) immediately before submitting an application to the authorized operator for receiving lump-sum pension payments.
The second reason is that the amount for withdrawal is incorrectly specified when choosing the payment method for individual income tax (IPN).
Recommendation: in case of targeted withdrawal of savings (for housing, medical treatment), the depositor has the right to choose one of two payment methods for IPN. The first method is to take advantage of the deferred payment of the PPI and pay the PPI monthly in equal shares for no more than sixteen years after retirement (according to the established schedule of pension payments from the UAPF). The second method is to pay the tax in full immediately with a one-time pension payment. The method of payment of the IPN should be specified in the application to the authorized operator.
If the depositor decides to take advantage of the deferred payment of the PPI, then it is necessary to specify in the application the amount for withdrawal without deducting the PPI.
If the depositor decides to pay the IPN immediately in full, then he must indicate in the application the amount for withdrawal, minus the IPN, in the amount of 10%.
Both amounts are already indicated in the statement provided by the UAPF to the depositor, for his convenience and independent choice. The amount specified by the depositor for withdrawal will be transferred from the UAPF to its special account opened with an authorized operator.
The third reason: the depositor's application indicated the amount requested for withdrawal, without taking into account the minimum sufficiency threshold (for example, the entire amount of pension savings available in an individual pension account).
Recommendation: the application should indicate the amount within the amount available for withdrawal and indicated in the statement received by the depositor in the UAPF.
The fourth reason: the statement indicated an irrelevant amount that does not take into account changes in the amount of pension savings due to market fluctuations in investment income as a result of changes in exchange rates or the value of financial instruments in the investment portfolio of pension assets.
Recommendation: Check up-to-date information about your retirement savings, including information about the available amount, immediately before applying for a lump sum pension payment.
The fifth reason: the depositor submitted repeated, duplicate applications.
Recommendation: wait. In accordance with the legislation, within five working days from the date of receipt by the UAPF of an electronic notification from an authorized operator, the UAPF transfers to the operator the amount of a one-time pension payment for subsequent crediting to a special account of the depositor (recipient) opened by the authorized operator.
If SPSF authorized operator have not received an email notification of refusal to transfer payments, specifying the reasons for the refusal, then the investor should wait five business days before the date of transfer of the amount of his savings on a special account and not to submit a re-application to the authorized operator.
Recall that if a depositor has an amount in the UAPF that exceeds the sufficiency threshold, an application for its use can be submitted an unlimited number of times. If, for any reason, the depositor was denied the application for a lump sum pension payment, then, having eliminated the reason for refusal, you can submit the application to the authorized operator again. If the depositor wants to use their savings for different purposes, then you can submit separate applications for these purposes within the amount available for withdrawal.
We also remind you that all issues related to the submission of an application and the conditions for the targeted use of pension savings to improve housing conditions and (or) pay for treatment are considered by the authorized operator on the principle of "one window" and a separate appeal to the UAPF is not required.