“Current questions about UAPF”
After my father’s death, I, as the only heir, lay claim to his pension savings. Do I need to make a request to the UAPF about the amount available in its account or do I need to contact a notary?
UAPF JSC, in accordance with the Law of the Republic of Kazakhstan “On Pension Provision in the Republic of Kazakhstan”, in the event of the death of the contributor (beneficiary), issues certificates about the availability of an individual pension account, about the balances and movements of funds on it upon written request to the heirs in accordance with the certificate of the right to inheritance by law or specified in the will, or by the courts on the basis of a ruling on inheritance cases in their proceedings, as well as notaries and foreign consular offices on inheritance cases in their proceedings.
To optimize interaction and save time, as well as eliminate unnecessary paperwork, using the Unified Notary Information System “E-Notary”, notaries themselves can send requests to the UAPF about whether deceased investors (recipients) have an individual pension account in the UAPF, about balances and movement of money on it online, without sending written requests.
Therefore, when registering inherited property in the form of your father’s pension savings with a notary, you do not need to make a request to the UAPF about the amount available in his pension account.
Have you read that the pension accounts of UAPF contributors will be closed if no contributions are made to them? I am currently unemployed because I was laid off. Does this mean my account will be closed? Where will my savings go in this case?
No, your account will not be closed, since, as we understand, your individual retirement account (IRA) contains pension savings that were transferred earlier when you were still working.
According to the Rules for keeping records of pension savings from mandatory pension contributions, mandatory professional pension contributions and voluntary pension contributions on individual pension accounts of contributors (recipients), approved by Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated February 12, 2021 No. 27, IPS depositors (recipients) are closed after one month, provided there are no pension savings.