On March 14, 2023, another Open Day was held in the branches of the UAPF. The event, which has already become traditional, is constantly taking place in a new way. UAPF specialists select the most relevant topics and an accessible form of information submission.
This time, everyone who wants to learn more about such a product of the accumulative pension system as a pension annuity and its new form - a joint (or family) annuity joined the online broadcast of the event throughout the republic.
By its content, a pension annuity is a pension provision tool, which, along with pension payments from the UAPF, is intended to pay for future needs after completion of employment, along with other sources of income, such as pension payments from the UAPF by age and state pension payment, as well as in situations where there may not be other sources of income.
When a depositor (recipient) enters into a pension annuity agreement with an insurance company, his pension savings are transferred from the UAPF to the selected insurance company in accordance with the procedure provided for by pension legislation.
The Law of the Republic of Kazakhstan dated July 12, 2022 No. 138-VII "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market, banking activities" amended and supplemented pension legislation, which came into force on 12.09.2022, allowing depositors (recipients) enter into a pension annuity agreement jointly with spouses or close relatives.
A joint annuity is a product implying the participation in a pension annuity contract of two policyholders (insured) who are spouses or close relatives in accordance with the Code of the Republic of Kazakhstan "On Marriage (Matrimony) and Family" and at the same time insured.
A joint annuity, unlike a classic pension annuity, allows you to combine pension savings and redistribute income under a pension annuity agreement.
According to international practice, both individual and joint pension annuities are a financial tool for pension planning due to lifetime payments.
Thus, now in our country, depositors (recipients) who have the right to transfer pension savings to an insurance organization can choose one of two types of annuity, based on their goals and needs.
The purpose of the joint annuity is to ensure the availability of a pension annuity, including a partial solution to the gender problem of lower pensions for women by providing lifetime insurance payments from insurance organizations.
The participants of the event received answers to questions about the conditions for acquiring a joint pension annuity, the rights that it provides, the specifics of receiving pension payments, and also received advice on individual calculations for this product in various scenarios.
During the Open Day, it was repeatedly emphasized that pension savings are the property of the depositor (recipient) and legally citizens are given the opportunity to choose the option of receiving pension payments based on their goals and needs. And these opportunities are constantly expanding. For example, since last year, Kazakhstanis who already have a pension annuity agreement have the right to apply to an insurance company no earlier than two years from the date of its conclusion with an application to change the terms of the pension annuity agreement in terms of reducing the amount of insurance payments and returning money to the UAPF. Specialists of the UAPF branches also told about the algorithm of such a translation.
In addition, the responsible employees of the UAPF branches answered all the questions of the participants of the event. Depositors (recipients) can always get advice on the issues of the accumulative pension system both in the branches of the ENPF and online on the enpf website.kz, in messengers and social networks, or by phone 1418.
The UAPF was established on August 22, 2013 on the basis of JSC "NPF "GNPF". The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of the UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension asset management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory occupational pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (more on www.enpf.kz )