All the innovations of the pension annuity

On March 14 of this year, all uapf branches will host the next open day in an online format.
The theme of the event this time is the pension annuity as one of the options for receiving pension payments.
It should be recalled that a pension annuity is a product offered by life insurance companies and, if there are sufficient pension savings, allows uapf depositors (recipients) to start receiving lifetime payments, including before the retirement age established by law.
In its content, a pension annuity is a means of pension provision designed to cover future needs that, along with pension payments from the UAPF, may not have other sources of income after the end of labor activity.
By the law of the Republic of Kazakhstan "on amendments and additions to some legislative acts of the Republic of Kazakhstan on the regulation and development of the insurance market and the Securities Market, Banking" dated July 12, 2022 No. 138-VII, amendments and additions were made to the pension legislation, which entered into force from 12.09.2022, allowing depositors (recipients) to conclude a pension annuity agreement together with their spouses or close relatives. It can partially solve the gender problem of Lower women's pensions by providing lifetime insurance payments from insurance organizations.
Spouses can combine their pension savings to purchase a joint retirement annuity. For example, if one of the spouses does not have enough pension savings to conclude a pension annuity Agreement, and the other has excess finances, then through a joint pension annuity, both spouses can ensure that they receive a lifetime payment. When concluding a joint pension annuity agreement, insurance payments for both spouses are recorded separately and an independent schedule of insurance payments is drawn up.
Spouses receive monthly insurance payments for life, including in case of dissolution of marriage (matrimony), their joint amount should not be less than 1.4 times the subsistence minimum (CD) in force at the date of conclusion of the pension annuity agreement in the amount established by the insurance payment schedule.
In the event of the death of one of the spouses, the other will continue to receive his personal insurance payments on schedule in accordance with the joint pension annuity agreement (CD at least 0.7).
Thus, a joint retirement annuity can reduce the risks of low financial security in old age.
The participants of the open day will be fully aware of how such an instrument of the insurance and accumulative pension system works.
In addition, uapf specialists inform that depositors (recipients) have the right to apply to the insurance company after two years from the date of signing the agreement with a request to change the terms of the pension annuity agreement to reduce the amount of insurance payments and return the money to the uapf. It will also provide individual advice to each depositor, depending on their preferences, without leaving all questions about the accumulative pension system unanswered.
"Open day" will be held in the online format on March 14 in Kyzylorda at 10:00, 12:00 and 15:00 Local hours. For additional questions, please contact the WhatsApp number 87014829351.
UAPF JSC is waiting for its depositors (recipients) and all interested parties at the "Open Day" event!

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 through the state institution "state property and privatization committee" of the Ministry of Finance of the Republic of Kazakhstan. 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 National Fund Management Council, headed by the president of the Republic of Kazakhstan, has been responsible for developing proposals to improve the efficiency of pension asset management. In accordance with the pension legislation, the UAPF carries out the attraction of mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, individual accounting of pension payments, pension savings and payments, provides information to the Depositor (recipient) about the state of pension savings (read more www.enpf.kz on the website).