The Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan (hereinafter referred to as the Law) determines that the threshold for the minimum adequacy of pension savings is the minimum amount of pension savings formed from compulsory pension contributions and (or) compulsory occupational pension contributions necessary to ensure a monthly pension not less than the amount of the minimum pension established by the law on the republican budget.
The thresholds for the minimum adequacy of pension savings (hereinafter referred to as MAP) are calculated annually in accordance with the Methodology for determining MAP, approved by Decree of the Government of the Republic of Kazakhstan dated January 6, 2021 No. 1. This Methodology is an open regulatory legal act and is freely available on the Internet, including on the Fund’s website. In the Methodology, the algorithm for calculating the PMD is described in great detail.
Thus, when calculating the MAP, the UAPF uses the relevant parameters established by the Methodology, including those presented on an annual basis by the Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan, agreed with the Ministry of National Economy of the Republic of Kazakhstan.
At the same time, Decree of the Government of the Republic of Kazakhstan dated December 13, 2021 No. 875 made an addition to the Decree of the Government of the Republic of Kazakhstan dated January 6, 2021 No. 1, according to which it was established that the MAP calculated for 2021 are valid until April 1, 2022.
Subject to the foregoing, and including the fact that the size of the MAP is reviewed annually by the UAPF, in your case, the MAP will be:
from April 25, 2021 to March 31, 2022 inclusive 3 million 220 thousand tenge;
from April 1, 2022 to April 24, 2022 inclusive - 5 million 490 thousand tenge;
from April 25, 2022 to December 31, 2022 inclusive - 5 million 640 thousand tenge.
We note that on the part of UAPF, the amount available for withdrawal is checked taking into account the MAP on the day the electronic notification is received from the authorized operator.