Pension benefits from the UAPF are paid in accordance with the Methodology approved by the Decree of the Government of the Republic of Kazakhstan dated October 2, 2013 No. 1042 (as amended from April 1, 2021). According to this Methodology, payments from the UAPF to retirees are calculated as follows: the amount of pension savings is multiplied by the pension savings payment rate - 6.5% and divided by 12. This is how the amount of monthly benefit payments from the UAPF in the first year of their receipt is obtained. For beneficiaries of certain categories: persons with disabilities of group 1 or 2, if disability is established indefinitely, as well as beneficiaries of pension benefits for whom compulsory occupational pension contributions have been paid in the aggregate for at least sixty months, the Methodology for calculating pension benefits provides for adjustment coefficients.
In subsequent years, the size of the monthly pension payment is increased annually by the indexation rate of pension payments - 5%.
Thus, from January 1, 2022, last year's pension payments from the UAPF are indexed by 5%.
It should be noted that the monthly pension payment from the UAPF is made in the amount of at least 70% of the subsistence minimum (the subsistence minimum in 2022 is 36,018 tenge). Accordingly, from January 1, 2022, the minimum payment from the UAPF will be 25,212.60 tenge (36,018 * 70%).
If the amount of pension savings on the date of application for benefit does not exceed twelve times the minimum pension established by the Law on the republican budget for the corresponding financial year, this amount is paid to the beneficiary from the UAPF at a time (in 2022 - 555,624 tenge = 12 * 46,302 tenge).
At the same time, it should be noted that for pensioners who exercised the right to receive pension benefits before January 1, 2018, in 2022 the calculation is as follows: the annual amount of their pension benefit is the largest of thirty times the minimum pension (in 2022, 30 x 46,302 = 1 389,060 tenge) and the product of the amount of pension savings by the coefficient of the current value of pension savings at the corresponding age of the beneficiary. Payments are made according to the previously selected schedule.
Recall that pension benefits from the UAPF are paid until the pension savings on the individual pension account are exhausted.