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"Current issues about the UAPF"
Will those minors who turn 18 in 2024 be included in the National Fund for Children Program and what amount will they receive?
All children who are citizens of the Republic of Kazakhstan are included in the Program (as of the end of December 31, 2023) and are its participants. Children who turn 18 in 2024 will receive their accrued target requirements for 2023 (the year in which the child has not yet reached the age of 18) in the form of target savings to their target savings accounts opened in the UAPF.
The amount of target requirements per child for 2023 will be calculated based on data on the number of children – citizens of Kazakhstan (as of the end of December 31, 2023) and information from the National Bank on the total amount of target requirements for children accrued from the National Fund.
In what currency will the target requirements be transferred?
The target savings of children over the age of 18 are transferred from the National Fund to the UAPF in US dollars and stored in the UAPF also in US dollars. When an adult participant of the Program decides to use his money, he submits an application to an authorized operator, and the UAPF will transfer his savings to his bank account opened with an authorized operator, also in US dollars. Further, when the authorized operator transfers savings for housing and education, the money is converted from US dollars to tenge at the rate that will be relevant at the time of transfer.
Can a child use money not immediately at the age of 18, but later at the age of 20 or 25?
When a child turns 18, a special purpose savings account in the UAPF is automatically opened in his name and the funds allocated to him from the National Fund are transferred to it. The money is transferred in US dollars and stored in a target account for 10 years. If he does not use these funds during this period, they will be automatically transferred to his individual voluntary pension account in the UAPF, which will automatically open in his name. The receipt of savings from this pension account, which takes into account voluntary pension contributions, will be carried out in accordance with the legislation of the Republic of Kazakhstan.
Is it possible to use targeted savings by a child before the age of 18?
No, this possibility is not provided for by the current legislation. The target money accrued to the child will be part of the currency assets of the National Fund and will continue to be invested by the National Bank until the child reaches the age of 18, providing the child with additional investment income.
What will happen to the target savings if the child changes citizenship and goes to another country? If a child was born in another country, but received citizenship of Kazakhstan, does he have the right to funds from the National Fund?
Children who are no longer citizens of Kazakhstan lose their right to use funds from the National Fund.
If a child born in 2006 or later receives citizenship of the Republic of Kazakhstan before the age of 18, he automatically becomes a participant in the Program and is entitled to funds from the National Fund. At the same time, the accrual of target requirements from the National Fund will be carried out from the date of obtaining Kazakh citizenship, and not from the date of his birth.
What happens to savings in the event of a child's death?
In the event of the death of a child, all previously accrued target requirements (target savings) are inherited in accordance with the Civil Code of the Republic of Kazakhstan. At the same time, the heirs - recipients of the child's savings will be able to use the money for any purpose, that is, the mandatory requirement for their intended use is canceled.
What happens if the investment income for a certain year is negative?
The assets of the National Fund are invested on a long-term basis and the investment results depend on the situation in the financial markets, which are influenced by various market factors. Therefore, in order to offset possible decreases in the investment yield of the foreign currency part of the National Fund's assets for certain periods, it is averaged over the eighteen years preceding the reporting year.
Are there any calculations on what amounts will be accrued to children annually and what amount will be received at the exit, for example, a child born in 2024 after 18 years?
Every year, the calculation of 50% of the investment income of the currency part of the assets of the National Fund, accrued to children under the program "National Fund for Children", will be carried out by the National Bank of the Republic of Kazakhstan (hereinafter - the National Bank of the Republic of Kazakhstan). At the same time, the investment income received from investing the foreign currency part of the assets of the National Fund is averaged over the eighteen years preceding the reporting year. In addition, the amounts accrued to children in previous years will continue to be invested in US dollars as part of the assets of the National Fund. As a result, they will additionally receive investment income. Thus, the annual amounts for children will be determined based on the results of the investment activity of the National Fund.
The UAPF, based on the total amount of investment income (determined annually by the National Bank of the Republic of Kazakhstan for accrual to children's accounts) and the number of all children – citizens of Kazakhstan, will calculate the amount of target requirements per child participating in the program for each reporting year.
Taking into account the above, it is impossible to calculate in advance what the amount of target savings for each child will be in the future, when they reach the age of 18. It will be determined by the volume of accumulated assets of the National Fund, the results of its historical investment profitability and the number of children participating in the Program.
"Current issues about the UAPF"
Will those minors who turn 18 in 2024 be included in the National Fund for Children Program and what amount will they receive?
All children who are citizens of the Republic of Kazakhstan are included in the Program (as of the end of December 31, 2023) and are its participants. Children who turn 18 in 2024 will receive their accrued target requirements for 2023 (the year in which the child has not yet reached the age of 18) in the form of target savings to their target savings accounts opened in the UAPF.
The amount of target requirements per child for 2023 will be calculated based on data on the number of children – citizens of Kazakhstan (as of the end of December 31, 2023) and information from the National Bank on the total amount of target requirements for children accrued from the National Fund.
In what currency will the target requirements be transferred?
The target savings of children over the age of 18 are transferred from the National Fund to the UAPF in US dollars and stored in the UAPF also in US dollars. When an adult participant of the Program decides to use his money, he submits an application to an authorized operator, and the UAPF will transfer his savings to his bank account opened with an authorized operator, also in US dollars. Further, when the authorized operator transfers savings for housing and education, the money is converted from US dollars to tenge at the rate that will be relevant at the time of transfer.
Can a child use money not immediately at the age of 18, but later at the age of 20 or 25?
When a child turns 18, a special purpose savings account in the UAPF is automatically opened in his name and the funds allocated to him from the National Fund are transferred to it. The money is transferred in US dollars and stored in a target account for 10 years. If he does not use these funds during this period, they will be automatically transferred to his individual voluntary pension account in the UAPF, which will automatically open in his name. The receipt of savings from this pension account, which takes into account voluntary pension contributions, will be carried out in accordance with the legislation of the Republic of Kazakhstan.
Is it possible to use targeted savings by a child before the age of 18?
No, this possibility is not provided for by the current legislation. The target money accrued to the child will be part of the currency assets of the National Fund and will continue to be invested by the National Bank until the child reaches the age of 18, providing the child with additional investment income.
What will happen to the target savings if the child changes citizenship and goes to another country? If a child was born in another country, but received citizenship of Kazakhstan, does he have the right to funds from the National Fund?
Children who are no longer citizens of Kazakhstan lose their right to use funds from the National Fund.
If a child born in 2006 or later receives citizenship of the Republic of Kazakhstan before the age of 18, he automatically becomes a participant in the Program and is entitled to funds from the National Fund. At the same time, the accrual of target requirements from the National Fund will be carried out from the date of obtaining Kazakh citizenship, and not from the date of his birth.
What happens to savings in the event of a child's death?
In the event of the death of a child, all previously accrued target requirements (target savings) are inherited in accordance with the Civil Code of the Republic of Kazakhstan. At the same time, the heirs - recipients of the child's savings will be able to use the money for any purpose, that is, the mandatory requirement for their intended use is canceled.
What happens if the investment income for a certain year is negative?
The assets of the National Fund are invested on a long-term basis and the investment results depend on the situation in the financial markets, which are influenced by various market factors. Therefore, in order to offset possible decreases in the investment yield of the foreign currency part of the National Fund's assets for certain periods, it is averaged over the eighteen years preceding the reporting year.
Are there any calculations on what amounts will be accrued to children annually and what amount will be received at the exit, for example, a child born in 2024 after 18 years?
Every year, the calculation of 50% of the investment income of the currency part of the assets of the National Fund, accrued to children under the program "National Fund for Children", will be carried out by the National Bank of the Republic of Kazakhstan (hereinafter - the National Bank of the Republic of Kazakhstan). At the same time, the investment income received from investing the foreign currency part of the assets of the National Fund is averaged over the eighteen years preceding the reporting year. In addition, the amounts accrued to children in previous years will continue to be invested in US dollars as part of the assets of the National Fund. As a result, they will additionally receive investment income. Thus, the annual amounts for children will be determined based on the results of the investment activity of the National Fund.
The UAPF, based on the total amount of investment income (determined annually by the National Bank of the Republic of Kazakhstan for accrual to children's accounts) and the number of all children – citizens of Kazakhstan, will calculate the amount of target requirements per child participating in the program for each reporting year.
Taking into account the above, it is impossible to calculate in advance what the amount of target savings for each child will be in the future, when they reach the age of 18. It will be determined by the volume of accumulated assets of the National Fund, the results of its historical investment profitability and the number of children participating in the Program.
"Current issues about the UAPF"
Will those minors who turn 18 in 2024 be included in the National Fund for Children Program and what amount will they receive?
All children who are citizens of the Republic of Kazakhstan are included in the Program (as of the end of December 31, 2023) and are its participants. Children who turn 18 in 2024 will receive their accrued target requirements for 2023 (the year in which the child has not yet reached the age of 18) in the form of target savings to their target savings accounts opened in the UAPF.
The amount of target requirements per child for 2023 will be calculated based on data on the number of children – citizens of Kazakhstan (as of the end of December 31, 2023) and information from the National Bank on the total amount of target requirements for children accrued from the National Fund.
In what currency will the target requirements be transferred?
The target savings of children over the age of 18 are transferred from the National Fund to the UAPF in US dollars and stored in the UAPF also in US dollars. When an adult participant of the Program decides to use his money, he submits an application to an authorized operator, and the UAPF will transfer his savings to his bank account opened with an authorized operator, also in US dollars. Further, when the authorized operator transfers savings for housing and education, the money is converted from US dollars to tenge at the rate that will be relevant at the time of transfer.
Can a child use money not immediately at the age of 18, but later at the age of 20 or 25?
When a child turns 18, a special purpose savings account in the UAPF is automatically opened in his name and the funds allocated to him from the National Fund are transferred to it. The money is transferred in US dollars and stored in a target account for 10 years. If he does not use these funds during this period, they will be automatically transferred to his individual voluntary pension account in the UAPF, which will automatically open in his name. The receipt of savings from this pension account, which takes into account voluntary pension contributions, will be carried out in accordance with the legislation of the Republic of Kazakhstan.
Is it possible to use targeted savings by a child before the age of 18?
No, this possibility is not provided for by the current legislation. The target money accrued to the child will be part of the currency assets of the National Fund and will continue to be invested by the National Bank until the child reaches the age of 18, providing the child with additional investment income.
What will happen to the target savings if the child changes citizenship and goes to another country? If a child was born in another country, but received citizenship of Kazakhstan, does he have the right to funds from the National Fund?
Children who are no longer citizens of Kazakhstan lose their right to use funds from the National Fund.
If a child born in 2006 or later receives citizenship of the Republic of Kazakhstan before the age of 18, he automatically becomes a participant in the Program and is entitled to funds from the National Fund. At the same time, the accrual of target requirements from the National Fund will be carried out from the date of obtaining Kazakh citizenship, and not from the date of his birth.
What happens to savings in the event of a child's death?
In the event of the death of a child, all previously accrued target requirements (target savings) are inherited in accordance with the Civil Code of the Republic of Kazakhstan. At the same time, the heirs - recipients of the child's savings will be able to use the money for any purpose, that is, the mandatory requirement for their intended use is canceled.
What happens if the investment income for a certain year is negative?
The assets of the National Fund are invested on a long-term basis and the investment results depend on the situation in the financial markets, which are influenced by various market factors. Therefore, in order to offset possible decreases in the investment yield of the foreign currency part of the National Fund's assets for certain periods, it is averaged over the eighteen years preceding the reporting year.
Are there any calculations on what amounts will be accrued to children annually and what amount will be received at the exit, for example, a child born in 2024 after 18 years?
Every year, the calculation of 50% of the investment income of the currency part of the assets of the National Fund, accrued to children under the program "National Fund for Children", will be carried out by the National Bank of the Republic of Kazakhstan (hereinafter - the National Bank of the Republic of Kazakhstan). At the same time, the investment income received from investing the foreign currency part of the assets of the National Fund is averaged over the eighteen years preceding the reporting year. In addition, the amounts accrued to children in previous years will continue to be invested in US dollars as part of the assets of the National Fund. As a result, they will additionally receive investment income. Thus, the annual amounts for children will be determined based on the results of the investment activity of the National Fund.
The UAPF, based on the total amount of investment income (determined annually by the National Bank of the Republic of Kazakhstan for accrual to children's accounts) and the number of all children – citizens of Kazakhstan, will calculate the amount of target requirements per child participating in the program for each reporting year.
Taking into account the above, it is impossible to calculate in advance what the amount of target savings for each child will be in the future, when they reach the age of 18. It will be determined by the volume of accumulated assets of the National Fund, the results of its historical investment profitability and the number of children participating in the Program.