«Topical issues about the UAPF»

1. Could you please tell me when the 'National Fund for Children' program will start,
and which financial institution will accumulate the contributions? How will the
registration of potential program participants be conducted?
From January 1, 2024, upon the order of the head of state, the launch of the "National
Fund for Children" project is planned. However, parents and other legal representatives of
children will see the first contributions from February 2024, as the relevant institutions require a
month for calculations and accurate counting of minors.
The Unified Accumulative Pension Fund (UAPF) is responsible for the accounting of
targeted requirements (obligations), targeted assets, and targeted accumulations in targeted
accumulative accounts (hereinafter referred to as TAA). The UAPF is also responsible for
making payments of targeted accumulations.
It is worth noting that the UAPF possesses extensive practical experience in
implementing socially significant projects. It has unique information technology systems for
personalized accounting and remote services, as well as a well-developed regional network to
provide accessible services to the population.
It is envisaged that the National Bank of the Republic of Kazakhstan will annually submit
to the UAPF a report on the formation and usage of the National Fund. This report will contain
information on 50% of the averaged investment income (hereinafter referred to as AII) of the
National Fund, the AII rate, and the amount of income accrued to previously formed targeted
requirements of participants.
Annually, in January, the UAPF will provide the Ministry of Justice of the Republic of
Kazakhstan with an electronic list of children, i.e., participants of targeted requirements. This list
will be independently compiled based on information obtained from the State Database
"Individuals" as of the end of December 31 of the reporting year, for the purpose of
reconciliation.
Based on the information received from the National Bank of the Republic of Kazakhstan
regarding the 50% of the averaged investment income (AII) of the National Fund and the
reconciliation document signed by the UAPF with the Ministry of Justice of the Republic of
Kazakhstan, the UAPF will calculate the amount of targeted requirements for each participant
and enter this data into the information system.
Regular reports on the program will be posted on the official website of the UAPF at
enpf.kz.

2. Which category of citizens in the Republic of Kazakhstan falls within the scope of
the "National Fund for Children" program? What is the procedure for receiving the
accumulated amount?
According to the project, every child - a citizen of Kazakhstan under the age of 18, will
be annually credited with 50% of the investment income of the National Fund of the Republic of
Kazakhstan (hereinafter referred to as the National Fund). Upon reaching 18 years old, the
participant of the project will have a targeted accumulative account (TAA) opened in the UAPF,
from which funds can be used for housing and/or education through authorized operators,
namely "Kazpost" and second-tier banks. After the transfer of funds to the TAA, they cease to be
invested.

The UAPF will make payments of targeted accumulations in US dollars to the bank accounts of
the recipients, opened with the authorized operator - "Kazpost" and second-tier banks. It is worth
noting that residents of Kazakhstan who have reached the age of 18 will receive payments in
tenge at the exchange rate set by the National Bank on the day of issuance.

3. How to register your children and verify their inclusion in the corresponding
list?
It is important to note that parents do not need to gather any documents, open accounts, or
visit any authorities, including the UAPF. The only thing parents need to do at the moment is to
check the presence and accuracy of the Individual Identification Number (IIN) of their minor
child on the portal egov.kz. The project will be implemented automatically, based on the existing
information in the state database.
Information about whether a minor resident of Kazakhstan is a participant in the program
can be obtained in your personal account on the portal egov.kz. Reports on the program will also
be posted on the website enpf.kz.

4. Is it possible to withdraw the allotted funds prematurely? Does a child have the
right to receive them when moving abroad for permanent residence? What
happens to the accumulations in the event of the child's death before or after
the age of 18?
Before children reach the age of 18, targeted requirements and investment income will be
accrued without the right to an early withdrawal. It is important to note that upon reaching
adulthood, the recipient has the right to use the accumulated amount only for education or
housing.
Individuals who have permanently relocated from Kazakhstan to another country lose the
right to use funds from the National Fund.
In the event of the death of a child before or after the age of 18, the accumulations will be
inherited according to the procedure established by the civil legislation of the Republic of
Kazakhstan. The accumulations will be transferred to a bank account opened by the authorized
operator for the child's heirs, who may be close relatives or legal representatives.

5. Will children who turn 18 in 2024 be included in the Program, and what
amount will they receive?
Children who are citizens of the Republic of Kazakhstan and turn 18 in 2024 will have
targeted requirements accrued for the year 2023 (the year in which the child is still under 18).
The calculation of the amount of targeted requirements for one child for the year 2023
will be carried out after reconciling data with the Ministry of Justice of the Republic of
Kazakhstan (regarding the number of children in Kazakhstan as of the end of December 31,
2023) and obtaining information from the National Bank (regarding the total amount of targeted
requirements accrued to children from the National Fund).