New function added to forecast calculator on enpf.kz website
Today, each contributor to the Unified Accumulative Pension Fund can independently calculate their future retirement benefits using one of the most popular services on the Fund's website, the Forecast Pension Calculator. It covers all components of a pension within the multi-level pension system of Kazakhstan: state basic pension and old-age (or PAYG) pension, as well as a pension formed from compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) and voluntary pension contributions (VPC).
Calculations are very simple. To do this, in the forecast calculator, you must fill in all the necessary fields, such as date of birth, gender, seniority, amount of accumulations, etc. If you are registered in your personal account on the website enpf.kz, then the fields in the calculator are filled in automatically and the calculation of the future pension is carried out literally in two or three clicks.
Next, you will see the results of calculating your future benefits from the UAPF, which are issued in three scenarios: pessimistic, realistic, and optimistic. All three options take into account the expected level of return. Moreover, all forecast results are presented in real value terms (minus inflation of the corresponding forecast period). In addition, you will see the age and date of retirement, the number of years before exhaustion of accumulations, etc.
Note that a new function is now added to the forecast calculator. If the predicted amount of pension accumulations (generated by CPC, COPC, and VPC) is sufficient by retirement age, a pop-up window will appear informing the user about the possibility of concluding a pension annuity agreement with an insurance organization in the future and receiving lifelong pension payments. The calculation immediately allows you to find out the forecast amount of the annuity payment from the insurance company, thereby you can independently compare it with benefits paid according to the schedulefrom UAPF.
Let us remind you that on the website enpf.kz there is an opportunity to calculate the amount of pension accumulations for the current year, sufficient to transfer it to an insurance company, for this you need a pension calculator in “Transfer Accumulations to LIC” column.
UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor (beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)