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ANNOUNCEMENT |
Investment portfolios of pension assets managed by the NBRK and IPM
as of September 1, 2023
The report on the investment of pension savings as of September 1, 2023 is posted on the enpf.kz website in the “Indicators - Investment Activity” section, where information on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM) is provided monthly. The total volume of pension assets as of September 1, 2023 amounted to 16,772.89 billion tenge. At the same time, pension assets of the UAPF, which are in trust management of the National Bank of the Republic of Kazakhstan, amounted to KZT16,759.31 billion. Pension assets managed by IPM amounted to KZT10.28 billion.
Investment portfolio of pension assets managed by the NBRK
As of September 1, 2023, the structure of the main investments of the NBRK, as a trustee, in financial instruments is presented as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 48.11%, bonds of quasi-public companies - 10.25%, bonds of second-tier banks of the Republic of Kazakhstan - 5 .19%, government securities of foreign states - 4.51%, securities of international financial organizations - 2.20%, deposits of the National Bank of Kazakhstan - 2.64%, shares and depository receipts of issuers of the Republic of Kazakhstan - 1.62%.
The structure of the investment portfolio of pension assets of the UAPF, which are in trust management of the NBRK, by currency as of September 1, 2023 is as follows: investments in national currency - 69.28%, in US dollars - 30.70%, in other currencies - 0.03% of the pension asset portfolio.
It should be noted that in the structure of investment income, KZT913.18 billion is income in the form of remuneration on securities, including on placed deposits and reverse repo transactions and from market revaluation of securities, KZT153.44 billion is income on assets, under external management, KZT3.14 billion - other income. Revaluation of foreign currency was negative and amounted to KZT7.88 billion.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income as of September 1, 2023 from the beginning of the year amounted to KZT1,061,880 million.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) from the beginning of 2023 amounted to 6.77% with inflation of 6.60%.
Let us remind you that the return on pension assets for certain short periods of time is not an indicator of the effectiveness of their management. Pension assets are characterized by a long investment horizon and one of the main goals of their investment is to obtain real returns in the long term.
The detailed structure of the investment portfolio of financial instruments managed by the National Bank of Kazakhstan, indicating the issuers and an overview of investment activities are posted on the official website of the UAPF. Let us recall that in Kazakhstan there is a model of state guarantee of the safety of pension savings. In accordance with Article 217 of the Social Code of the Republic of Kazakhstan, the state guarantees recipients the safety of compulsory pension contributions and compulsory occupational pension contributions to the UAPF in the amount of contributions actually made, taking into account the level of inflation at the time of receipt of the right to pension benefits.
Investment portfolio managers
Общий объем средств, находящихся под управлением IPM, составляет 10,28 млрд тенге.
The total amount of funds managed by IPM is KZT10.28 billion.
As of September 1, 2023, pension assets under trust management of Jusan Invest JSC amounted to KZT4.14 billion.
The company's most significant investments: government securities of the Ministry of Finance of the Republic of Kazakhstan - 34.68%, shares of Exchange Traded Funds (ETF) - 29.05%, notes of the NBRK - 24.26%, government securities of foreign countries - 6.69%, repo - 5.15%. Note that 64.19% of the portfolio is presented in tenge; 35.81% - in US dollars.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income as of September 1, 2023 from the beginning of the year amounted to KZT326.91 million. The return on pension assets was 7.79%.
The detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating the issuers, is presented on the UAPF website.
As of September 1, 2023, pension assets under trust management of Halyk Global Markets JSC amounted to KZT2.48 billion.
The company's most significant investments: “reverse repo” (no more than 90 calendar days) is 26.71%; bonds of quasi-public organizations of the Republic of Kazakhstan – 20.90%; equity instruments of foreign issuers (ETF units) – 16.57%; MFO bonds – 11.55%, NBRK Notes – 8.62%, securities with government status issued by central governments of foreign countries – 7.36%. Investments in national currency accounted for 75.49% of the portfolio, in US dollars – 24.51%.
As a result of investment activities, the amount of accrued investment income as of September 1, 2023 from the beginning of the year amounted to KZT301.46 million. The return on pension assets has amounted to 11.65% since the beginning of 2023.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, indicating the issuers, is presented on the UAPF website
Pension assets of the UAPF, which are in trust management of BCC Invest JSC, amounted to KZT1.48 billion.
The main areas of investment are as follows: government bonds of the Republic of Kazakhstan - 33.04% of the portfolio, bonds of quasi-public organizations of the Republic of Kazakhstan - 22.68%, REPO - 13.47%, shares (ETF on indices) - 9.09%, bonds of microfinance organizations - 6, 33%, corporate bonds of resident issuers of the Republic of Kazakhstan - 5.42%, shares and depository receipts of foreign issuers - 2.72%. 77.10% of the portfolio was invested in instruments in national currency, and 22.9% in US dollars.
As a result of investment activities, the amount of accrued investment income as of September 1, 2023 from the beginning of the year amounted to KZT132.63 million. The return on pension assets was 8.74%. The majority of accrued investment income came from remuneration on reverse repo transactions and income from market revaluation of securities.
The detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC, indicating the issuers, is presented on the UAPF website
As of September 1, 2023, the pension assets of the UAPF, which are in trust management of Centras Securities JSC, amounted to KZT0.91 billion.
57.77% of assets are invested in government securities of the Ministry of Finance of the Republic of Kazakhstan, cash in investment accounts is 11.93%, REPO - 9.81%, bonds of quasi-state organizations - 9.31%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan - 9, 05%. 78.60% of the portfolio was invested in instruments in national currency, and 21.40% in US dollars.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income as of September 1 from the beginning of 2023 amounted to KZT65.04 million. The return on pension assets since the beginning of 2023 has amounted to 6.50%.
The detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC, indicating the issuers, is presented on the UAPF website.
As of September 1, 2023, pension assets held in trust by the Halyk Finance Subsidiary of the Halyk Bank of Kazakhstan JSC amounted to KZT1.26 billion.
Investments in the portfolio structure are as follows: “reverse repo” (no more than 90 calendar days) is 60.93%, bonds of quasi-public organizations of the Republic of Kazakhstan - 13.08%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 6.23%, government securities of foreign states - 3.44 %, shares of Exchange Traded Funds (ETF) - 3.42%, bonds of second-tier banks of the Republic of Kazakhstan - 2.40%, corporate bonds of issuers of the Republic of Kazakhstan - 1.75%, microfinance organizations - 1.54%.
92.47% was invested in instruments in national currency, in US dollars - 0.68%, in euros - 6.86%.
As a result of investment activities, the amount of accrued investment income as of September 1, 2023 from the beginning of 2023 amounted to KZT33.38 million. The return on pension assets since the beginning of 2023 has amounted to 10.47%.
The detailed structure of the investment portfolio of financial instruments managed by the Halyk Finance Subsidiary of the Halyk Bank of Kazakhstan JSC, indicating the issuers, is presented on the UAPF website.
Please note that after receiving pension assets from the Unified Pension Pension Fund, IPM invests them in permitted financial instruments specified in the Rules for the implementation of investment portfolio management activities, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 1, 2023 No. 62, and provided for in the IPM Investment Declaration. When transferring pension savings to IPM management, the state guarantee is replaced by a guarantee from the management company to ensure a minimum level of return on pension assets. The minimum level of return is calculated based on the weighted average return of pension assets transferred to the management of IPM, operating on the market.
Let us remind you that from July 1, 2023, investors can transfer no more than 50% of pension savings into trust management at the expense of compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC), without taking into account the minimum adequacy threshold for investment portfolio managers (IPM), by choosing such a company yourself. Investors who have voluntary pension savings can transfer them to IPM in the amount of 100%.
The 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)
ANNOUNCEMENT
The growth of pension savings of Kazakhstanis has exceeded
KZT2 trillion since the beginning of the year
Key indicators of the UAPF as of September 1, 2023
As of September 1, 2023, pension savings in the amount of KZT16.76 trillion were formed in individual accounts of UAPF contributors (beneficiaries). Since the beginning of the year, their increase as of September 1, 2023 amounted to KZT2.1 trillion (14.3%). Compared to the same date last year, the volume of pension savings increased by KZT2.8 trillion (20%).
The amount of pension contributions for 8 months of 2023 amounted to KZT1,374.8 billion, which is 25% or KZT278.28 billion higher than last year. An increase compared to the same period last year occurred in compulsory pension contributions (CPC) - 25%, compulsory occupational pension contributions (COPC) - 26%
96.79% of the savings of Kazakhstanis was formed through CPC. As of September 1, 2023, the volume of CPC amounted to KZT16.22 trillion (an increase over the year - 19.7%, since the beginning of the year - 14.1%). The amount of pension savings under COPC amounted to KZT532.51 billion, having increased by 28% since September 1 of last year, and by 19.6% since the beginning of this year. The maximum increase (57.7% per year) was demonstrated by savings on voluntary pension contributions (VPC), the volume of which amounted to KZT4.71 billion.
Net investment income accrued to individual pension saving accounts of UAPF contributors since the beginning of the year amounted to about KZT1,035.1 billion.
The number of individual pension saving accounts in the UAPF as of September 1, 2023 was at the level of 12.25 million units, including about 11.04 million for CPC, 626.3 thousand for COPC, 384.5 thousand for VPC.
Since the beginning of the year, the UAPF has paid out about KZT350.78 billion. Old age benefits as of September 01, 2023 increased by 27% compared to the same period last year and amounted to KZT96.69 billion (share in total benefits - 27.56%), lump sum pension benefits for improving housing conditions and medical treatment - KZT169.15 billion (share in total payments – 48.22%).
Also, since the beginning of the year, inheritance payments have been made KZT34.97 billion tenge, payments in connection with leaving for permanent residence outside Kazakhstan - KZT26.64 billion, disability benefits - KZT1.8 billion, burial payments - KZT4.38 billion. KZT17.09 billion was transferred to insurance organizations.
The average monthly pension benefit according to the schedule from the UAPF (in connection with reaching retirement age) was 32,120 tenge, and the maximum monthly pension benefit amounted to 742,692 tenge. Let us remind you that for the same period last year, the average monthly payment according to the schedule was 29,859 tenge, the maximum - 707,326 tenge.
All relevant information on statistical data on pension assets, including by region of the republic, is posted on the enpf.kz website in the “Indicators” section.
The 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)
ANNOUNCEMENT
UAPF provides services in electronic, automatic and face-to-face format.
Which one is more convenient for you?
For 8 months of 2023 (from January 1, 2023 to August 31, 2023), the Unified Accumulative Pension Fund provided its contributors and beneficiaries with more than 16.8 million services, of which more than 11.6 million (69.2%) - in electronic format, 3.8 million (22.61%) - in automatic format, more than 500 thousand (2.97%) - in remote format in the form of consultations. Thus, more than 94% of services are provided without the need to visit the UAPF office.
The most popular service remains receiving statements from an individual pension saving account. Contributors and beneficiaries asked for information about the status of the IPSA more than 15.4 million times. Most of the statements were provided electronically - more than 11.6 million times; about 405.8 thousand statements were issued in person at the Fund’s offices, more than 43 thousand - on the road.
Since the beginning of the year, over 8 months, over 230.3 thousand individual pension saving accounts for all types of contributions have been opened automatically upon receipt of the first contribution.
About 146.0 thousand applications were submitted for the payment of pension savings. Here the appeal formats were different. More than 72.2 thousand were received automatically - these are applications for payments in connection with reaching retirement age, received through the Government for Citizens State Corporation. About 73.5 thousand applications were submitted at the UAPF offices, 213 applications were received electronically through a personal account on the Fund’s website. Please note that applications must be submitted directly to the UAPF for benefit payments of voluntary pension contributions, as well as for all types of contributions in connection with departure for permanent residence, in case of disability of 1 or 2 groups established indefinitely, applications for benefit payments for funeral and inheritance.
Over 223 thousand applications were processed to change details. In this matter, Kazakhstanis prefer face-to-face communication. 175.4 thousand people applied directly to the UAPF offices, about 30 thousand clients were served in the field, more than 3.9 thousand people changed their details in the branches of Kazpost JSC, within the framework of the UAPF transfer agency agreement with the national postal operator. This service was requested 13.7 thousand times through a personal account on the enpf.kz website.
As can be seen from the above statistics, despite the possibility of receiving services remotely, there are contributors who prefer personal contact with the Fund’s specialists. Through face-to-face services in UAPF units throughout Kazakhstan, over 877 thousand services (5.21% of the total volume of services) were provided to contributors and beneficiaries for 8 months of 2023, of which more than 771 thousand services were provided directly at the Fund’s service offices, in during field service – more than 100.9 thousand.
More than half a million requests were processed by the UAPF through feedback channels: through the UAPF call center (by phone 1418), through the feedback section on the website enpf.kz, the blog of the Chairman of the Executive Board, social networks and instant messengers.
UAPF JSC also pays attention to information and explanatory work. The number of roadshows held amounted to 23,461 events, in which more than 501 thousand people took part. The number of materials published in the media according to UAPF information amounted to 29,615 different publications and video materials.
The 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)
ANNOUNCEMENT
UAPF JSC executed about 1.9 million applications for housing and medical treatment
About 1.9 million applications of Kazakhstanis for the purchase of housing and (or) medical treatment were executed by UAPF JSC (hereinafter - UAPF, Fund) as of October 1, 2023, according to which about KZT3.7 trillion were transferred to special accounts opened in banks-authorized operators. As is known, pension savings can be used by citizens many times within the limits of the amount of pension savings in the UAPF available for withdrawal for housing, medical treatment or transfer to management companies.
Housing
In the period from January to September 2023, the UAPF executed more than 1.4 million applications from contributors (beneficiaries) in order to use pension savings to improve housing conditions. The UAPF transferred about KZT3.3 trillion to special accounts of Kazakhstanis. The average amount of lump sum pension benefit is about KZT2.3 million.
The most active were residents of Almaty (23.12% of the total amount transferred to authorized operators), Mangistau region (16.28%), Astana (13.86%). On the website www.enpf.kz in the “Indicators” section you can find detailed information about the purposes for which Kazakhstanis plan to use one-time pension payments and by region (subsections “Lump sum pension benefits to improve housing conditions by purpose” and “Lump sum pension benefits to improve housing conditions”, respectively).
The purposes for which contributors (beneficiaries) use their savings are the following: 34.94% of all applications are the acquisition of housing ownership through civil transactions (final settlement), 21.18% of applications are for the purpose of replenishing contributions to housing construction savings for further accumulation, 15.77% of applications - for partial repayment of debt on a housing mortgage loan (including within the framework of financing by an Islamic bank), 15.19% - for partial repayment of debt on a mortgage loan through the housing construction savings system.
Authorized operators accepting applications for the use of part of pension savings are Otbasy Bank Housing Construction Savings Bank JSC, Halyk Bank of Kazakhstan JSC, Altyn Bank JSC, Bank CenterCredit JSC and Bank Freedom Finance Kazakhstan JSC.
At the same time, KZT488.86 billion was returned to individual pension saving accounts (IPSA) of contributors (beneficiaries) from authorized operators due to the fact that lump sum pension benefits by Kazakhstanis were not used within the established time frame, at the request of the applicant and other reasons.
Medical Treatment
The UAPF executed 457,513 applications for treatment in the amount of KZT391.79 billion. The average amount seized is about KZT0.86 million. Over 96% of applications from Kazakhstanis were executed for the provision of dental services, 2.5% of applications for ophthalmological services. Less than 1% of pension savings were used for other medical areas.
At the same time, an amount of KZT35.13 billion was returned to the UAPF for IPSA of contributors (beneficiaries), these funds were not used within the established time frame at the request of the applicant and other reasons.
You can view the latest statistics on the use of pension savings for treatment on the website www.enpf.kz in the “Indicators” section - “Lump sum pension benefits for medical treatment”.
Private Management
As of October 1 of this year, investment portfolio managers (IPM) have transferred over KZT12.7 billion since February18, 2021, and 9,240 applications have been executed by the UAPF. The average transfer amount is about KZT1.4 million. Detailed statistics on the transfer of pension savings to trust management are also available on the enpf.kz website in the “Indicators” section - “Transfer of pension savings to management companies.”
At the moment, the UAPF has concluded agreements on trust management of pension assets with five IPMs. You can get information about them and study their investment declarations on the enpf.kz website in the “Services” section - “Register of investment portfolio managers.” Note that out of an amount of about KZT12.7 billion - 39.4% or KZT5 billion tenge was transferred to Jusan Invest JSC, 22.6% or KZT2.9 billion was transferred to Halyk Global Markets JSC, 16.7% or 2.1 billion are in BCC Invest JSC, 13.3% or KZT1.7 billion - in Halyk Finance JSC, 8% or just over KZT1 billion - in Centras Securities JSC.
Let us remind you that from July 1, 2023, contributors have the opportunity to transfer up to 50% of their savings to IPM through compulsory types of contributions (CPC and COPC) without taking into account the adequacy threshold. Savings generated through voluntary pension contributions can be transferred to IPM in the amount of 100%. During July-September 2023, 2,479 Kazakhstanis took advantage of this right, transferring 3.8 billion tenge to the portfolio manager according to 3,240 applications for transfer.
After the initial transfer of pension assets to trust management by IPM, the contributor has the right, no more than once a year, to submit an application to the UAPF for the transfer of his pension savings to trust management from one IPM to another. During the period from March 16, 2022 to September 30, 2023, 122 applicants changed their IPM according to 173 applications for transfer from one IPM to another for a total amount of KZT403 million.
From July 1, 2023, the period for returning pension savings from the trust management of IPM to the trust management of the NBRK has been reduced from two years to one year. From March 15 to September 30, 2023, the UAPF executed 693 applications from 418 Kazakhstanis to transfer funds to the NBRK from IPM in the amount of about KZT2.5 billion. As a result, IPM manages about KZT11.8 billion, taking into account investment income.
Let us remind you that after receiving pension assets from the UAPF, IPM invests them in permitted financial instruments specified in the Rules for the implementation of investment portfolio management activities, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 3, 2014 No. 10, and provided for in the IPM Investment Declaration.
During the period when pension savings are under the management of the National Bank of the Republic of Kazakhstan until the contributor reaches retirement age, there is a guarantee of the safety of pension savings taking into account the level of inflation. When transferring pension savings under the management of IPM, the state guarantee is replaced by a guarantee from the management company to ensure a minimum level of return on pension assets, which is calculated based on the weighted average return on pension assets transferred to the management of IPM operating in the market.
The 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)
Current questions about UAPF
Now the fastest way to inform about pension savings is online information in your personal account on the website enpf.kz or in the UAPF mobile application. If previously the contributor received information about his savings via postal communication and (or) e-mail, now there is an opportunity to refuse these methods that are losing their relevance. To do this, you do not need to go to the UAPF office and sign an agreement to change (define) the method of informing. All you need to do is log into your personal account on the UAPF website or mobile app.
Let's explain how to do this:
If outdated methods of informing are abandoned, the contributor has the opportunity to check and control his pension savings in his personal account.
At the same time, the contributor (beneficiary) can apply for an extract from the IPSA directly to the UAPF offices or continue to receive an extract by email in accordance with the selected schedule, as well as through postal services (once a year), if this method of notification was chosen earlier.
In accordance with the provisions of the law, contributors are required to notify the UAPF of all changes affecting the fulfillment of UAPF obligations (including email address, telephone number, residential address, bank details) within ten calendar days from the date of such changes. The ability to notify about changes is available both through your personal account on the UAPF Internet resources, and by contacting the UAPF office.
Due to the completion of the transition to the “Bank-Client” remote banking system of the National Bank of the Republic of Kazakhstan, from September 1, 2023, it is necessary to transfer pension contributions only using the new UAPF details.
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Description |
Details |
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BIC of the beneficiary |
NBRKKZKX |
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IIC of the beneficiary |
KZ92125KZT1002303300 |
Contributors can transfer voluntary pension contributions (VPC) independently or through employers through second-tier banks and branches of Kazpost JSC.
As for the payment of compulsory pension contributions, compulsory occupational pension contributions, they are subject to transfer to the State Corporation, which, in turn, transfers them to the UAPF using the current details.
Indeed, there are now more and more cases of scammers sending false information on social networks.
Fraudsters write about the possibility of withdrawing pension savings without taking into account the threshold of minimum adequacy of pension savings (hereinafter referred to as TMA). This newsletter is fake - it does not correspond to reality.
Receiving pension benefits before retirement age (at which TMA is not taken into account) is possible only in cases provided for by the Social Code of the Republic of Kazakhstan, namely:
It is also possible to use pension savings for housing and/or medical treatment only in the cases established by the Code:
- if you have pension savings exceeding TMA;
- in case of concluding a pension annuity agreement with an insurance company;
- if you are a long-service pensioner;
- if you are an old-age pensioner and your total pension is at least 40% of lost income. In this case, you will be able to use up to 50% of the savings available in the mandatory pension account.
The UAPF strongly recommends ignoring the fake messages being spread and receiving information from official sources.
We remind you that you can get advice on the funded pension system both at UAPF branches and remotely:
through the website enpf.kz, mobile application БЖЗҚ/ЕНПФ,
through multi-channel free communication by calling the call center number 1418, as well as via WhatsApp at +7 777 000 1418,
on the official pages of the UAPF on social networks on such popular platforms as Odnoklassniki, Telegram, Facebook, VKontakte, Twitter and Instagram.
Contributors' pension savings consist of pension contributions and accrued investment income. The investment of pension assets is carried out by the National Bank of the Republic of Kazakhstan and Investment Portfolio Managers (IPM).
With the adoption of the Social Code on July 1, 2023, contributors are given the right to transfer up to 50% of pension savings at the expense of CPC and (or) COPC to IPM, regardless of the adequacy threshold, voluntary pension contributions (VPC) - within the available amount in the individual pension saving account (IPSA). In addition, contributors who have entered into pension annuity agreements with insurance companies, providing them with lifetime annuity benefits, can transfer their pension savings in full to IPM.
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (authorized body) has developed special requirements for IPM. IPMs have a license to manage an investment portfolio, successful experience in the market and managing client assets, positive results of financial and economic activities over the past few years, a sufficient amount of equity capital to cover losses associated with investing pension assets and are included in the register of the authorized body. In addition, the IPM must enter into an agreement with the UAPF on the trust management of pension assets, and also have a tripartite custodial agreement with the UAPF and the custodian bank.
Today, the register of IPMs that meet all the requirements for managing pension assets includes five IPMs: Jusan invest JSC, BCC Invest JSC, Centras Securities JSC, Halyk Global Markets JSC, Halyk Finance JSC. Their list is posted on the website enpf.kz.
Pension asset managers - the National Bank and IPM have their own strategy for investing pension assets and independently determine the structure of the investment portfolio within the framework of the investment declaration. Thus, IPMs themselves determine which financial instruments, within the list of those permitted in accordance with the Rules for the implementation of investment portfolio management activities, will be used for investing pension assets. These can be financial instruments in various sectors of the economy, different currencies in Kazakhstan and abroad.
Before transferring part of your pension savings from CPC and/or COPC into trust for IPM, it is recommended that you familiarize yourself with information about them and study their investment declarations. This can be done on the website www.enpf.kz in the “Services” section - “Register of investment portfolio managers”. Detailed statistics on the transfer of pension savings at the expense of CPC and (or) COPC into trust management are also available on the website www.enpf.kz in the “Indicators” section - “Transfer of pension savings to management companies”. IPMs are entitled to charge investment management fees not to exceed 7.5% of investment income. The actual amount of the commission is approved annually by the IPM management body and can change no more than once a year. Current information on IPM commissions for 2023 is also posted on the enpf.kz website in the section: “Services” - “Register of investment portfolio managers”.
After choosing the IPM that best suits your investment preferences, you need to contact the UAPF with an application to transfer pension savings at the expense of CPC and (or) COPC into trust management of one or more IPMs. This can be done in your personal account on the enpf.kz website using an electronic digital signature or by visiting one of the UAPF offices.
Pension savings at the expense of CPC and (or) COPC are transferred within 30 calendar days from the date of receipt of the application. It can be canceled before the UAPF transfers the declared amount to IPM. The status of consideration can be checked in your personal account on the Fund’s website.
Pension savings from CPC and (or) COPC can be transferred from one IPM to another no more than once a year. If you decide to return the savings to the management of the NBRK, this can be done 1 years after the transfer of pension savings at the expense of CPC and (or) COPC from the NBRK to IPM.
10 working days before the contributor reaches retirement age, all pension savings at the expense of the contributor’s CPC and (or) COPC are returned under the investment management of the National Bank.
During the period when pension savings are under the management of the National Bank until the contributor reaches retirement age, a guarantee of the safety of pension savings taking into account the level of inflation is in effect. When transferring pension savings into trust management by IPM, the state guarantee is replaced by a guarantee from the management company to ensure a minimum level of return on pension assets, which is calculated based on the weighted average return on pension assets transferred to the management of IPM operating on the market. The minimum return and weighted average return on pension assets are calculated monthly and published on the official website of the National Bank of the Republic of Kazakhstan.
In the Republic of Kazakhstan, by joint order of the Minister of Labor and Social Protection of the Population of the Republic of Kazakhstan dated May 23, 2023 No. 163, the Minister of Health of the Republic of Kazakhstan dated May 26, 2023 No. 304, amendments and additions were made to the Regulations for the interaction of the competent authority with the authorized bodies of the Republic of Kazakhstan on the implementation of the Agreement on pension provision for workers of member states of the Eurasian Economic Union dated December 20, 2019, approved by orders of the Minister of Labor and Social Protection of the Population of the Republic of Kazakhstan dated March 4, 2021. No. 62, Minister of Health of the Republic of Kazakhstan dated April 28, 2021. No. 249 (hereinafter referred to as the Regulations), which entered into force on May 26, 2023.
In accordance with the amendments and additions to the Regulations:
1) the competent authorities in the Republic of Kazakhstan to confirm the length of service of workers of the EAEU member states are JSC UAPF, the Committee of Labor and Social Protection of the Population of the Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan and their territorial divisions;
2) upon receipt from the competent authority of a member state of the EAEU of the “Request” form about the work experience of a worker in the territory of the Republic of Kazakhstan for the period:
- from January 1, 1998, the competent authority of the Republic of Kazakhstan - UAPF - sends to the competent authority of the Member State that sent the request a response with the attachment of the form On work experience based on data on the payment of mandatory pension contributions available in the information system;
- from March 13, 1992 to December 31, 1997, the competent authority of the Republic of Kazakhstan - the Committee of Labor and Social Protection of the Population of the Ministry of Labor and Social Protection of the Population - within the time limits established by the Administrative Procedural Code of the Republic of Kazakhstan, takes measures to request the necessary information and documents from the employer (his successor) or archival institutions, which, after receiving them, will be sent to the competent authority of the Member State by filling out the form On work experience.
Let us recall that the Agreement on pension provision for workers of the member states of the Eurasian Economic Union dated December 20, 2019 (hereinafter referred to as the Agreement) came into force on January 1, 2021 and applies to workers and family members.
In accordance with the provisions of the Agreement:
- the formation of pension rights of workers is carried out at the expense of pension contributions on the same conditions and in the same manner as the formation of pension rights of citizens of the state of employment (Article 3);
- in the Republic of Kazakhstan, pension contributions include pension contributions to the UAPF (Article 1);
- the exercise of the right to assign and pay pensions to workers (family members) is carried out under the same conditions as for citizens of the state of employment (Article 3);
- types of pensions assigned under the Agreement are determined by Article 2 of the Agreement.
“UAPF answers topical questions»
Yes, indeed it is so. From July 1, 2023, Kazakhstanis who have retired due to length of service have the right to use pension savings formed through compulsory pension contributions and can withdraw them in full to improve their living conditions and/or for medical treatment. But before submitting an application for withdrawal, it is necessary to clarify with the UAPF the availability and amount of savings. After this, you need to contact authorized operators. For the use of pension savings for housing, authorized operators are Housing Construction Savings Bank Otbasy Bank JSC (portal www.enpf-otbasy.kz), Halyk Bank of Kazakhstan JSC, Altyn Bank JSC, Bank CenterCredit JSC and Bank Freedom Finance Kazakhstan. The authorized operator for medical treatment is Otbasy Bank only.
Having decided to transfer savings to one or more Investment Portfolio Managers (IPM), the contributor must contact the UAPF with an application, which can be submitted through a personal account on the Fund’s website www.enpf.kz or by personally contacting any branch. All necessary information and step-by-step instructions are posted on the website in the services section - TRANSFER OF PART OF PENSION SAVINGS TO TRUST MANAGEMENT, as well as on the Youtube channel in our video instructions.
With the entry into force of the Social Code on July 1, 2023, when transferring pension savings into trust management of companies managing an investment portfolio, the minimum adequacy threshold is not taken into account. Contributors can transfer up to 50% of savings formed through compulsory pension and compulsory occupational pension contributions. If there are voluntary pension savings, they can be transferred in full.
There are currently five portfolio managers in the market. Their full list can be found on the website www.enpf.kz.
These are companies that meet the requirements of the regulator - the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. These companies also entered into a trust management agreement with the UAPF and an agreement with the custodian bank. When choosing a management company, we advise you to carefully study its history, as well as its investment declaration, reviews of investment activities, experience and investment results.
The state guarantee of the safety of pension savings is provided only for savings managed by the National Bank of the Republic of Kazakhstan. When pension savings are transferred under the management of IPM, the state guarantee is replaced by a guarantee from the management company. It must provide a return not lower than the minimum level of return on assets. This level is calculated based on the weighted average return on pension assets transferred to the management of all IPMs operating in the pension asset management market.
One of the directions of the Social Code of the Republic of Kazakhstan, which entered into force on July 1, 2023, is the further improvement of the pension system, in connection with which the implementation of a number of innovations is envisaged.
The changes also apply to the amount of the UAPF commission on pension assets, which will decrease from 0.01 to 0.008 percent per month from July 1, 2023. Moreover, it cannot be more than the value defined as the product of 0.04 times the monthly calculation indicator established by the law on the republican budget and valid as of January 1 of the corresponding financial year, and the number of individual pension saving accounts of contributors (beneficiaries) with pension savings for accounting for compulsory pension contributions opened in the UAPF as of the 1st day of the corresponding calendar month.
Let us remind you that the commission remuneration of the UAPF was previously revised in 2021. From that time on, the UAPF commission amounted to no more than 0.01% of pension assets. Moreover, starting from 2021, the UAPF does not charge a commission on investment income. It is charged only by pension asset managers: the National Bank of the Republic of Kazakhstan (NBRK, no more than 2% of investment income) and investment portfolio managers (no more than 7.5% of investment income). At the same time, in 2023, the NBRK commission fee on investment income was 1.5%, and in 2022 - 1.8%.
Note that when creating the UAPF, it was legislated that the amount of commission for the UAPF should not exceed 7.5% of investment income and 0.025% per month of pension assets. This is two times less than what private non-state pension funds received. At the same time, the UAPF, together with the NBRK, annually worked to reduce commission fees and optimize the fund’s expenses. For example, in 2016-2017 the commission on pension assets was 0.0225%, in 2018 and 2019 - 0.015%, in 2020 - 0.011%.
Thus, during the operation of the UAPF, commission fees from pension assets were reduced by 68%.
The funds received are used primarily to develop services for contributors and beneficiaries, ensure the safety of information about the personal data of contributors and to other areas of the Fund’s activities. All services provided by UAPF are fully provided free of charge.
Yes, from July 2023, according to the adopted Social Code, in the event of the death of a person who has pension savings in the UAPF, members of his family will receive a lump sum payment for funeral expenses from the pension savings of the deceased person within the amount of 94 times the monthly calculation index established for the corresponding financial year by the law on the republican budget (MCI), but not more than the funds of the deceased available on the individual pension account (IPSA).
If the balance of pension savings on the IPSA of the deceased person after making a lump sum funeral payment amounts to an amount not exceeding the MCI, this balance is paid as a funeral payment to the family members of the deceased. Let us recall that previously an application for a lump sum payment for a funeral could also be submitted by the persons who performed the burial, and the payment was an amount equal to 52.4 times the MCI.
In the event of the death of a person who has pension savings in the UAPF, they are inherited in the manner established by the legislation of the Republic of Kazakhstan
Find out in detail about the procedure, deadlines and list of documents required for the UAPF to make funeral payments to heirs on the UAPF website
The UAPF notifies its contributors (beneficiaries) that persons who have pension savings in the UAPF formed through:
compulsory pension contributions and (or) compulsory occupational pension contributions, and disability of the first or second group established indefinitely, voluntary pension contributions, and disability regardless of the group and period of disability,
has the right to receive pension benefits according to the established schedule before the generally established retirement age.
The contributor (beneficiary) does not need to present documents confirming his status him/herself - the UAPF with the consent of the contributor (beneficiary), provided in accordance with the Law of the Republic of Kazakhstan On Personal Data and Their Protection, independently checks the presence of disability (group, validity period) via the Internet -service by requesting information from the Centralized Data Bank of Persons with Disabilities information system of the Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan (MLSPP) through the State Corporation “Government for Citizens” (State Corporation) within the framework of an agreement concluded between the MLSPP, the State Corporation and UAPF.
You can submit an application for payment of pension savings by contacting the UAPF in person through the website enpf.kz, in the office or through an authorized person, or by mail.
Detailed instructions for submitting an application through the website enpf.kz can be found here.
Please note that the UAPF also organizes on-site services for persons with disabilities of the first or second group established for an indefinite period. In this case, a preliminary consultation is carried out, including checking the possibility of receiving services remotely, without traveling.
ANNOUNCEMENT
On September 21, 2023, an Open Day was held at IAPF JSC
At the Open Day, the Integrated Accumulative Pension Fund traditionally receives its guests to talk about the accumulative pension system, explain the details of its mechanism, and answer any questions of interest. The main agenda of the next open day was the topic “Social Code of the Republic of Kazakhstan. Innovations in the pension system of Kazakhstan”.
As you know, on July 1 of this year, the Social Code came into force, combining all legislative acts in the field of social protection of the population, providing support for citizens and providing state guarantees from birth to retirement.
The Code defines the solidarity and collective responsibility of the state, employers and citizens in the social security system, it was developed taking into account the characteristics of the country, as well as the best international experience, including the legislation of the European Union.
The Social Code of the Republic of Kazakhstan provides for a number of innovations regarding the accumulative pension system of Kazakhstan concerning the expansion of the rights of depositors to manage their assets, the use of pension savings for housing and treatment by pensioners who have retired on seniority, an increase in funeral payments, compulsory employer pension contributions (OPVR), the compulsory nature of pension contributions for all, a decrease in the commission of the IAPF, new rules for obtaining lump-sum pension payments for medical treatment and housing.
This was discussed at a meeting with the participants of the Open Day by the specialists of the Fund.
The participants of the meeting asked the following questions:
What are the innovations provided for by the Social Code in the field of pensions? What new approaches will be used? What are the advantages of innovations? How are they implemented in practice?
The Fund’s specialists answered questions in detail, explained the significance of each innovation and gave examples of the implementation of the norms of the Social Code.
The event aroused great interest on the part of the participants and was held in conditions of active discussion.
The IAPF was established on August 22, 2013 on the basis of NPF SAPF JSC. The founder and shareholder of the IAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. Trust management of IAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension asset management have been transferred to the National Fund Management Council.
In accordance with the pension legislation, the IAPF attracts compulsory pension contributions, compulsory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (for more details, see www.enpf.kz).
Press Announcement
Open Day at the IAPF
As part of the public awareness campaign among the population, on September 21, 2023, IAPF JSC will hold an Open Day.
The main topic of the day: “Social Code of the Republic of Kazakhstan. Innovations in the pension system of Kazakhstan”.
What innovations are provided for by the Social Code in the field of pensions? What new approaches will be used? What are the advantages of innovations? How will they be implemented in practice? – these and other questions will be answered by IAPF employees, and they will explain the mechanism of innovations using examples in an accessible and understandable form, and consider each of them in detail.
The Open Day will be held online on September 21, 2023. (10:00).
To take part in the event, each participant must follow the link (https://enpf.webex.com/weblink/register/ra5b9e89bab62da0c87afbdf520e39a6b), then enter the number of the event meeting: (2515 593 6757) and the password of the event meeting: (19092023)
IAPF JSC is waiting for its depositors and everyone to the Open Day!
ANNOUNCEMENT
From September 1, 2023, pension contributions are transferred using the new details of the UAPF
UAPF JSC informs that in connection with the completion of the transition to the Bank-Client remote banking system of the National Bank of the Republic of Kazakhstan from September 1, 2023, it is possible to transfer pension contributions only to the new details of the UAPF.
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Name |
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BIC |
NBRKKZKX |
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IIC |
KZ92125KZT1002303300 |
This information is primarily intended for contributors who make voluntary pension contributions (VPCs) on their own or through employers through second-tier banks and branches of Kazpost JSC.
As for the payment of compulsory pension contributions, compulsory occupational pension contributions, they are subject to transfer to the State Corporation, which, in turn, transfers them to the UAPF using the current details.
The 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)