How to transfer pension savings into trust management

The right to transfer pension savings to the trust management of the UIP can be used by depositors of mandatory pension contributions (OPV), individuals for whom mandatory professional pension contributions (OPV), voluntary pension contributions (DPV) are listed, in an amount not exceeding:

• fifty percent of the amount of pension savings in the individual pension account (IPS) of the OPV depositor, an individual for whom the OPV is listed, as of the date of receipt of this person's application for (about) the choice (change) of the UAPF. Upon subsequent transfer to the trust management of the UIP, the amount of pension savings is determined taking into account previously transferred pension savings, taking into account the investment income of the UIP (the application is submitted no more than once a year from the date of transfer of pension savings to the trust management of the UAPF);

or

• the amount of pension savings due to OPV and (or) OPV on their IPS in case of a concluded pension annuity agreement with an insurance company;
• the amount of pension savings formed at the expense of the DPA, which are subject to transfer to the trust management of the UAPF, does not exceed the amount of available pension savings on the IPS for accounting for the DPA.

 Information on the amount of pension savings available for the transfer of pension assets to the trust management of the UAPF can be obtained 24/7 on the Internet resource and in the UAPF mobile application and the e-government website.

It should be known that when transferring pension savings to the management of the UIP, the state guarantee is replaced by the guarantee of the management company to ensure a minimum level of profitability of pension assets, which is calculated based on the weighted average yield of pension assets transferred to the management of the UIP operating in the market.

At the moment, 5 management companies with licenses to manage the investment portfolio comply with the approved requirements of the Agency for Regulation and Development of the Financial Market for the management of pension assets, namely:

• First Heartland Jysan Invest JSC

• JSC BCC Invest is a subsidiary of Bank CenterCredit JSC; 
• JSC Halyk Global Markets (Subsidiary JSC "Halyk Bank"); 
• Halyk Finance JSC Subsidiary "Halyk Bank of Kazakhstan ; 

• JSC «Cetras Securities».

The list of management companies that have concluded trust management agreements with the UAPF and their proposed investment declarations can be found on the UAPF Internet resource, after which you can choose the management company that best suits your investment preferences

The depositor of the OPV, an individual for whom the OPV, DPV are listed (hereinafter referred to as the depositor), in order to transfer pension savings to the trust management of the UIP, from one UIP to another UIP, as well as the return of pension savings from the trust management of the UIP to the trust management of the National Bank of the Republic of Kazakhstan, submits to the UAPF an application in the form and with attached documents established by the internal documents of the UAPF, by:

- personal appeal;

- via the UAPF Internet resource, signed with the depositor's electronic digital signature.

The UAPF transfers pension assets to the trust management of the UIP while fulfilling the following conditions:

1) the presence of a written statement of the depositor on (about) the choice (change) UIP in the form and with the attachment of documents that are established by the internal documents of the UAPF;

2) the existence of an agreement on the trust management of pension assets, as well as a custodial agreement concluded between the UAPF, UIP and the custodian bank;

3) pension savings due to OPV/Depositor's account:

- do not exceed fifty percent of the amount of pension savings on the depositor's IPS as of the date of receipt of the person's application for (about) the choice (change) of the UIP. Upon subsequent transfer to the trust management of the UIP, the amount of pension savings is determined taking into account previously transferred pension savings, taking into account the investment income of the UIP (the application is submitted no more than once a year from the date of transfer of pension savings to the trust management of the UIP);

or

- do not exceed the amount of pension savings due to OPV and (or) OPV on their IPS in the case of a concluded pension annuity agreement with an insurance company;

4) the amount of pension savings formed at the expense of the DPA, which are subject to transfer to the trust management of the UIP, does not exceed the amount of available pension savings on the IPS for accounting for the DPA;

5) The UIP specified in the depositor's application complies with the requirements established by the regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations.

The UAPF transfers pension assets from one UIP to another within 30 (thirty) calendar days after the date of receipt of the application for a change in the UIP, in the amount corresponding to the amount of pension assets specified in the application for a change in the UIP, with prior notification to the UIP, in whose trust management the pension assets of the depositor are located, no later than 10 (ten) business days before the date of transfer of pension assets.

The UAPF transfers pension assets from the trust management of the National Bank of the Republic of Kazakhstan to the trust management of the UIP within 30 (thirty) calendar days after the date of receipt of the application for the choice of the UIP in the amount corresponding to the amount of pension savings specified in the application for the choice of the UIP.

In case of submission of an incomplete package of documents, the UAPF within 5 (five) working days after the date of receipt of the application specified in subparagraph 1) of paragraph 5 of Article 37 of the Social Code, refuses to transfer pension assets to the trust management of the UIP.

The UIP does not have the right to transfer pension assets under its trust management to another person.

Pension savings are intended to ensure the income of citizens upon retirement, in connection with which, pension assets transferred to the trust management of the UIP are stored in the pension system and, upon reaching retirement age, are used to make pension payments on schedule, conclude a pension annuity agreement, and other purposes provided for by law, including one-time pension payments at the expense of the OPV in order to improve housing conditions and (or) to pay for treatment.

After the initial transfer of pension savings to the trust management of the UIP, the depositor has the right, among other things:

• to submit through the personal account of the UAPF Internet resource or by personally contacting any regional branch of the UAPF an application for changing the UIP to transfer his pension savings to the trust management from one UIP to another UIP (not earlier than one year from the date transfer of pension savings to the trust management of the UIP);
• submit an application for the return of pension savings held in trust by the UIP to the trust management of the National Bank of the Republic of Kazakhstan through the personal account of the UAPF Internet resource or by personal contact to any regional branch of the UAPF for the return of pension savings held in trust by the UIP to the trust management of the National Bank of the Republic of Kazakhstan (not earlier than one year from the date of transfer of pension savings to the trust management of the UIP). If pension savings have been transferred several times to the trust management of the same UIP in accordance with the statement on the choice of UIP, then the return of pension savings to the trust management of the National Bank of the Republic of Kazakhstan is carried out no earlier than one year from the date of the initial transfer of pension savings to the trust management.

In addition, for depositors reaching retirement age, the UAPF independently transfers pension assets from the trust management of the UIP to the trust management of the NBK within 10 (ten) working days before the depositor (recipient) reaches retirement age, which are then taken into account when calculating the amounts of pension payments according to the schedule.

When submitting an application through your personal account on the enpf.kz Internet resource the following steps must be performed:

Step 1. Log in to your Personal Account.

Step 2. Go to the "Services" section of your Personal Account.

Step 3. Select the service "Submitting an application for (about) selection (change) UIP or for the return of pension savings held in trust by the UIP to the trust management of the National Bank of the Republic of Kazakhstan" and sign consent to the collection and processing of personal data (in the absence of it) via SMS. Information about the identity document, address and contact details of the depositor will appear automatically from the UAPF information system, which are checked against the State database "Individuals" of the Ministry of Justice of the Republic of Kazakhstan. If any of this information (for example, address or phone number) has changed, corrections can be made.

Step 4. In the "Transfer Conditions" section, you must:

1) specify the type of operation (choosing a UIP or changing the UIP, or returning to the National Bank of the Republic of Kazakhstan); 

2) select the details of the pension provision agreement from which you want to transfer pension savings (OPV or OPV or DPV);

3) select from the proposed UIP Directory the name of the UIP from which and to which you wish to transfer pension savings to trust management, or the National Bank of the Republic of Kazakhstan (in case of return of pension savings to the trust management of the National Bank of the Republic of Kazakhstan);

4) if you select the type of operation "change of the UIP" or "refund to the National Bank of the Republic of Kazakhstan", select the transfer amount ("Partial transfer" or "In the amount of funds available on the subaccount"); 

5) in case of a partial transfer, specify the amount to be transferred to the trust management or returned to the National Bank of the Republic of Kazakhstan;

6) to review and express agreement / disagreement with the information provided.

Step 5. Sign the personal EDS application.

Step 6. Track the status of the application execution on the Main page of the Personal Account in the subsection "My applications for payments/transfers".