Current questions about UAPF

1. How can I transfer my pension savings to a trust?

By default, the trustee of pension assets is the National Bank of the Republic of Kazakhstan. Since January 2021, UAPF contributors have the opportunity to choose a strategy for managing pension assets.

Initially, investment portfolio managers (IPMs) could only transfer savings exceeding the minimum sufficiency threshold or remaining in a pension account after concluding a pension annuity agreement with an insurance company. From July 1, 2023, investment opportunities have expanded: now UAPF contributors will be able to transfer 50% of their savings through compulsory pension contributions and compulsory occupational pension contributions, as well as 100% of voluntary contributions to trust management of private companies. A list of investment portfolio managers can be found on the website enpf.kz. Investment strategies of the IPMs, monthly reviews and results of investment activities are also posted there. Before deciding to transfer to trust management, we recommend that you carefully read this information.

To transfer money to the trust management of the IPM (as well as back to the management of the NBRK or between private management companies), you need to submit an application for the transfer of pension savings in a certain form. This can be done in your personal account on the website enpf.kz, using an electronic digital signature, or in any UAPF branch (you need to have an identity document or an electronic document from the digital document service with you).

At the same time, the UAPF will continue to keep track of pension savings, including investment income. Contributors can see in their personal account in the pension account statement information about how much the IPM has earned for them. It is recommended to evaluate the results of investment activities in the medium and long term. Therefore, it is possible to transfer savings from one IPM to another or back under the management of the NBRK no more than once a year.

2. How to return funds from IPM to the management of the National Bank of the Republic of Kazakhstan?

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. If you decide to return the savings to the management of the NBRK, this can also be done one year after the transfer of pension savings from the NBRK to IPM.

In order to transfer pension assets to the trust management of the IPM, from one IPM to another IPM, as well as to return pension savings from the trust management of the IPM to the trust management of the National Bank of the Republic of Kazakhstan, the contributor submits an application to the UAPF via the UAPF Internet resource, signed with an electronic digital signature or by personal appeal.

We note that 10 working days before the contributor reaches retirement age, all pension savings at the expense of the contributor’s CPC and (or) COPC are automatically returned to the investment management of the National Bank.

3. Which category of citizens has the right to be exempt from paying pension contributions?

According to the Social Code of the Republic of Kazakhstan, from paying compulsory pension contributions (CPC) to the Unified Accumulative Pension Fund (UAPF) are exempt for persons with disabilities of the first and second groups, if the disability is established for an indefinite period. At the same time, the employer is allowed to withhold and transfer CPC to the UAPF based on the application of the above persons. Thus, Kazakhstanis who have a disability of the first or second groups, established indefinitely, have the right to submit an application at their place of work for consent to withhold CPC in the UAPF.

Persons with disabilities of the first and second groups, if the disability is established indefinitely, have the right to receive pension benefit payments from the UAPF according to the established schedule in the form of monthly pension benefits. 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 requests information on the establishment of disability from the information system of the Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan Centralized Data Bank of Persons with Disabilities.

You can submit an application for payment of pension savings in person to the UAPF office or through an authorized person, through the Internet resource enpf.kz, as well as using postal services. In addition, the UAPF has mobile groups that provide pension services primarily to people with special needs. You can apply for field service on the website enpf.kz in the “Electronic Services” section

4. Please name the minimum and maximum size of a lump sum pension benefit payment for housing that citizens can withdraw this year?

The size of the lump sum pension benefit depends on the amount of pension savings and is calculated individually. According to Art. 224 (clause 4) of the Social Code of the Republic of Kazakhstan, the opportunity to use pension savings formed through compulsory pension contributions can be used by contributors whose savings exceed the minimum adequacy threshold (they can use savings exceeding the minimum adequacy threshold in accordance with age), pensioners, whose pension amount is at least 40% of lost income (can use up to 50% of their savings), recipients of pension benefits for long service, as well as contributors who have entered into a pension annuity agreement (can use up to 100% of their savings).

5. Please tell us about the requirements for assigning a special social benefit to those working in hazardous conditions?

Citizens of Kazakhstan, foreigners and stateless persons permanently residing in the country, employed in production with hazardous working conditions and wishing to receive a special social benefit are assigned when:

— reaching 55 years of age;

— confirmation of payment of compulsory occupational pension contributions for the employee for 84 months (7 years);

— termination of work in jobs with hazardous working conditions or transfer to another job that excludes exposure to hazardous production factors.

To receive a special social benefit, an employee must choose one of the following activity options:

— in agreement with the employer, arrange a transfer to another job in the same enterprise, unrelated to hazardous working conditions;

— independently get another job outside the enterprise, unrelated to hazardous working conditions;

— do not continue working.