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What shall you know about the Retirement Annuity Agreement?

​Gulzhan Dzhaksymbetova, a member of the Board of “Standard Life” Life Insurance Company, told the Unified Accumulated Pension’ information officer - enpi.kz - about subtleties of the Retirement Annuity Agreement.
What shall you know about the Retirement Annuity Agreement?

What shall you know about the Retirement Annuity Agreement?

A Frame Retirement Annuity Agreement for all insurance companies is developed and approved by the National Bank.

What rights do you have when entering into the agreement?

Each client - future pension holder is entitled to:

— to get acquainted with calculation of the amount of insurance benefits

— use not only mandatory, but also voluntary pension contributions

— involve independent experts for calculation of the amount of insurance benefits from the insurance entity

— get copies of the Retirement Annuity Agreement if it has been lost.

What are the statutory authorities?

The statutory authority for agreement execution is your written application, which you sign at the insurance company.

When the agreement shall come into effect?

As soon as the Unified Accumulative Pension Fund transfers your savings to the insurance company.

Is it possible to terminate the agreement?

Yes, but not earlier than 2 years after the date of signing of the Retirement Annuity Agreement.

Is it possible to terminate the agreement early?

It is possible, but only upon the initiative of the client and subject to entering into a Retirement Annuity Agreement with another life insurance company, and not earlier than 2 years after the date of its execution.

How much shall the insurance company pay per month?

The amount of a monthly insurance benefit from the insurance company cannot be less than the amount of minimum pension applicable as of the date of the Retirement Annuity Agreement signing.

What shall be demanded from any insurance company (life insurance company)?

1) availability of a valid license regarding activities in the field of “life insurance”;

2) an insurance entity must have branches in the capital, cities of national status and administrative centers of the regions.

How does an insurance company calculate a monthly insurance benefit?

Any insurance company performs all the calculations of insurance benefits and premiums regarding retirement annuities according to the methods established by the National Bank of the Republic of Kazakhstan.

What shall any insurer do within the process of entering into the Retirement Annuity Agreement with you?

Any insurer shall be obliged to:

1) to inform you regarding calculations of the insurance benefits amount;

2) draft an agreement in triplicate, two counterparts of which shall be transferred to you;

3) if you have entered into the agreement with another insurance company, transfer your funds to a new insurance entity within 20 calendar days after receipt of the original of the Retirement Annuity Agreement entered into with the new insurance entity;

4) if the insurer does not pay monthly tranches in a timely manner, so it is committed to pay you a fine of 1.5% of the unpaid amount for each day of delay;

5) notify you about incoming of the insurance premium within 5 business days after the date of crediting the insurer's account with the relevant sum. The notice will be sent in writing or in any other way suiting for you;

6) Upon your death, the company is committed to make a payment in the form of a funeral allowance to the family or a person, who arranged the funeral in the amount established by the Retirement Annuity Agreement. This allowance cannot be less than 15-fold MCI assigned for the relevant financial year.

Materials and photo source: http://enpi.kz/kompanii/hotite-sbezhat-iz-enpf-v-strahovuyu-kompaniyu-

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