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Return on retirement annuities may grow in Kazakhstan

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) spoke about amendments to a standard retirement annuity agreement and the approach for calculating the premium and insurance payment from an insurance company.
Return on retirement annuities may grow in Kazakhstan

The new ARDFM regulation was developed in order to increase the payment and reduce the cost of retirement annuity agreement and provides for amendments; with regard to the revision of certain parameters used in the calculation of the insurance premium, namely:

- increasing the minimum rate of indexation of insurance payments from 5 to 7%;

- increasing the maximum rate of return from 6 to 9%;

Besides, the resolution makes it possible to use a separate mortality table for persons with disabilities and those working in harmful and dangerous working conditions.

The Resolution will be put in force after registration with the Ministry of Justice of the Republic of Kazakhstan and after 10 calendar days after the day of its first official publication.

Photos are from open sources.

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