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15.5 billion tenge of pension savings transferred to insurance organizations

These are the data for the first 9 months of 2018, Deputy Head of the Unified Accumulative Pension Fund of Kazakhstan Saule Egeubayeva said at a briefing, enpf.kz reports.
15.5 billion tenge of pension savings transferred to insurance organizations

In total, according to her, the amount of pension payments from the UAPF for 9 months of 2018 amounted to 130.9 billion tenge.

70.7 billion tenge (or 54%) out of this amount were payments upon reaching retirement age, 15.5 billion tenge (or 12%) were transferred to insurance organizations, 24.6 billion tenge (or 19%) were paid out to people leaving for permanent residence outside the Republic of Kazakhstan, and KZT 20.1 billion (or 15%) - other lump-sum payments (to the heirs and for the funeral).

The minimum monthly scheduled pension payment (due to the retirement age in 2018) is 15 273 tenge, the average monthly payment is 20 179 tenge, the maximum monthly amount is 337 059 tenge.

The transfers from the UAPF to insurance organizations are made under pension annuity agreements.

The Law “On Pension Provision in the Republic of Kazakhstan” enables depositors of the UAPF upon of reaching 50.5 years of age by women and 55 years by men (2018) with sufficient amount of savings to enter into a pension annuity contract with an insurance organization on life insurance payments using pension savings. Such a contract is available for disable persons of group 1 and 2, if the disability is established indefinitely.

As of January 1, 2018, the age of women eligible to conclude a retirement annuity contract will be increasing annually by half a year until the age of 55 by January 1, 2027.

As of 2018, the approximate minimum cost of a retirement annuity for women is 13.5 million tenge, for men - 9.5 million tenge.

It has been reported earlier that the National Bank proposes to introduce a guarantee on pension and insurance annuities. This was stated by the Deputy Chairman of the National Bank of Kazakhstan Zhanat Kurmanov at a joint meeting of the Finance and Budget Committee and the Nur Otan Party last May. This measure, in his opinion, can be implemented, taking into account international practice.

Source: https://www.enpf.kz/upload/iblock/572/57202b91f062e606352772e6dd572560.pdf

Photos: inform.kz, Strategy2050.kz

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