In 2017, more than 2700 Kazakhstanis transferred their pension savings from the UAPF to insurance companies totaling KZT 26.7 bln. This fact was reported by UAPF at the briefing regarding the Fund's operations progress last year.
Generally, every insurance company operating in Kazakhstan establishes its own conditions for early retirement benefit getting. However, on average, a woman must accumulate KZT 9,7 mln. (in 2016 it was KZT 8,8 mln.) in order to retire at the age of 50. A man needs to have more than KZT 6,9 mln. on his account in order to take well-deserved rest at the age of 55. The statistics data is presented as of 2017.
Retirement annuity is an agreement with an insurance company allowing you to start getting the retirement benefit earlier than the due date, provided that you have a sufficient amount of savings in the UAPF. Let us remember that the retirement age of women will increase annually by six months starting from January 1. The minimum retirement age of women for retirement annuity will be 55 years.
The UAPF reported on the operations progress for 2017 - beginning 2018:
- The total amount of pension savings in the UAPF amounted to KZT 7,78 bln. as of January 1 having been increased by KZT 1.1 bln. per year (the increase was 16.4%);
- The number of depositors of the Fund increased up to 10,12 mln., and the number of the recipients of pension increased up to 443 thousand persons;
- Within this year, Kazakhstanis have deposited KZT 756,05 bln. to the Fund's accounts, an average contribution amount has been KZT 15,078 thousand;
- The amount of pension payments amounted to KZT 211,12 bln.;
- Net investment income amounted to KZT 550,6 bln.;
- 38 329 recipients have applied for the prescribed payments within January 2018.
Author: Kirill Zhdanov