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Money from “forgotten” deposits will go to UAPF

The provisions of the Law of the Republic of Kazakhstan regulating the procedure for the transfer by the Kazakhstan Deposit Guarantee Fund (KDIF) of the unclaimed amounts of guarantee compensation to the UAPF during the year to be credited to individual pension accounts, are effective as of May 1, this year, the UAPF press service reports.
Money from “forgotten” deposits will go to UAPF

“This means that if a depositor of a bank, a member of the mandatory deposit guarantee system and which license to conduct all banking operations is revoked, does not apply to the KDIF within one year from the guarantee payment date, the KDIF will transfer the unclaimed guarantee amount to the UAPF on the individual retirement account as volunteer pension contribution”, the press service of the fund explained.

Besides, as of May 1, this year, the primary contribution will be the basis for automatic (unreported) opening of a retirement account. The identification of the individual in whose favor the payments are made will be carried out according to personal data (full name, IIN, date of birth) specified in the electronic format of the payment order, and all the necessary information as individual’s current identity document details, place of permanent residence, and other will be obtained by the UAPF from the relevant information systems of state bodies.

“Those, who have pension savings based on volunteer pension contributions in the UAPF have the right to receive them upon reaching the age of 50, disability, departure to permanent residency outside the Republic of Kazakhstan as foreigners and stateless persons who have submitted documents determined by the legislation of the Republic of Kazakhstan that confirm the intention or fact of departure”, - concluded the UAPF press service.

Source: https://www.enpf.kz/ru/about/press-center/news/index.php?ELEMENT_ID=11735

Photos are from open sources.

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