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Who can get payments from voluntary pension contributions

Voluntary Pension Contribution (VPC) is money contributed to the UAPF by depositors on their own initiative. The contributions can be made by both individuals in their favor, and individuals and legal entities in favor of a third party. The amount and frequency of VPC payments are set by an individual or legal entity, according to the UAPF press service.
Who can get payments from voluntary pension contributions

One of the advantages of paying the VPC is that when an individual pays the VPC in his favor out of his income, tax legislation provides for a tax deduction for the amount of the VPCs paid. Besides, as of January 1, 2021, the VPCs paid by a tax agent (employer) from its own funds in favor of an employee are deducted when calculating corporate income tax. The amounts paid by the employer to the VPCs in the employee’s favor are not taken into account when taxing the employee's income.

Let us note that as of May 1, this year, the basis for opening an individual retirement account for VPCs, among other things, is the first voluntary pension contribution received by the UAPF.

According to paragraph 1 of Article 33 of the Law of the Republic of Kazakhstan “On Pension Provision in the Republic of Kazakhstan”, eligibility to pension payments from VPC in the UAPF arises for people with pension savings who:

1) Have reached the age of fifty;

2) Are disabled;

3) Are foreigners and stateless persons leaving for permanent residence outside the Republic of Kazakhstan after having submitted documents determined by the legislation of the Republic of Kazakhstan and confirming the intention or fact of departure;

4) Have pension savings within the limits of the voluntary pension contribution amounts and return on investment accrued on them, which are in the unified pension savings fund and (or) voluntary pension savings fund, for at least five years.

Source: https://www.enpf.kz/ru/about/press-center/news/index.php?ELEMENT_ID=11777

Photos are from open sources.

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