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KZT 26 058 million of pension savings were transferred under retirement annuity agreements in 2017.

Thus, last year the JSC "SAPF" executed 2,854 such applications for the transfer of savings to insurance companies. The same number of applications was in 2016, reported by
KZT 26 058 million of pension savings were transferred under retirement annuity agreements in 2017.

Mamyla Musabekova, Director of the Department for Support and Development of the Regional Network of JSC "SAPF" shared on the platform of the Regional Communication Service of Almaty.

Retirement annuity (from the Latin annuus - annual) is a way of obtaining savings, alternative to payments from the Single Accumulative Pension Fund (SAPF). Pension annuity is life-long payments, which can be attractive for people with a sufficient amount of pension savings and good health.

The Law "On Pensions in the Republic of Kazakhstan" provides an opportunity for SAPF depositors upon reaching 50.5 years old for women, and 55 years old for men in 2018, providing the sufficiency of their savings to conclude a retirement annuity contract with an insurance company on life insurance payments using pension savings. Such a contract is possible for disabled people of group I and II, if the disability is established indefinitely.

The number of contributors able to purchase a retirement annuity among men (at the age of 54+) is 10.8 thousand in Kazakhstan, and women (at the age of 49+) - 2.6 thousand people.

"As of January 1, 2018, the age of women eligible to conclude a retirement annuity contract will increase annually by six months until reaching 55 years by January 1, 2027", Mamyla Musabekova said.

The sufficiency of pension savings, necessary for concluding a retirement annuity contract, is calculated by an insurance organization. In this case, the amount of a monthly payment from an insurance organization cannot be less than the minimum pension that is valid as of the date of entering into a pension annuity contract.

As of January 1, 2018, in accordance with the Law of the Republic of Kazakhstan "On the Republic’s Budget for 2016-2018", the size of the minimum pension in the amount of 33,745 tenge was set. For 2018, the approximate minimum cost of a retirement annuity for women is KZT13.5 m., for men - KZT9.5 m.

"It should be noted that the conclusion of a pension annuity contract with an insurance organization or the retention of pension savings in the SAPF with subsequent receipt of them according to the established schedule from the SAPF when reaching retirement age is an conscious choice of the depositor. The longer a person works, the more pension contributions are paid, the greater the amount of money accumulated on his pension account, which means that the pension will be bigger", Mamila Kurmanzhanovna said.


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