If I sign a contract with an insurance company and want to buy a pension annuity or a "lifetime pension", when will my pension savings be transferred from the SAPF to the chosen insurance company?
According to art. 62 of the RK Law "On Pensions in the Republic of Kazakhstan", the SAPF has to transfer your pension savings to the insurance company chosen by you within 10 working days from the date of the customer’s documents receipt about entering into a contract with the insurer.
How much can the insurance company receive from the customer who has decided to transfer the pension savings from the SAPF?
In the Resolution No. 194 of October 20, 2015, the RK National Bank specified that the admissible level of insurance company’s expenses for the pension annuity contract conclusion, including commission, is no more than 3% of the insurance premium and 3% of each insurance payment.
How often should the insurance companies make insurance payments for the pension annuities?
Everything is simple. Since January 1, 2018, the insurance payments for the pension annuities should be made monthly.
When should the insurance company make the first payment after the pension annuity contract is concluded?
The first payment for the pension annuity is made no later than 10 working days from the date of pension saving transfer from the SAPF to the insurance organization.
Who pays for the expenses associated with the depositor’s (beneficiary’s) pension saving transfer from the SAPF to the insurance organization?
They are paid by the SAPF.
Is the depositor (beneficiary) able to issue a notarized power of attorney to an individual for applying for the pension saving transfer in the case of personal inability to apply for the pension saving transfer?
Yes, it is possible.
We will continue to make you acquainted with the subtleties of concluding the pension annuity contracts! As they say, do not switch the channel.