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The accounting procedures and calculation of pension assets changed in Kazakhstan

The Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market made amendments to the normative legal acts on regulation of the financial market on February 15, the UAPF press service reported.
The accounting procedures and calculation of pension assets changed in Kazakhstan

According to the new procedure, the calculation is made on a weekly basis as of end of the first working day of the week and the last calendar day of the month.

“When pension contributions are received on individual pension account, operations for crediting the amount received are carried out with their recalculation into an equivalent number of conventional units of pension assets at the current value of a conventional unit as of the date of receipt of pension contributions. When making pension payments, operations to write off the amounts of pension accumulations are carried out with their recalculation into the equivalent number of conventional units of pension assets, at the current value of the conventional unit as of the date of the pension payment,” the UAPF informs.

As retirement assets are long-term investments, calculation of unit value on a weekly basis helps smooth out potential daily fluctuations in pension savings.

“Thus, the possible changes provided to depositors in the statements on investment return, will be reflected as of end of the first working day of each week and the last calendar day of each month,” the UAPF employees concluded.

Source: https://www.enpf.kz/ru/about/press-center/news/index.php?ELEMENT_ID=11732

Photos are from open sources.

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