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Transferring money from UAPF will become easier

A simplified procedure for transferring pension savings from the UAPF to life insurance companies will be introduced on January 1, the fund’s press service reports. Depositors will contact only selected insurance organization to conclude retirement annuity (RA) without further contacting the UAPF to transfer pension savings to the insurance organization.
Transferring money from UAPF will become easier

Innovations in legislation will allow depositors to apply only to the selected insurance organization to conclude RA without further contacting the UAPF to transfer pension savings to the insurance organization.

Retirement annuity is a financial insurance instrument that allows get pension ahead of schedule provided that pension savings are sufficient to ensure a monthly insurance payment that is not less than 70 percent of minimum wage as in effect on the date of signing a retirement annuity agreement between individual and insurance organization.

It should be noted that the government guarantees safety of mandatory pension contributions, mandatory professional pension contributions to the UAPF in the amount of actual contributions made for the period from the date of the last transfer of pension savings to insurance organizations until they reach the generally established retirement age adjusted for inflation. That is, the state guarantee of pension savings’ safety does not apply to pension savings transferred to insurance organizations.

“Regarding current statistics, as of October 1, 4,037 people have been transferring their pension savings under RA to insurance organizations in the amount of 21.9 billion tenge since the beginning of 2023. The amount of funds to be returned from 1,927 depositors received from insurance organizations when the RA terms had changed amounted to 10.9 billion tenge. It should be noted that, by accounting for over seventeen trillion tenge on more than twelve million depositor accounts, the UAPF continues to expand the mobile capabilities of citizens and actively integrate digital technologies into its operations. For the purpose of operational services, the UAPF exchanges data with information systems (databases) of government bodies, while guaranteeing the safety of personal data,” the UAPF release informs.

Photos are from open sources.

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