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It will become easier to transfer pension savings to insurers

UAPF would like to remind that as of January 1, several key innovations in the legislation of the Republic of Kazakhstan are enacted. At the policyholder’s request, a retirement annuity agreement (RA) can be concluded by writing to the insurer or exchanging information online.
It will become easier to transfer pension savings to insurers

To conclude a retirement annuity agreement, people do not have to contact the UAPF with an application to transfer pension savings to an insurance organization.

However, insurance organizations will be required to exchange data on concluded RAs with the UAPF by transferring information to the unified insurance database (UIDB), the owner of which is the State Credit Bureau.

In turn, the State Credit Bureau (SCB) will transfer information to the UAPF about concluded RA agreements. Upon receipt of information from the State Credit Bureau, the Fund will transfer pension savings to insurance organizations within 5 working days from the date of receipt of information from the SCB about the concluded RA agreements.

However, the applicant retains the right to apply to the UAPF in order to submit an application for the transfer of pension savings to an insurance organization with the provision of the original retirement annuity agreement.

Photos are from open sources.

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