One of the important innovations is the possibility for recipients of length-of-service pension to use the entire amount of pension savings at the expense of mandatory contributions in order to improve housing conditions and (or) to pay for medical care for its own benefit or spouse or close relatives.

It should be noted that persons entitled to pension payments for length-of-service include military personnel (except compulsory-duty servicemen), employees of special state and law enforcement bodies, as well as state courier service and other persons with length-of-service in a military service, service in special state and law enforcement bodies, state courier service not less than twenty-five years and who have reached the age of retirement established by the legislation of the Republic of Kazakhstan for the state of service upon discharge from service.

A more detailed list of persons entitled to pension payments for length-of-service is defined by Article 212 of the Social Code (until 01.07.2023 by the Article 64 of the Law of the Republic of Kazakhstan " On Retirement Insurance in the Republic of Kazakhstan").

If there are pension savings in the UAPF, formed at the expense of mandatory occupational contributions, recipients of pension payments for length-of-service will be able to receive them when they reach the generally established retirement age.

Until 01.07.2023, recipients of pension payments for length-of-service had the right to lay account on the amount of a lump-sum pension benefit of no more than 50 percent of the amount of pension savings at the expense of mandatory contributions and (or) mandatory occupational contributions of the contributors (recipient) if a replacement rate of the average monthly income of the recipient is at the level not lower than 40 percent, established in the order, determined by the Government of the Republic of Kazakhstan. Under calculating the replacement rate of the average monthly income, the recipient's income preceding the retirement date is taken into account, but not more than the average monthly income in the Republic.

Where to apply for lump-sum pension benefit?

You should apply through a portal enpf-otbasy.kz in Otbasy Bank Housing Construction Savings Bank JSC or to second-tier banks: Halyk Bank of Kazakhstan JSC, Altyn Bank JSC, Bank CenterCredit JSC, Bank Freedom Finance Kazakhstan JSC for a lump-sum pension benefit from the UAPF in order to improve housing conditions, and in order to pay for medical care – only to Otbasy Bank Housing Construction Savings Bank JSC.

On other issues of the Social Code, which will come into force on July 1 of this year, You can learn more from the explanations of the Fund's specialists.

The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor (beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz).