According to the Law of the Republic of Kazakhstan dated 02.01. No. 399-VI On amendments and additions to some legislative acts of the Republic of Kazakhstan on the restoration of economic growth citizens have the right to use part of their pension savings to improve housing conditions and (or) pay for medical treatment that is not included in the guaranteed volume of free medical care and compulsory social health insurance, as well as for the transfer of investment management to private management companies.
In accordance with the provisions of Articles 30, 31 and 32 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan (hereinafter - the Law) the right to use part of their pension savings in order to improve living conditions in their favor or a spouse, or close relatives and (or) the following persons who have pension savings in the UAPF formed from compulsory pension contributions (CPC) and (or) compulsory occupational pension contributions (COPC) can use to pay for medical treatment for themselves or their spouse, or close relatives:
1) the amount of pension savings of which exceeds the threshold of the minimum sufficiency of pension savings.
At the same time, a lump sum pension benefit cannot exceed the amount of the difference between the amount of pension savings at the expense of CPC and (or) COPC of the contributor (beneficiary) and the threshold for the minimum sufficiency of pension savings, calculated according to the Methodology for determining the threshold for the minimum sufficiency of pension savings, approved by the Government of the Republic of Kazakhstan, as of the date receiving an electronic notification from an authorized operator;
2) for whom the size of the pension, and for the persons specified in paragraph 7 of Article 11 of the Law, the amount of the pension and monthly maintenance provides the replacement ratio of the beneficiary's average monthly income at a level of at least 40 percent, determined in the manner determined by the Government of the Republic of Kazakhstan. When calculating the replacement rate of the average monthly income, the beneficiary's income is taken into account prior to the date of retirement, but not more than the average monthly income in the republic.
At the same time, a one-time pension benefit cannot exceed 50 percent of the amount of pension savings at the expense of the CPC and (or) COPC of the contributor (beneficiary) as of the date of receipt of the initial electronic notification from the authorized operator;
3) those who have entered into a pension annuity agreement with an insurance organization.
At the same time, a lump sum pension benefit cannot exceed the amount of pension savings at the expense of CPC and (or) COPC on the individual saving pension accounts of the contributor (beneficiary).
Thus, pension savings can be used exclusively for the purposes and in the manner established by the legislation of the Republic of Kazakhstan. At the same time, pension savings cannot be used to buy a car or pay for consumer loans.
2) Good day! My name is Mikhail, I would like to open a pension saving account. What documents do I need to provide? Or the employer can do it for me?
Since 2019, in accordance with paragraph 2 of Article 37 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of Kazakhstan, the opening of an individual pension savingaccount (IPSA) in the UAPF for accounting for compulsory pension contributions (CPC) is carried out automatically, respectively, the need for individuals to apply to the UAPF for opening an IPSA for accounting CPC is missing.
Thus, in order to open an IPSA in the UAPF for CPC accounting, an individual does not need to apply to the UAPF in order to complete an application. If there is no account, then it is opened in the UAPF information system automatically upon receipt of the first installment. Identification of an individual is carried out according to personal data specified in the electronic format of the payment order when transferring a pension contribution, and all the necessary information about the details of the current document and other details of the UAPF is received from the information systems of state bodies.
3) Hello! Sometimes, I see how various people in the comments on social networks write that the money in the UAPF is "dead weight" and is not invested anywhere, is this information correct? And what is your current profitability?
Pension savings of UAPF contributors are continuously invested and work for the contributor. Only in the first half of the year from January 1 to July 1, 2021, net investment income in the amount of KZT 753.3 billion was accrued to the accounts of the UAPF contributors, which is almost 210 billion tenge or 39% more than in the first half of last year. The return on pension assets of the UAPF under the management of the National Bank of the Republic of Kazakhstan since the beginning of the year amounted to 6.1%, with inflation of 4.6%. At the same time, the return for the last 12 months was 12.1%, while inflation for the same period was 7.9%.
The amount of pension savings of contributors is recalculated and revalued on a weekly basis in accordance with the results of investment of pension assets. Investment income includes income in the form of interest on securities (deposits and other operations), income in the form of market revaluation of financial instruments, income in the form of foreign exchange revaluation, income on assets under external management, etc.
Detailed information on the investment of pension assets by the National Bank of the Republic of Kazakhstan (NBRK), investment portfolio managers (IPM), as well as reviews of investment activities as of July 1, 2021 are posted on the website enpf.kz in the section "Indicators - Investment Activities".
In general, the investment income provided by the National Bank since the consolidation of all pension assets in the UAPF amounted to over KZT 5.4 trillion. As of July 1, 2021, the share of net investment income in the total amount of pension savings is 36.3%
Note that in addition to the National Bank, UAPF contributors can transfer part of their savings to investment portfolio management companies (IPM). At the moment, UAPF has concluded an agreement on trust management of pension assets with four IPMs. You can get acquainted with information about them and study their investment declarations on the website enpf.kz in the section "Services" - "Register of investment portfolio managers".
Recall that after receiving pension assets from the UAPF, IPM invests them in authorized financial instruments specified in the Rules for the implementation of investment portfolio management activities, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 3, 2014 No. 10, and provided for in the IPM Investment Declaration.
In addition, during the period when pension savings are managed by the National Bank until the contributor reaches retirement age, there is a guarantee of the safety of pension savings, taking into account the inflation rate. When retirement savings are transferred to IPM's management, the government guarantee is replaced by the management company's guarantee to ensure the minimum level of return on pension assets. The minimum level of return is calculated based on the weighted average return on pension assets transferred to the management of an IPM operating in the market.

4) Good afternoon! I apologize for such a question, but we are all mortals and I would like to ask, what happens to our retirement savings, if a person has not lived to retire? Do you have payments for the funeral or all the money just goes to the budget?
Pension savings are the property of the contributor. In the event of the death of a contributor or beneficiary, as well as a person who has pension savings in the UAPF and has not reached retirement age in accordance with paragraphs 1-3 of Article 11 of the Law, his family or the person who carried out the burial, the UAPF is paid a lump sum benefit for burial within the amount of 52 , 4-fold monthly calculation indicator established for the corresponding financial year by the law on the republican budget, but not more than the funds available for the IPSA. In the event that the balance of the beneficiary's pension savings on the IPSA after the lump sum payment for burial is made an amount that does not exceed the amount of the minimum pension established for the corresponding financial year by the law on the republican budget, this balance is paid as a payment for burial.
In addition, the provisions of Articles 31 and 32 of the Law determine that in the event of the death of a person who has pension savings in the UAPF at the expense of compulsory pension contributions and compulsory occupational pension contributions, they are inherited in the manner prescribed by the legislation of the Republic of Kazakhstan.
5) I have a sufficient amount in my account to transfer my pension savings from the UAPF to an insurance organization under a pension annuity agreement. Is it possible to find out what amount of benefits should I have in case of money transfer, and if I stay in UAPF??
Each contributor of the Unified Accumulative Pension Fund can independently calculate their future pension benefits both from the UAPF and from an insurance organization, using one of the most popular services on the Fund's website - the Forecast Pension Calculator. It covers all components of the pension under the multi-tier pension system of Kazakhstan: state basic pension and old-age (or PAYG) pension, as well as pension formed from compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) and voluntary pension contributions (VPC).
At the same time, if the projected amount of pension savings (generated by CPC, COPC and VPC) is sufficient to reach retirement age, a pop-up window will appear notifying the user of the possibility of concluding a pension annuity agreement with an insurance company in the future and receiving lifelong pension benefits. The calculation immediately allows you to find out the predicted size of the annuity benefit from the insurance organization, thus you can independently compare it with payments according to the schedule from the UAPF. Calculations for several years will be provided in a separate column. In order to view the benefit payments from the UAPF, you will only need to click in the incoming window on the item: "Calculate a lifetime annuity". You will only have to compare the two received amounts.
Note that the calculations are easy and very simple. To do this, in the forecast calculator, you must fill in all the necessary fields, such as date of birth, gender, seniority, amount of savings, etc. If you are registered in your personal account on the website enpf.kz, then the fields in the calculator are filled in automatically and the calculation of future payments is carried out in just two or three clicks.
The results of calculating your future benefit payments will be given in three scenarios: pessimistic, realistic and optimistic. All three options take into account the expected rate of return. In this case, all forecast results are presented in real value terms (minus inflation of the corresponding forecast period). In addition, you will see the age and date of retirement, the number of years before the depletion of savings, etc.
In addition, on the website enpf.kz it is possible to calculate the amount of pension savings for the current year, sufficient for transfer to an insurance company, for this you need a pension calculator in the column "Transfer of savings to LIC".