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Targeted use of pension savings Printable version

Last update: 27.11.2023

According to the instructions of President of the RK, the Government has developed approaches to using part of the pension savings to improve housing conditions, pay for expensive medical treatment or transfer the savings to the private management companies.

The right to withdraw a part of the savings from the Unified Accumulative Pension Fund (hereinafter, the UAPF) to improve housing conditions, pay for medical treatment or transfer to the management by private management companies will be granted to the following:

  1. Citizens who work and have pension savings in the UAPF, who will be able to use a part of the amount that exceeds the "sufficiency threshold".

The basic principle is that pension savings are required for future pension provision of the citizens from the accumulative pension system (hereinafter, APS).

Therefore, a certain amount has to be maintained in the pension savings account. In addition to this amount, the citizens will be able to use at their choice for the above needs.

  1. The retired pensioners, whose pension is no less than 40% of the income lost (previously received salary) will be able to use up to 50% of the remaining retirement savings in the APS.
  2. The citizens who have applied for retirement annuity, and having the accumulated amount within the remaining pension savings in the APS.

To date, legislative amendments have been adopted within the framework of the Law of the Republic of Kazakhstan dated January 2, 2021 "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Economic Growth Recovery" (hereinafter, the Law).

Thus, the legislative amendments provide that the Government determines the Procedure for making targeted payments from the UAPF (including method for calculating sufficiency thresholds depending on the age of the depositors, future periods of savings, without separation by sex - M/F).

Under the "threshold of sufficiency" is considered the minimum amount of pension savings formed by the compulsory pension contributions and (or) compulsory professional pension contributions, that are required to ensure a monthly pension not lower than the minimum pension established for the corresponding financial year by the law on the republican budget .

A method to determine the pension savings sufficiency thresholds will be reviewed with regard to the changes of socio-economic and demographic conditions in the country.

If this method is used:

For example​:

For 25-year-old citizens (regardless of the date and month of birth), the minimum "threshold" amount of pension savings will be about 2090 thousand tenge, for 30-year-old citizens - 2500 thousand tenge, for 35-year-old citizens - 2940 thousand tenge, for 40-year-old citizens - 3420 thousand tenge, 45-year-old citizens - 3930 thousand tenge, for 50-year-old citizens - 4470 thousand tenge, for 55-year-old citizens - 5060 thousand tenge, and for citizens 59 years and older - 5560 thousand tenge.

The achievement of these "threshold" amounts is quite affordable for permanently working citizens with income at the level of the average monthly salary in the country

The UAPF, as today, will carry out payments of pension savings, including targeted withdrawals of the part of pension savings to improve housing conditions and pay for medical treatment.

The use of part of pension savings to improve housing conditions provides for the possibility of purchasing housing (in the primary and secondary market) or a land plot, refinancing or repayment of the mortgage loans (in any second–tier bank, under any program) and other options for improving housing conditions.

The procedure for improving housing conditions through the payments of pension savings will be determined by the order of the Ministry of Industry and Infrastructure Development.

The following authorized operators for targeted use of lump-sum pension payments from the unified accumulative pension fund were defined:

  • Joint Stock Company Housing Construction Savings Bank “Otbasy Bank” to improve housing conditions;
  • to improve housing conditions by making an initial payment to obtain a mortgage housing loan for the purchase of a housing and (or) housing with follow-up overhaul and repair of the housing under one bank loan agreement; 
  • partial or full debt repayment on the mortgage housing loan for purchase of housing and (or) a housing with repairs under one bank loan agreement; 
  • refinancing of housing mortgage loan - second-tier banks;
  • the joint stock company Housing Construction Savings Bank “Otbasy Bank” for the purpose of paying for medical treatment.

The procedure for using lump-sum pension payments to improve housing conditions and (or) pay for medical treatment is as follows:

A person who wishes to use pension funds to improve housing conditions and (or) pay of medical treatment is required with EDS sign in on the internet resource Otbasy Bank and open a personal account, with further submission of an application (to use the lump-sum pension payments, IIT retention), consent (for the collection and processing of personal data, implementation of necessary requests by authorized operators, etc.), obligations (not to sign a purchase sale agreement from a spouse/close relative, etc.), signed by EDS.

If the person uses lump-sum pension payments of his/her spouse (wife/husband), close relatives, the latter also with EDS are authorized on the Internet resource of “Otbasy bank” and open their own personal account, wherein expressing their agreement and signing with EDS.

Thus, in view of the current epidemiological situation related to the risk of contracting a viral infection “Covid-19" the periodic restrictions for people migration and avoiding at maximum having a contact with each other, all the application, consent, obligation on the use of pension savings of the spouse/a close relative can only be submitted online in the personal account on the internet resource of “Otbasy Bank”, including the confirmation of the consent of the spouse/close relative to the use of his pension savings.

After that, as part of the information exchange between Otbasy Bank and UAPF, an application for the use of lump-sum pension payments is sent to the UAPF, which, later on after required verification, will transfer the requested amount of pension savings to a special account of the recipient opened in “Otbasy Bank”.

As for the list of documents on targeted funds use to be furnished to the “Otbasy Bank”, the list is approved by the internal document of the authorized operator.

The authorized operator checks the submitted documents and, if they meet the requirements, transfers the lump-sum pension payments for their intended purpose to the final recipient of the funds, depending on the purpose (to the seller of the apartment/house, medical organization providing medical treatment, etc.) The lump-sum pension savings (purchase of the apartment/house/payment of medical treatment) are transferred by cashless money transfer.

The development and approval of the Rules for the use of pension payments for the purpose of improving housing conditions is determined by the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan.

The use of pension payments on medical treatment shall be carried out in order similar to the improvement of housing conditions.

A special feature of the use of lump sum pension payment for medical treatment is that  based on the application and documents submitted by the contributor (recipient) of UAPF  to the appropriate authorized organization of the Ministry of Health of the RK there will be issued a conclusion of the diagnosis and eligibility for referral of the depositor (recipient) of UAPF for medical treatment  through payment of the part of pension savings according to the list of the diseases and in the manner determined by the Ministry of Health of the Republic of Kazakhstan.

Subsequently, under the positive conclusion of the authorized organization of the Ministry of Health of the Republic of Kazakhstan, and the presence of an agreement on the provision of medical care with an indication of the corresponding purpose, the sufficiency of the amounts of pension savings, the passage of all the above procedures similar to the housing conditions improvement, the lump-sum pension payment is transferred to the person who is the second party of the relevant agreement ( medical care agreement).

The development and approval of the Rules for the use of pension payments for receiving medical care is determined by the Ministry of Health of the Republic of Kazakhstan.

The depositor will select a private financial company to transfer pension savings thereto by submitting an application to the UAPF.

The rules for transferring pension assets into trust management will be determined by the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market.

The advantages of the developed approaches and the adoption of legislative amendments are the solved housing issues, improved health of the citizens, and ensured accessibility to certain types of expensive medical services, as well as formal employment stimulation, getting rid of “shadow” income, increasing confidence and attractiveness of the accumulative pension system.


How to check the available amount for partial withdrawal of your pension savings, you can find at the link

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