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Pension savings. Withdrawal, transfer and inheritance Printable version

Last update: 06.04.2020

logo_rus_0.pngIn this article we will describe the issues related to the procedure of withdrawal of your own pension savings, their transfer and inheritance.  Answers on these questions are actual for citizens who plan to move abroad and change nationality and those who inherited savings of the testate.

According to the Law “On pension provisionpension savings are money of the depositor (beneficiary of pension) kept on his personal pension account including compulsory and voluntary pension contributions and voluntary professional contributions, investment income, fines and other receipts. 

The order of pension payments

In accordance with the Law, pension payments from the UAPF are made to recipients who have pension savings on IRA, opened at the UAPF .

The recipient of pension payments is a natural person entitled to receive pension payments from the UAPF .

By the Resolution of the Government of the Republic of Kazakhstan dated October 2, 2013, No. 1042, Regulation No. 1042 was approved.

 Pursuant to Paragraph 20 of Regulation No. 1042, pension payments are transferred by the UAPF to the bank account of the recipient or a member of the family of the deceased person who has pension savings, or the person who carried out the funeral whose details are indicated in the application for appointment of pension payments. In this case, pension payments are made by the UAPF :

  1. on the territory of the Republic of Kazakhstan, to second-tier banks (hereinafter referred to as STB) or to organizations that carry out certain types of banking operations exclusively in the national currency with mandatory provision of the recipient's (heir's) IIN;
  2. to foreign banks, payments are made in the following types of currencies: in US dollars (USD), in euros (EURO), in pounds sterling (GBP), in Russian rubles (RUB).

Payment for banking services related to transfers and payments of pension savings, with the exception of services for their conversion and transfer to bank accounts of beneficiaries opened in foreign banks, is carried out at the expense of the ENPF own funds .

To exclude the return of pension payments from STBs or organizations carrying out certain types of banking operations (Kazpost, JSC), the beneficiaries need to clarify the relevance of the bank account (open or closed account) in the STBs, the type of account (current account, card account, special purpose account). Transfer of pension payments to special purpose accounts in STBs are not performed.

In case of submission to ENPF of the necessary package of documents and their compliance with the requirements of the legislation of the Republic of Kazakhstan:

  • a one-time payment for burial is carried out by the UAPF within 5 (five) working days from the day of receipt of documents;
  • all other types of payments are made by the UAPF within 10 (ten) working days from the date of receipt of documents in the UAPF.

Pension payments from the UAPF according to the established schedule

Transfer of pension savings to the bank account

Pension payments from the UAPF through voluntary pension contributions

Pension payments from the UAPF in connection with the departure for permanent residence outside the Republic of Kazakhstan

The order of taxation of pension payments from the UAPF

 

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