How to increase your retirement capital due to EHR?
15.04.2025 18:37:48 220- How can I transfer voluntary pension contributions? Can the employer transfer it?
Voluntary pension contributions (VPS) can be transferred by individuals and legal entities. Individuals can transfer funds from their income for personal benefit and (or) for their relatives, legal entities can transfer for the benefit of their employees and (or) third parties. Based on the application, the employer transfers the funds to the Unified Savings Pension Fund (USPF) for the benefit of the specified person.
There is no need to go to the office of the USPF to open an individual pension account (USPF) for which the pension is registered - the account is opened automatically when the first contribution is received. Pensions where the pension account is kept:
- lists of individuals provided by the agents when transferring the pension;
- opened without application when an individual transfers the first contribution to himself or a third party.
2) Tell me, when and how can I receive payments from voluntary pension contributions?
pension payments can be received until the retirement age - from the age of 50. In addition, they are provided to people with disabilities, as well as to foreigners and stateless persons who have gone to permanent residence outside the Republic of Kazakhstan, unless otherwise provided by the laws of the Republic of Kazakhstan and international treaties ratified by the Republic of Kazakhstan.
An application to receive payments at the expense of voluntary pension contributions must be submitted to the State Pension Fund. Ways to apply: through a personal account on the enpf.kz website or mobile application, as well as by visiting any branch of the Pension Fund.
The amount of pension savings formed at the expense of all types of contributions can be tracked 24/7 in a personal account on the enpf.kz website.
The list of necessary documents, requirements for their registration, as well as application forms and samples of their filling, and a power of attorney model are placed on the website of the BJZK. It is also possible to pre-check the documents to be sent for the processing of pension payments from the BZZK using the electronic service "Preliminary check of payment documents". Will voluntary pension contributions be inherited?
In case of death of a person with pension savings, including savings formed at the expense of voluntary pension contributions, his pension savings will be inherited in accordance with the procedure established by the legislation of Kazakhstan. In particular, inheritance of pension savings is carried out by will or by law. In the absence of a will or when it is impossible to determine the fate of the entire inheritance, as well as in other cases, the inheritance law comes into force.
4) What are the advantages of voluntary pension contributions?
Citizens pay voluntary pension contributions (VPR) at their own discretion, independently determine their amount and frequency. The procedure for receiving pension payments at the expense of the ESR is determined independently by the recipient in accordance with the pension rules of the ESR. This is just one of the many advantages of this type of contribution. Also, the tax legislation provides for a tax deduction for the amount paid when an individual pays the EHR from his own income.
As for employers, they also have tax benefits. For example, the allowance transferred by the employer to the benefit of the employee is not considered as income of an individual, such expenses for the employer are deducted when calculating the corporate income tax. That is, in this case, the employer will have tax benefits.
5) Are voluntary pension contributions invested? Can they be transferred to investment portfolio managers?
Voluntary pension contributions, like all types of mandatory pension contributions, are invested and generate income for depositors. Pension assets are managed by the National Bank of the Republic of Kazakhstan. However, depositors have the right to transfer pension savings to investment portfolio managers (IPMs). They offer a variety of investment strategies with varying levels of return and risk. If it is allowed to transfer up to 50% of mandatory and mandatory professional pension savings to the IPB, voluntary pension savings can be entrusted in full.
Transfer of part of the pension fund to the IPB is carried out at the depositor's request. It can be submitted in electronic format in a personal account on the website of the Fund or in any branch of the BZZK. It is possible to change the management company based on investment results, but this opportunity is given only once a year. Thus, participation in the management of pension assets is another advantage of the EHR.