The Agency for Regulation and Development of the Financial Market (hereinafter – the Agency) has developed a draft decree "Amendments to Decree of the Management Board of the Agency dated May 26, 2023 No. 27 "Approval of the Rules for Entry into and Standard Form of an Agreement on Pension Provision Using Voluntary Pension Contributions".

The draft offers to amend the standard form of the agreement on pension provision using voluntary pension contributions (VPC), including to the extent concerning the procedure for payments from Unified Accumulative Pension Fund JSC (UAPF).

In particular, it is planned to establish an automatic (non-declarative) procedure for pension payments from the UAPF for citizens who have reached retirement age and have savings at the expense of VPC but have not applied for them.

Implementation of this mechanism will eliminate cases of unclaimed pension savings under the DPV and ensure equal treatment of all types of pension payments.

The draft has been developed within implementation of the Law of the Republic of Kazakhstan "Changes and Amendments to Certain Legislative Acts of the Republic of Kazakhstan on Development of the Financial Market, Protection of Rights of Consumers of Financial Services, Communications and Elimination of Excessive Legislative Regulation."

Full text of the document can be found on Internet resource of the Agency.

External Communications Directorate

press@finreg.kz

Source : https://www.gov.kz/memleket/entities/ardfm/press/news/details/997069?lang=kk