New pension payment procedure to be introduced for some Kazakhstanis

Tengrinews.kz – The Agency for Regulation and Development of the Financial Market is introducing amendments to the Rules for Concluding and the Standard Pension Agreement Form for Voluntary Pension Contributions (VPC), according to the Agency's press service.
In particular, the proposed changes would establish an automatic (non-application-based) procedure for pension payments from the Unified Accumulative Pension Fund (UAPF) for citizens who have reached retirement age and have savings from VPCs but have not submitted a request to withdraw them.

“The implementation of this mechanism will eliminate cases of unclaimed VPC pension savings and ensure a consistent approach to all types of pension payments,” the Agency stated.

The full text of the document is available on the Agency’s official website.
Voluntary pension contributions are funds that contributors transfer to the UAPF at their own initiative. These can be made by individuals for themselves or by individuals and legal entities on behalf of a third party. The amount and frequency of such contributions are determined independently by the contributor.