From May 1, 2021, the norms of the Law of the Republic of Kazakhstan On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Restoration of Economic Growth go into effect, regulating the procedure for transferring unclaimed amounts of guarantee compensation to the UAPF for crediting to individual pension saving accounts (IPSA) for recording voluntary pension contributions (VPC).
This means that if the depositor of the deposit in the bank, that was a member of the compulsory deposit guarantee system and who was deprived of the license to conduct all banking operations, within one year from the date of the start of the payment of the guarantee compensation did not apply to the KDIF, then the KDIF will transfer the unclaimed amount of the guarantee compensation in the UAPF to enroll them on IPSA for VPC accounting.
This applies to new insurance events (bank license revocation) that occurred after May 1, 2021, and will also apply to depositors of banks for which payments are already in progress - for them, the period for payment of the guarantee compensation will last until May 1, 2022.
In addition, from May 1 of this year, the basis for the automatic (no application) opening of IPSA for VPC accounting will be the primary received in the UAPF:
- a voluntary pension contribution from an individual contributor in their favor at the expense of their income or from a contributor (individual / legal entity) in favor of the beneficiary;
- unclaimed amount of the guarantee compensation from the KDIF.
In this case, the identification of the individual in whose favor the payments will be made will be carried out according to personal data (full name, IIN, date of birth) specified in the electronic format of the payment order, and all the necessary information: about the details of the current identity document of the individual, about place of permanent residence, other information will be obtained by the UAPF from the relevant information systems of state bodies.
If a person already has an IPSA for accounting VPC already open in the UAPF, then the unclaimed amount of the guarantee compensation will be credited to this account.
It should be noted that unclaimed guarantee amounts credited to IPSA will be invested in the same manner as other VPC amounts.
Persons who have pension savings at the expense of VPC in the UAPF have the right to receive them upon reaching 50 years of age, upon the onset of disability, when leaving for permanent residence outside the Republic of Kazakhstan as foreigners and stateless persons who have submitted documents determined by the legislation of the Republic of Kazakhstan, confirming intention or fact of departure.
To return the unclaimed amount before the above conditions are met, the depositor may apply to the KDIF in accordance with the Law of the Republic of Kazakhstan On the Compulsory Guarantee of Deposits Placed in Second-Tier Banks of the Republic of Kazakhstan. The KDIF, in turn, will send a notification to the UAPF and the refund will be made. At the same time, if the VPC account of the UAPF contributor was opened automatically and after returning to the KDIF there is no money left on it, then it will be closed automatically after a month.
