Each contributor of the Unified Accumulative Pension Fund can independently calculate their future pension payments using the Forecast Pension Calculator on the website enpf.kz. It covers all components of a pension within the multi-tier pension system of Kazakhstan: state basic pension and old-age pension (or solidarity), as well as a pension formed from compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) and voluntary pension contributions ( VPC).
Calculations are easy and very simple. To do this, in the forecast calculator, you must fill in all the fields, such as date of birth, gender, seniority, amount of savings, etc. If you are registered in your personal account on the enpf.kz website, then the fields in the calculator are filled in automatically and the calculation of the future pension is carried out in just two or three clicks.
Next, you will see the results of calculating your future payments from the UAPF, which are issued in three scenarios: pessimistic, realistic and optimistic. All three options take into account the expected rate of return. At the same time, all forecast results are presented in real value terms (net of inflation in the corresponding forecast period). In addition, you will see age, retirement date, etc.
Note that now you can see your benefits according to the changes from April 1, 2021. As previously reported, now the size of the monthly benefit from the UAPF is calculated according to the new Methodology for calculating the amount of pension benefits from the UAPF, approved by the Decree of the Government of the Republic of Kazakhstan dated October 2, 2013 No. 1042. In accordance with this Methodology, the amount of the monthly pension benefit in the first year of the implementation of pension benefit payments is determined by multiplying the amount of pension savings by the pension savings payment rate of 6.5% and dividing by 12. In subsequent years, the amount of the monthly pension benefit is determined by annually increasing the amount of the monthly pension benefit for the previous year by the indexation rate of 5%. In this case, the payment of the calculated amount of the monthly pension benefit is carried out in the amount of at least 70 percent of the subsistence minimum established for the corresponding financial year by the law on the republican budget. Recall that pension benefits from the UAPF are paid out before the exhaustion of pension savings in the individual pension saving account, this can also be seen in the calculations of the pension calculator.
In addition, in the pension calculator in the Personal Account, information is available on the amount exceeding the sufficiency threshold and available for withdrawal in the form of lump-sum pension benefits for improving housing conditions and medical treatment. At the same time, the opportunity was realized to see the amount of your future monthly pension benefits with a one-time withdrawal of pension savings for targeted needs. This will clearly help the contributor to independently decide whether to withdraw pension savings at the moment, or receive much higher pension benefits in the future when they reach their retirement age.
Also, if the predicted amount of pension savings (formed by CPC, COPC, and VPC) is going to be sufficient by retirement age, a pop-up window will appear notifying the user of the possibility of concluding a pension annuity agreement with an insurance company and receiving lifelong pension benefit payments. The calculation immediately allows you to find out the predicted amount of the annuity payment from the insurance organization, thus you can independently compare it with payments according to the schedule from the UAPF.
