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Individual pension accounts will be opened automatically in the Unified accumulative pension fund

UAPF

The positive news concerning the participation of citizens in the funded pension system is the simplification of the procedure for opening an individual pension account (IPA) in the Unified accumulative pension fund (UAPF) for new depositors of compulsory pension contributions (CPC), provided for under the Law "On amendments and additions to some legislative acts of the Republic of Kazakhstan on the issues of population employment" dated December 27, 2018.

If, in accordance with the current law (before the amendment dated 27 December 2018) it was necessary for individuals for opening the IPA in the UAPF to come personally to the branch of the UAPF with the application for opening of IPA due to CPC, the new mechanism of IPA in the UAPF for new depositors will open automatically, on the basis of the first contribution received in the UAPF.     

This mechanism for "no application" opening of IPA at the expense of CPC will work from the moment of introduction of amendments to the Pension rules of the Unified accumulative pension fund, the adoption of which is expected in the first quarter of 2019.

At the same time, all the necessary information about the details of the current document certifying the identity of the depositor on CPC, the place of permanent residence, etc., UAPF will receive from the information systems of state bodies (Paragraph 2, 3 of article 37, paragraph 3 of article 39 of the Law of the Republic of Kazakhstan "On pension provision in the Republic of Kazakhstan).

Changed on 4 January, 2019 - 15:01
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