In case of death of a person, having pension savings in a Pension Savings Fund (PSF), the pension savings will be inherited, as Kapital.kz informs with the reference to the information provided “The State Pension Savings Fund” PSF (“SPSF” PSF).
According to information provided by the fund, the whole amount of pension savings available on a personal account of a depositor is payable to an inheritant. For example, in the year 2012 “SPSF” PSF paid more than 1 billion 419 million Tenge to inheritants and during the first six months of 2013 – 832 million 927 thousand Tenge. In the year 2012, PSF of the Halyk Bank of Kazakhstan paid 2 billion 438 million Tenge to inheritants, Atameken PSF paid 239 million 298 thousand Tenge.
In particular, at the moment, pensioners are entitled to annually withdraw a certain amount from their accounts in PSF.
The annual amount of pension payments by the mandatory pension contribution is calculated as the thirtyfold minimum pension. Thus, at present, a depositor is entitled to annually cash the amount of 571 980 thousand Tenge. The Astana PSF Call-center confirms that, the depositor can receive a lump-sum, or the certain amount can be paid on a monthly basis.
It should be noted that, an amount of the annual payment by PSF is revised and depends on the minimum pension amount, which is currently is 19,066 Tenge.
According to the clarification of the “SPSF” PSF, the depositor can receive the whole amount of pension savings if the amount of pension savings is less than thirtyfold minimum pension (i.e. less than 571 thousand 980 Tenge).
If the balance of pension savings available on a personal pension after payment is less than the sum of the monthly minimum pension, this balance will be paid together with the amount of payment’, “SPSF” PSF informs.
If we consider the structure of payments paid by pension funds in 2012, the share of payments to depositors, in connection with the retirement, may exceed 70%.
According to the audited reporting of Atameken SPF, in the year 2012, the Fund paid to its depositors the amount of more than 2 billion 375 million Tenge. Among them, more than 1 billion 139 million Tenge (47,9% of total amount of payments) falls at the payments connected with the retirement. Over 147 million was paid by the Fund in the year 2012 in connection with the expatriation of depositors (6,2% of total amounts of payments), and the amount of 610 million was transferred to insurance companies (25,6%).
In 2012, the SPF of the Halyk Bank of Kazakhstan paid mot than 20 billion 855 million Tenge. Among them, over 15 billion 287 million Tenge (73% of total amount of payment) falls at the payments connected with the retirement. Over 1 billion 482 million Tenge (7, 1%) was paid in connection with the expatriation of depositors outside the RK.
Anna Vidyanova
Source: “Capital” Newspaper Website
