ASTANA – Receiving pension savings from the Unified Accumulation Pension Fund (UAPF) will be conducted via a single application, reported the fund’s press service.
According to the one-window approach, those who have reached retirement age or seek pension payments from obligatory pension contributions or obligatory professional pension contributions may submit a single application exclusively to the Government for Citizens’ service centre.
The beneficiary will receive a pension payment within ten working days from the application date or when he/she becomes entitled to pension payments. Subsequent monthly payments will be made according to the payment schedule established by the fund.
Payments from the state budget and UAPF pension savings will be completed on the same day and to the single bank account indicated in the application, which will particularly benefit pension recipients who have reached retirement age.
The beneficiary will also be provided with the fund’s services, which include issuing pension scheme agreements, insurance company transfers and payments, individual pension account information and consultation.
Kazakhstan’s retirement age is 63 years for men and 58 years and six months for women. Pensions are a combination of the basic pension payment and/or pension payments based on age and length of service from the UAPF or voluntary accumulative pension fund.
UAPF, established in 2013, is Kazakhstan’s single administrator and operator of all pension system financial information and related services. Recent changes include increases in the basic pension payment and minimum pension, which affected more than two million pensioners, and a revised method of assigning basic pension payments, where the payment figure now depends on the duration of the individual’s participation in the pension system.
“The UAPF’s other functions, including conducting payments related to permanent residence, disability, inheritance and voluntary pension contributions, as well as issues of registration, the calculation of monthly pension payments according to obligatory pension contributions and obligatory professional pension contributions and various strategic objectives, remain unchanged,” added the press service.