The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has prepared a draft Board resolution to amend the rules and standard form contract for pension provision financed by voluntary pension contributions, including revisions to the payout arrangements from the Unified Accumulative Pension Fund. The draft proposes that pension payments from the Unified Accumulative Pension Fund would be made automatically, without an application, for individuals who have reached retirement age but have not requested withdrawal of savings accumulated from voluntary pension contributions. The mechanism is intended to prevent the build-up of unclaimed voluntary pension assets and to ensure a consistent approach across different types of pension payments, and was developed in the context of implementing legislative amendments on financial market development, consumer protection in financial services, communications, and avoiding excessive regulation.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-05-16
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan drafts rule changes to introduce automatic payouts of voluntary pension savings
Kazakhstan's Financial Market Agency drafted a resolution to amend rules for voluntary pension contributions, focusing on automatic payouts from the Unified Accumulative Pension Fund for retirees who haven't withdrawn savings. This prevents unclaimed assets and ensures consistency in payments, aligning with legislative amendments on financial market development and consumer protection.