The growth of pension assets of Kazakhstanis over 10 months exceeded 3.7 trillion tenge

ANNOUNCEMENT

The growth of pension assets of Kazakhstanis over 10 months exceeded 3.7 trillion tenge

Pension assets of Kazakhstanis as of November 1, 2024 amounted to KZT21.6 trillion. Growth over 10 months of the current year exceeded KZT3.7 trillion (amounted to 20.8%). Over the year, pension assets increased by about KZT4.4 trillion (or by 25.3%).

As of November 1, 2024, pension savings due to compulsory pension contributions (CPC) amounted to more than KZT20.7 trillion (annual growth – 24.5%, since the beginning of the year – 19.9%). The amount of pension savings under COPC was formed in the amount of about KZT633.8 billion, showing an increase of 15.3% over the year, and 11.5% since the beginning of the current year. The largest increase (47.3% for the year, 39.2% since the beginning of the year) was shown by savings on voluntary pension contributions (VPC), the volume of which amounted to more than KZT7.3 billion.

From January 1, 2024, additional funds – employer’s compulsory pension contributions (ECPC) – will be credited to the pension accounts of contributors (beneficiaries). Over the 10 months of 2024, the amount of pension savings due to ECPC amounted to more than KZT194.9 billion.

Incoming

Pension savings are increasing due to receipts in the form of pension contributions and investment income. Pension contributions to contributors’ accounts for 10 months of 2024 amounted to more than KZT2.2 trillion (an increase of 29.7% or KZT514.6 billion compared to the previous year’s figure).

All types of contributions show growth: about KZT2 trillion have been received to individual pension savings accounts (IPSA) for the CPC since the beginning of the year as of 01.11.2024 (this is 19.1% more than for the same period last year), for the COPC – KZT94.5 billion (an increase of 19.8%), and for the VPC – KZT2.6 billion (an increase of 38.0%).

Net investment income accrued to individual and conditional pension savings accounts of UAPF contributors since the beginning of the year as of November 1, 2024 amounted to about KZT2.4 trillion. Its volume increased by more than 1.1 trillion tenge (or 92.8%) compared to the same period last year.

Benefits and transfers

Benefit payments for all types of contributions and transfers to insurance organizations from the UAPF for 10 months of 2024 amounted to about KZT990 billion, which is almost 2 times the volume of payments in the same period last year.

KZT429.1 billion are lump sum pension benefit payments (LSPBP) for improving housing conditions and medical treatment.

Benefit payments in connection with reaching retirement age amounted to about KZT171.6 billion, which is 39.8% higher than last year.

За 10 месяцев с начала года также осуществлены выплаты по наследству – 50,3 млрд тенге, в связи с выездом на ПМЖ за пределы РК –33,9 млрд тенге, лицам с инвалидностью – более 2,5 млрд тенге, на погребение – порядка 8,4 млрд тенге. В страховые организации переведена сумма более 294,1 млрд тенге.

Over the 10 months since the beginning of the year, payments were also made for inheritance – KZT50.3 billion, in connection with leaving for permanent residence outside the Republic of Kazakhstan – KZT33.9 billion, to persons with disabilities – more than KZT2.5 billion, for burial – about KZT8.4 billion. The amount of more than KZT 294.1 billion was transferred to insurance organizations.

The amount of the average monthly benefit from the UAPF in connection with reaching retirement age was 33,865 tenge, and the maximum amount of the monthly payment was 945,752 tenge.

Number of IPSAs

The total number of pension accounts in the UAPF as of November 1, 2024 was 16.9 million units (the number of accounts since the beginning of the year has grown by more than 4.6 million units or 37.5%, over the year – by 37.9%). At the same time, the number of IPSA of contributors (beneficiaries) in the UAPF as of November 1, 2024 amounted to about 12.5 million units, of which: more than 11.1 million – according to CPC, 705.8 thousand – according to COPC, about 433.5 thousand – by VPC.

The number of conditional pension accounts in the UAPF, on which ECPC are recorded in accordance with the legislation of the Republic of Kazakhstan, was about 4.5 million units.

All up-to-date information on statistical data on pension assets, including by regions of the republic, is posted on the enpf.kz website in the “Indicators” section.

UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan “On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan”, ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz).