Accumulative Pension System of the Republic of Kazakhstan , Bangkok, April 2728, 2005 Prepared by Gu

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Accumulative Pension System of the Republic of
Kazakhstan ,Bangkok, April 27-28, 2005Prepared
by Gulnara Alimbayeva
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Accumulative Pension Fund
Custodian
Asset Management Company
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Functions of Accumulative Pension Fund

• collecting obligatory pension contributions
• keeping pension accounts of depositors and
  pension payments
• pension asset management (by license)

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All accumulative pension funds are created in
corporation form of organization. Accumulative
pension fund cannot be stockholder of any other
accumulative pension fund.
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Pension Asset Management Company invests pension
assets
Custodian saves pension assets
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Depositor
One depositor - one Accumulative Pension Fund by
one treaty
Depositor
Depositor
Accumulative Pension Fund
Accumulative Pension Fund
Depositor
Accumulative Pension Fund
Accumulative Pension Fund
Depositor
Depositor
Depositor
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1. Obligatory pension contributions - required
for paying in accumulative pension fund, are
fixed in the amount of 10 of employees monthly
income.
Types of pension contributions
2. Voluntary pension contributions to
accumulative pension funds are entered by
depositor physical person in depositors
favour from his income.Rate of voluntary pension
contributions, its payment procedure and pension
payments procedure are established according to
agreement between both sides of contract.
3. Voluntary professional pension contributions
are implemented by depositor from his own sources
in favour of employees. Rate of voluntary
professional pension contributions is established
according to agreement between both sides of
contract excepting rate more than 10 of
employees monthly income.
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Individual choice
By law every depositor can choose any
accumulative pension fund
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The main criteria of Individual choice
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By law depositor can change Accumulative Pension
Fund at most two per annual
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At the beginning pension age (male - 63/ female -
58) depositor can choose one of the methods of
pension payments
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pension contributions
investments in financial instruments (FSA list)
Pension assets
investment revenues
pension payments
reimbursement of losses
transfer of pension fundsinto another
accumulative pension fund or insurance company
minus commission interest of accumulative
pension fund
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Thank you