informkz.com

"You could lose your savings." The pension fund has issued a warning to the people of Kazakhstan.

Recently, social media and online classifieds have been flooded with offers for intermediary services to help individuals access their pension savings exceeding the minimum sufficiency threshold (MST) for any category of citizens at a low interest rate, reports Tengrinews.kz, citing the press service of the pension fund.
"Пенсионный фонд Казахстана предостерег граждан: есть риск утраты накоплений."

Recently, social media and online classifieds have been flooded with offers for intermediary services to obtain pension savings exceeding the minimum sufficiency threshold (MST) for any category of citizens at a low interest rate, as reported by Tengrinews.kz, citing the press service of the pension fund.

In this regard, the Unified Accumulative Pension Fund (UAPF) warns its contributors: pension savings can only be accessed in strictly defined cases according to the Social Code of Kazakhstan. Primarily, these cases include reaching retirement age, permanent disability of the 1st or 2nd group, moving abroad for permanent residence, and inheritance. Pension savings can be used for improving housing conditions and/or medical treatment under legally established conditions by:

  • contributors with savings exceeding the minimum sufficiency threshold (in the amount above MST);
  • pensioners whose pension is at least 40 percent of their lost income (previously earned salary) – they can use up to 50 percent of the remaining savings in their account;
  • pensioners by length of service (up to 100 percent of savings);
  • contributors who have concluded a pension annuity agreement (up to 100 percent of savings).

The fund reminded that the targeted use of pension savings for housing or medical treatment is only possible through authorized operators – second-tier banks. Accordingly, intermediary services are not required. Moreover, the UAPF does not charge any fees.

"By agreeing to participate in dubious schemes, you not only risk losing your money but also jeopardize the security of your personal data, which may later be used for other fraudulent activities. The UAPF strongly advises its contributors and recipients to ignore such offers, obtain information from official sources, and act solely within the legal framework," the released statement says.

Previously, we reported that new pension payment rules have been approved in Kazakhstan.

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