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THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of May 26, 2023 No. 28

About approval of Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan

(as amended on 29-08-2024)

According to the subitem 9) article 15 of the Social code of the Republic of Kazakhstan Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan according to appendix 1 to this resolution.

2. Recognize invalid regulatory legal act of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix 2 to this resolution.

3. To provide to department of the security market in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

4. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

5. This resolution becomes effective since July 1, 2023 and is subject to official publication.

The chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market

M. Abylkasymova

It is approved

National Bank of the Republic of Kazakhstan

 

Appendix 1

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of May 26, 2023 No. 28

Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan

Chapter 1. General provisions

1. These rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan (further - Rules) are developed according to the subitem 9) of article 15 of the Social code of the Republic of Kazakhstan (further - the Code) and determine procedure and terms of transfer of pension assets to trust management to the managing director of investment portfolio (further - UIP) and transfers of pension assets from one UIP to other UIP or National Bank of the Republic of Kazakhstan.

2. In Rules the concepts applied in the values specified in the Code are used.

Chapter 2. Procedure and terms of transfer of pension assets from trust management of National Bank of the Republic of Kazakhstan in trust management of UIP

3. The investor of compulsory pension contributions, physical person for which compulsory professional pension contributions are listed voluntary pension contributions, (further - the investor) for the purpose of transfer of pension assets to trust management of UIP represents to the single accumulation pension fund (further - ENPF) the statement for the choice of UIP provided by the subitem 8) of Item 1 of article 40 of the Code, in form and with application of documents, established by internal documents ENPF, way of the personal address or by means of the ENPF Internet resource, signed by the digital signature.

4. ENPF refuses transfer of pension assets to trust management of UIP within 5 (five) working days after the date of receipt of the statement for the choice of UIP in the following cases:

1) representation of incomplete document package, established by internal documents ENPF;

2) invalidity of the identity document of the investor, for date of filing of application about the choice of UIP;

3) if the pension accruals of the investor specified in the statement for the choice of UIP and which are subject to transfer to trust management of UIP for date of filing of application about the choice of UIP exceed fifty percent from the amount of pension accruals on the individual retirement account of the investor or exceed the size of pension accruals at the expense of compulsory pension contributions and (or) compulsory professional pension contributions on their individual retirement accounts in case of availability of the signed contract of retirement annuity with insurance company;

4) if the pension accruals of the investor created at the expense of voluntary pension contributions, specified in the statement for the choice of UIP and which are subject to transfer to trust management of UIP for date of filing of application about the choice of UIP exceed the size of the available pension accruals on the individual retirement account for accounting of voluntary pension contributions.

5. Transfer of pension assets to trust management of several UIP based on the statement (statements) of the investor for the choice of UIP taking into account the restrictions set by subitems 3) and 4) of Item 5 of article 37 of the Code for date of filing of application about the choice of UIP is allowed.

6. ENPF performs transfer of pension assets from trust management of National Bank of the Republic of Kazakhstan in trust management of UIP within 30 (thirty) calendar days after receipt date of the statement for the choice of UIP in the amount, the corresponding amount of pension accruals specified in the statement for the choice of UIP.

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