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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 June 7, 2023 No. 52

About approval of Rules of accounting and forming of contingent pension liabilities, including forming and use of reserve funds, calculation procedures and structures of reserve funds

According to Items 3 and 4 of article 57 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 of accounting and forming of contingent pension liabilities, including forming and use of reserve funds, calculation procedure and structure of reserve funds.

2. Declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of October 7, 2019 No. 166 "About approval of Rules of accounting and forming of contingent pension liabilities, forming and uses of reserve funds, calculation procedures and structures of reserve funds" (it is registered in the Register of state registration of regulatory legal acts at No. 19470).

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

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of June 7, 2023 No. 52

Rules of accounting and forming of contingent pension liabilities, including forming and use of reserve funds, calculation procedure and structure of reserve funds

Chapter 1. General provisions

1. These rules of accounting and forming of contingent pension liabilities, including forming and use of reserve funds, the calculation procedure and structure of reserve funds (further – Rules) are developed according to the Social code of the Republic of Kazakhstan (further – the Code) and determine procedure for accounting and forming of contingent pension liabilities on conditional retirement accounts of physical persons for whom compulsory pension contributions of the employer (further – physical persons) in the single accumulation pension fund are listed (further – ENPF), forming and uses of reserve funds, and also calculation procedure and structure of reserve funds.

2. For the purposes of Rules the following basic concepts are used:

1) settlement date – date for which forming of contingent pension liabilities is made;

2) age cohort – the group of people united by one calendar year of the birth;

3) retirement benefit - payment to physical persons for whom compulsory pension contributions of the employer on the bases provided by the Code are paid;

4) the specified expected cost – the expected (probable) cost of retirement benefits calculated (discounted) taking into account interest rate and period of time between settlement date and date of implementation of retirement benefit to the receiver of retirement benefits with use of the tables containing probabilities of approach of death;

5) reserve basis – set of the parameter values consisting of effective annual interest rate, the life table and rate of indexation of retirement benefits, and influencing the size of contingent pension liabilities;

6) tariff basis – set of the parameter values consisting of effective annual interest rate, the life table and rate of indexation of retirement benefits, and influencing the size of retirement benefit.

Chapter 2. Accounting and forming of contingent pension liabilities

3. Accounting and forming of contingent pension liabilities include opening of the conditional retirement account to physical person, accounting of data on the arrived compulsory pension contributions of the employer and other receipts according to the legislation of the Republic of Kazakhstan, forming of contingent pension liabilities, and also accounting of contingent pension liabilities and data on the size of retirement benefits at the expense of compulsory pension contributions of the employer for the corresponding financial year, and also closing of the conditional retirement account of physical person.

4. Opening of conditional retirement accounts in ENPF for accounting of compulsory pension contributions of the employer is performed based on the list of physical persons represented by the agent on payment of compulsory pension contributions of the employer to ENPF (further – the list of physical persons) in case of the transfer of compulsory pension contributions of the employer and (or) penalty fee according to the procedure established by internal regulations of ENPF.

In case of availability in ENPF of the conditional retirement account opened addressed to physical person, compulsory pension contributions of the employer are transferred into earlier opened conditional retirement account.

5. ENPF based on the list of physical persons performs registration of conditional retirement accounts of physical persons electronically.

6. Forming of contingent pension liabilities is performed separately on each receiver of retirement benefits on the basis of reserve basis in case of approach of conditions, stipulated in Item 1 article 222 of the Code.

7. Parameter values of reserve basis, except for rates of indexation of retirement benefits, match parameter values of tariff basis, except for case when the reserve basis is more conservative, than tariff.

In case the reserve basis is more conservative, than tariff basis:

1) effective annual interest rate of reserve basis is less, than effective annual interest rate of tariff basis;

2) coefficients of the life table of reserve basis is less than coefficients of the corresponding tables of tariff basis on all age.

8. Contingent pension liabilities on the certain receiver of retirement benefits are equal to the specified expected cost of retirement benefits.

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