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LAW OF THE REPUBLIC OF KAZAKHSTAN

of June 21, 2013 No. 105-V ZRK

About provision of pensions in the Republic of Kazakhstan

(The last edition from 21-01-2019)

This Law determines legal and social basis of provision of pensions of citizens in the Republic of Kazakhstan, regulates participation of state bodies, physical persons and legal entities in realization of constitutional right of citizens on provision of pensions.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) The Government for Citizens State corporation (further - the State corporation) - the legal entity created according to the decision of the Government of the Republic of Kazakhstan for rendering the state services, services in issue of specifications on connection to networks of subjects of natural monopolies and services of subjects of the quasi-public sector according to the legislation of the Republic of Kazakhstan, the organization of work on reception of applications on rendering the state services, services in issue of specifications on the connection to networks of subjects of natural monopolies, services of subjects of the quasi-public sector and issue of their results to uslugopoluchatel by the principle of "one window", and also ensuring rendering the state services electronically performing state registration of the rights to real estate in the place of its stay;

1-1) diversifications - placement of pension assets in various financial instruments for the purpose of decrease in risk of their losses according to the requirements established by authorized body;

2) the printing edition - periodic printing editions which list is determined by authorized body;

3) the single accumulation pension fund - the legal entity performing activities for attraction of pension contributions and retirement benefits;

4) minimum pension - the minimum size of pension established for the corresponding financial year by the law on the republican budget;

5) the Voluntary accumulation pension fund - the professional participant of the security market performing based on the license of authorized body activities for management of investment portfolio with the right of attraction of voluntary pension contributions;

6) voluntary pension contributions - the money placed by investors on the initiative in the single accumulation pension fund and (or) the Voluntary accumulation pension fund for benefit of the receiver of retirement benefits according to the procedure, determined by the legislation of the Republic of Kazakhstan and the pension provision agreement at the expense of voluntary pension contributions;

7) the pension provision agreement at the expense of voluntary pension the vznosovdogovor signed by the single accumulation pension fund and (or) the Voluntary accumulation pension fund, on the one hand, and the investor (the receiver of retirement benefits), on the other hand, about establishment, change or the termination of the legal relationship connected with voluntary pension contributions, accumulatings and receipt of retirement benefits;

8) rate of voluntary pension contributions - the amount of payment in the single accumulation pension fund and (or) the Voluntary accumulation pension fund determined by the pension provision agreement at the expense of voluntary pension contributions;

9) the investor of voluntary pension contributions - the physical person or legal entity performing at the expense of own means voluntary pension contributions for benefit of the receiver of retirement benefits according to the pension provision agreement at the expense of voluntary pension contributions;

10) the individual retirement account - the personal personalized account of the investor (the receiver of retirement benefits) on which compulsory pension contributions or compulsory professional pension contributions, or voluntary pension contributions, investment revenue, penalty fee and other receipts according to the legislation of the Republic of Kazakhstan are considered and from which retirement benefits are made;

10-1) person who is engaged in private practice - the private notary, the private legal executive, the lawyer, professional mediator;

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