UAPF explains the new mechanism
The foundation’s news service told the Kapital.kz Business Information Center that the UAPF talked about the revision and addition of regulatory legal actions for financial market supervision.
Determine the accounting procedures for pension savings and the frequency of pension asset revaluation decreeNational Bank Announcement, August 27, 2013, No. 237, “Approving the implementation of the rules for unified accumulation of pensions and/or voluntary accumulation of pensions activities”. According to Resolution No. 31 of the Board of Directors of the Financial Market Supervision and Development Agency on February 15, 2021, “Amendments and Supplements to Certain Supervisory Laws and Laws Regarding the Supervision of the Financial Market of the Republic of Kazakhstan”, the rules were revised to calculate the value of conventional pension assets program.From now on, calculations will be performed once a week The end time of the first working day of the week and the end time of the last calendar day of the month.
The accounting and calculation of pension assets provide the following methods. After receiving the pension from the contributor to his personal retirement account (IPA), the operation of crediting the received funds will be recalculated as the same amount of traditional pension assets, calculated according to the current value of the regular unit. The date on which the pension was received.
When the pension is paid from the depositor’s account, the operation of the cancellation amount will be recalculated as the equivalent amount of the conventional unit of the pension asset, calculated according to the present value of the conventional unit on the day of payment.
“Because pension assets are long-term investments, the value of conventional units is calculated once a week The fund explains that it enables you to eliminate possible daily fluctuations in depositor’s account pension savings due to market changes in the value of short-term financial instruments and investment returns.
Therefore, possible changes in the investment income account statements provided to depositors will be reflected at the end of the first business day of each week and the end of the last calendar day of each month.
Information on all receipts of pension contributions (fines), pension payments and transfers (to secondary banks to authorized operators, insurance organizations, portfolio managers) will continue to be reflected daily.
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