Monday, 01 February 2021 18:45

Applications for early withdrawal of pension savings started in Kazakhstan

More than 700 thousand Kazakhstanis will be able to spend part of their funds accumulated in the EPF on the purchase or expansion of housing, treatment and investment [sputnik.kz].

Otbasy Bank (Zhilstroysberbank, ZhSSB) has launched an online Enpf-otbasy.kz platform for accepting applications for the use of pension savings.

 

What you need to submit an application for UENF withdrawal

1.Get a digital signature.

  1. On the pension fund website, get information about how much money you can get (find out the sufficiency threshold).
  2. Open a special account with "Recoveries Bank" through the application ЖССБ24 or video banking on the bank's website, or in another bank of the second level.
  3. After opening a special account, you need to fill out electronic applications for a lump sum pension payment indicating the number of the special account, the purpose of use, the amount available, the methods of withholding and transferring individual income tax.
  4. Within two working days after considering the applicant's application for a lump sum pension payment, the Bank shall send information about registered applications to the ENPF as part of an electronic notification in accordance with the procedure established by the relevant agreement concluded with the ENPF.
  5. Within five working days from the date of receipt of the electronic notification from "Withdrawal Bank," ENPF shall transfer the lump sum pension payment to "Withdrawal Bank," which shall credit it to the applicant's special account.
  6. Upon receipt of funds into a special account, the recipient shall submit to the "Bank's Returns" documents confirming the intended purpose of lump-sum pension payments for purposes defined by the rules within 45 working days from the date of their receipt.В случае непредоставления подтверждающих документов в установленный срок эти средства подлежат возврату в ЕНПФ.

Upon assignment to a close relative or spouse, lump-sum pension payments are transferred from the applicant's special account to the recipient's special account within three working days from the date of submission of supporting documents.

Withdrawal of pension: when it will be possible to sell an apartment

"Withdrawal Bank" checks the documents provided by the recipient on the purpose of lump-sum pension payments within ten working days from the date of their submission and lists them according to their purpose.

ENPF funds cannot be written off as part of any other debt obligations of the applicant.

 

What you can spend part of the pension

Lump sum pension payments can be used independently. And if the ENPF depositor does not plan to use these payments himself, he can cede them to his close relative and/or spouse.

Kazakhstanis banned from buying housing from relatives with ENPF funds

According to the rules on the use of lump-sum pension payments to improve housing conditions, these payments are allowed to be used for the purposes of:погашение задолженности по ипотечному займу, в том числе в рамках финансирования исламским банком (частичное или полное);

  • purchase of housing without mortgages (full redemption) in both the primary and secondary markets, as well as in the house under construction by sharing in housing construction, which is guaranteed by the state;
  • obtaining a mortgage housing loan under the system of housing construction savings in "Otbasy Bank";
  • make an initial contribution to obtain a mortgage loan for the purchase of an apartment, an individual residential building, a room in a dormitory;
  • repay, in part or in full, debts under long-term housing lease agreements with the right to buy back, provided as part of housing construction and anti-crisis programs;
  • Construction of an individual dwelling (including acquisition of land);
  • refinancing of a mortgage housing loan in "Otbasy Bank."

 

How many Kazakhstanis opened special accounts

From January 13, UENPF depositors online open special current accounts with Otasy Bank JSC. About 60 thousand special accounts have already been opened.

Housing Construction Savings Bank Otbasy Bank JSC is the only bank in the country that implements a system of housing construction savings. The Bank is a member of the European Federation of Building Savings Banks (EFSSC) and the International Housing Finance Union. The only shareholder of Otbasy Bank JSC is National Managing Holding Baiterek JSC.