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

According to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of accounting and forming of contingent pension liabilities, forming and uses of reserve funds, calculation procedure and structure of reserve funds.

2. To provide to development department of the non-bank organizations 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 National Bank of the Republic of Kazakhstan 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 actions provided by the subitem 2) of this Item and Item 3 of this resolution.

3. To department of external communications - the press service of National Bank to provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Birtanov E. A.

5. This resolution becomes effective since January 1, 2020 and is subject to official publication.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of October 7, 2019 No. 166

Rules of accounting and forming of contingent pension liabilities, forming and uses 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, forming and uses of reserve funds, the calculation procedure and structure of reserve funds (further - Rules) are developed according to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law) and determine procedure for accounting and forming of contingent pension liabilities on conditional retirement accounts of physical persons in the single accumulation pension fund (further - ENPF), forming and uses of reserve funds, and also calculation procedure and structure of reserve funds.

2. For the purposes of these 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 combined by one calendar year of the birth;

3) 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;

4) 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;

5) 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 on provision of pensions, 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 according to the procedure established by the internal document 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 at the expense of compulsory pension contributions of the employer on the basis of reserve basis in case of approach of conditions, stipulated in Item 1 article 31-1 of the Law.

7. Parameter values of reserve basis, except for rates of indexation of retirement benefits, match with 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 at the expense of compulsory pension contributions of the employer are equal to the specified expected cost of retirement benefits.

9. Contingent pension liabilities on all receivers of retirement benefits at the expense of compulsory pension contributions of the employer are calculated as the amount of contingent pension liabilities on all physical persons to which retirement benefits from ENPF are appointed to settlement date.

10. Accounting of compulsory pension contributions of the employer and other receipts according to the legislation of the Republic of Kazakhstan on provision of pensions, 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 on conditional retirement accounts of physical persons, and also accounting of means on the conditional retirement accounts intended for forming of reserve funds is performed in tenge.

11. Conditional retirement accounts of physical persons are opened in day of receipt in ENPF of the list of physical persons for whom compulsory pension contributions of the employer are listed.

12. The structure of the conditional retirement account contains obligatory data according to appendix to Rules.

13. Accounting of contingent pension liabilities is performed by ENPF by calculation of the cost of the conventional unit of pension liabilities determined as the specific size of cost of contingent pension liabilities.

14. For accounting of the arrived amounts which are not subject to accounting on the conditional retirement account of physical person in day of receipt the accounts payable account is opened (if necessary).

The procedure for transfer and (or) write-off of the other receipts on the account "the other amounts before examination" which are not subject to transfer on conditional retirement accounts or accounts payable accounts of physical persons is determined by the internal document ENPF.

15. The conditional retirement account in ENPF is closed in case of receipt of confirmatory data from information systems of state bodies and (or) documents on the death of physical persons and (or) on departure of physical persons on the permanent residence out of limits of the Republic of Kazakhstan.

16. After closing of the conditional retirement account in ENPF assignment of number of the closed conditional retirement account to the conditional retirement account of other physical person is not allowed.

Chapter 3. Forming and use of reserve funds, calculation procedure and structure of reserve funds

17. Enter into structure of reserve funds:

1) the reserve funds created separately on each age cohort of physical persons for benefit of which compulsory pension contributions of the employer were listed (further - reserve funds on cohorts);

2) reserve fund on contingent pension liabilities.

18. Reserve funds on cohorts are created due to transfer from conditional retirement accounts of physical persons of means:

1) in case of receipt of confirmatory data from information systems of state bodies and (or) documents on the death of physical persons and (or) on departure of the physical persons on the permanent residence out of limits of the Republic of Kazakhstan which did not reach retirement age according to the subitem 1) of Item 1 of article 31-1 of the Law. Transfer from conditional retirement accounts of these persons is not performed in year of achievement of their age cohort of retirement age;

2) over the amount necessary for ensuring lifelong payments at the level of the double size of the subsistence minimum established for the corresponding financial year by the law on the republican budget, in the last day of the calendar year preceding year of achievement of retirement age according to the subitem 1) of Item 1 of article 31-1 of the Law;

3) over the amount necessary for ensuring lifelong payments at the level of the double size of the subsistence minimum established for the corresponding financial year by the law on the republican budget for completion date of the statement of physical person for purpose of retirement benefits at the expense of compulsory pension contributions of the employer according to the subitem 2) Item 1 of article 31-1 of the Law.

19. Reserve funds on cohorts are used by means of uniform distribution of the funds considered on conditional retirement accounts of reserve funds on cohorts, for conditional retirement accounts of physical persons in each age cohort in the last day of the calendar year preceding year of achievement by age cohort of retirement age according to the subitem 1) of Item 1 of article 31-1 of the Law. Distribution is not performed on conditional retirement accounts of physical persons from which transfer on conditional retirement accounts of reserve funds on cohorts according to the subitem 2) of Item 18 of Rules was performed earlier.

20. The current value of reserve funds on cohorts, taking into account distribution of means according to Item 19 of Rules, for the end of calendar year makes 0 (zero) tenge.

21. The reserve fund on contingent pension liabilities is created due to transfer of funds from conditional retirement accounts of physical persons:

For 1) for date of approach of the right to retirement benefits according to whom subitem 1) of Item 1 of article 31-1 of the Law according to the data on the periods specified in lists of the physical persons arriving in ENPF from The Government for Citizens State corporation (further - the State corporation), compulsory pension contributions of the employer in total less than sixty calendar months are listed;

2) being disabled people of the first and second group if disability is established it is termless for whom for date of realization of the right to retirement benefits according to the subitem 2) of Item 1 of article 31-1 of the Law according to the data on the periods specified in lists of the physical persons arriving in ENPF from the State corporation compulsory pension contributions of the employer in total less than sixty calendar months are listed;

3) over the amount necessary for ensuring lifelong payments at the level of the double size of the subsistence minimum established for the corresponding financial year by the law on the republican budget in case of approach of the conditions provided by the subitem 1) of Item 1 of article 31-1 of the Law;

4) reached retirement age and not exercised the right to retirement benefits after 1 (one) calendar year from the date of approach of the right to retirement benefits according to the subitem 1) of Item 1 of article 31-1 of the Law;

5) in case of receipt of confirmatory data from information systems of state bodies and (or) documents on the death of physical persons and (or) on departure of physical persons on the permanent residence out of limits of the Republic of Kazakhstan in year of achievement of retirement age until realization of the right to retirement benefits according to the subitem 1) Item 1 of article 31-1 of the Law.

22. The reserve fund on contingent pension liabilities is used:

1) for replenishment of means on conditional retirement accounts of physical persons if for date of approach of the conditions provided by the subitem 1) of Item 1 of article 31-1 of the Law, means on the conditional retirement account of physical person are lower than the amount necessary for ensuring lifelong payments at the level of the double size of the subsistence minimum established for the corresponding financial year by the law on the republican budget. Replenishment is performed on the amount of the missing difference, but no more amount which is earlier charged off the conditional retirement account of physical person according to the subitem 2) of Item 18 of Rules;

2) for transfer on conditional retirement accounts of physical persons according to the statement of physical persons on the amount of earlier charged off money in case of receipt of wrong data on the death of physical persons and (or) about departure of physical persons on the permanent residence out of limits of the Republic of Kazakhstan;

3) for transfer on conditional retirement accounts of physical persons according to the statement of physical persons on the amount of earlier charged off money according to the subitem 4) Item 21 of Rules.

23. The questions of accounting and forming of contingent pension liabilities which are not settled by Rules are regulated according to internal documents ENPF.

Appendix

to Rules of accounting and forming of contingent pension liabilities, forming and uses of reserve funds, calculation procedure and structure of reserve funds

The structure of the conditional retirement account contains the following obligatory data:

A	- designation like pension contribution	1 figure	Means type of pension contribution where "4" - compulsory pension contributions of the employer.
ВВВВВВ	- number of the balance sheet account	2, 3, 4, 5, 6, 7th figures	Mean the account of the chart of accounts.
CC	- code of the region (area)	8, 9th figures	Code of the region (area) - figure "00"
DD	- ENPF code	10, 11th figures	The ENPF code - figures "00".

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info