THE LETTER OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of April 15, 2009 No. 05-03-21/1815/7312

Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations, having considered the letter of OYuL "Association of Financiers of Kazakhstan" of March 06, 2009 No. 12-23/02/793, concerning the problematic issues arising at the accumulation pension funds in case of transfer of pension savings of investors (receivers) reports the following.

According to the subitem 6) of Item 1 of article 27 of the Law of the Republic of Kazakhstan "About provision of pensions in the Republic of Kazakhstan" investors of compulsory pension contributions and receivers of retirement benefits from the accumulation pension funds have the right to translate according to the procedure, established by regulatory legal acts of authorized body, the pension accruals from one accumulation pension fund in another, but than two times a year are not more often.

The procedure for transfer of pension savings of investors (receivers) from one accumulation pension fund in another or in insurance company is determined by the Translation rules of pension accruals from the accumulation pension funds approved by the resolution of Board of the Agency of December 29, 2008 No. 240.

At the same time in connection with introduction of machine translations of pension accruals of investors since April 1, 2009 by means of use of the electronic notification RGKP "State Center for Pension Payment" (further - GTsVP) the accumulation pension funds shall provide acceptance and execution of statements of investors (receivers) on transfer of pension savings registered by funds till April 01 of the current year.

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