The Law of the Republic of Kazakhstan
On Pension Provision in the Republic of Kazakhstan
of 20th June 1997, № 136-1
The current law shall regulate legal and social fundamentals of pension provision of citizens in the Republic of Kazakhstan, shall regulate participation of state bodies, physical and legal entities irrespective of ownership forms in implementation of constitutional rights of citizens to pension provision.
Section I. Fundamentals of Pension Provision
Chapter 1. General Provisions
Article 1. Principal Terms
The following terms shall be used in the current law:
Affiliated Person of the Company - any physical or legal entity which by legally significant actions can effect the activity of organization or a person to the activity of which the organization effects by the mentioned way;
Bank Custodian - a bank providing services on keeping under the responsibility and on recording of entrusted securities and cash means of a client.
Contributor to an Accumulative Pension Fund (hereinafter Contributor) is a legal entity or an individual making pension contributions in favor of a pension recipient.
State Accumulative Pension Fund - is a legal entity which collects mandatory pension contributions and makes pension payments to its recipients within the procedure established by the Government of the Republic of Kazakhstan and conducts its activity on forming of pension assets and investing them to state securities, state bank deposits, securities of international financial institutions.
State Center for Pension Payments (hereinafter Center) - is a legal entity making pension payments to citizen eligible for pension provision under the conditions of the current law formed from mandatory contributions of legal entities and individuals involved in entrepreneur and other activity without establishment of a legal entity; official transfers, volumes of which are approved by the law on Republican Budget for the corresponding year to the Center.
Diversification - mandatory requirements on allocation of pension assets aimed to lowering of the risk of their losses specified by the state authorized body on regulation of securities market.
Voluntary Pension Contributions are funds paid by a contributor on his own initiative to non state accumulative pension funds in favor of a recipient within the procedure and in the amount defined by legislation and the pension contract;
«Golden Share» - a share of a non state accumulative pension fund introduced by the founders who do not participate in forming of the charter capital and which does not give rights to receive dividends. The owner of a «golden share» shall have a veto right to decisions of the General Meeting, Board of Directors and Supervisory Council on principal issues list of which is determined by the Charter;
Investment Income are funds received as a result of pension assets of accumulative pension funds investment within the procedure established by the authorized body on regulation of securities market;
Individual Pension Account - is a personified account of an individual in accumulative pension funds where pension contributions, investment earnings shall be accumulated and from which pension payments to the owner of a personified pension account shall be made;
Custodian Agreement - is an agreement on keeping under the responsibility and recording of securities and funds concluded between the bank custodian and its client;
Company on Pension Assets Management - is a legal entity, which carries out investment management of pension assets of non-state accumulative pension funds;
Accumulative Pension Funds - are the state accumulative pension fund and non-state accumulative pension funds;
Non-State Accumulative Pension Fund is a legal entity which performs pension payments and activities on formation of pension assets by collecting mandatory and voluntary pension contributions, their investment through a company on pension assets management within the procedure specified by the current Law; Mandatory Pension Contributions are funds made in accordance with the requirements of the current law by payers to Center and by contributors to accumulative pension funds within the procedure specified by legislation;
Bodies which Grant and/or Make Pension Payments - are bodies of social protection and relevant bodies of the Ministry of Defense and the Ministry of Internal Affairs, the State Investigation Committee, the National Security Committee, the Republican Guard and the Agency for Security of the President of the Republic of Kazakhstan;
Official Transfers - are free and irretrievable proceeds to the budget and expenses from the budget;
Pension is a combination of pension payments from the Center, accumulative pension funds and for military servicemen, for employees of law enforcement agencies and the State Investigation Committee of the Republic of Kazakhstan by funds from means provided for maintenance of corresponding agencies;
Pension Assets are funds aimed at provision and making of pension payments from accumulative pension funds.
Pension Payments:
from the Center - payments to individuals with the length of employment not less than six months as of January 1, 1998 made in accordance with the length of employment within the procedure specified by legislation;
from Accumulative Pension Funds - payments of cash means to citizens made within the procedure specified by the Government of the Republic of Kazakhstan.
Pension Accumulations - funds of a recipient including mandatory and voluntary pension contributions and investment income formed from investment activity of accumulative pension funds reflected at individual pension accounts.
Pension Contract - is a contract (agreement) between accumulative pension funds from one side and a contributor or a recipient from the other side on establishment, change or cancellation of legal relations referred to pension payments and accumulations.
Payer of the State Center for Pension Payments (hereinafter- Payer) is a legal or physical entity involved in entrepreneur and other activities without establishment a legal entity, making mandatory pension payments to the State Center for Pension Payments within the procedure specified by legislation.
Recipient of Pension Payments (hereinafter - Recipient) - is a physical entity in favor of whom pension contributions are paid and pension payments from accumulative pension funds are made and/or to whom pension payments are granted from the State Center for Pension Payments. Prudential norms - are norms established by the authorized state bodies, which are mandatory for observance in the process of pension assets management;
Real Value of Pension Accumulations - is a nominal value of pension accumulations adjusted to consumer price index calculated by the authorized body of state statistics of the Republic of Kazakhstan;
Custodian Account Regime - are terms specified by legislation and the custodian agreement< which are mandatory for observance of this regime;
Pension Contribution Rate is the amount of mandatory pension contribution in percentage;
a. from payers of the Center - to the wage fund for legal entities, to the income - for individuals involved in entrepreneur and other activity without establishment of a legal entity;
b. from contributors to accumulative pension funds - from earnings taken for pension contributions calculation; Authorized Body is a state body, which carries out regulation of accumulative pension funds, performs its authorities in accordance with legislation of the Republic of Kazakhstan.
Article 2. Rights of Citizens to Pension Provision
1. Citizens of the Republic of Kazakhstan shall be entitled to pension provision under the conditions of legislation of the Republic of Kazakhstan.
2. Foreign citizens and individuals with no citizenship living on the territory of the Republic of Kazakhstan shall have equal with Kazakhstan citizens rights to pension provision if other is not provided by the laws and international agreements.
Article 3. Pension Provision Legislation
1. Pension provision legislation shall be based on the Constitution of the Republic of Kazakhstan and shall consist of the current law, other legislative and normative acts of the Republic of Kazakhstan.
2. If an international treaty ratified by the Republic of Kazakhstan establishes other rules than those contained in the present Law, the rules specified by the above-mentioned treaty shall be applied.
Article 4. Mandatory and Voluntary Pension Contributions Payment
Procedure and Control for Their Receipt
1. Mandatory pension contributions shall be paid by:
1) legal and physical entities involved into entrepreneur and other activities without establishment of a legal entity to the Center at the rates determined by the law on the Republican Budget for the corresponding year based on the principle of their decrease;
2) individuals to accumulative pension funds at the rate of 10% of income, which is taken into account as contributions but not less than 10% of the guaranteed minimum amount of salary established by the legislative act within the procedure defined by the Government of the Republic of Kazakhstan.
2. Individuals and legal entities shall pay voluntary pension contributions to non-state accumulative funds in accordance with the pension contract.
3. Mandatory pension contributions to the Center and to accumulative pension funds, which are not paid in time under the condition of factual payment and receiving of income shall be charged with penalty in the amount of 1,2 times refinancing rate established by the National Bank of the Republic of Kazakhstan for the day of payment of these amounts for each day of default (including payment day) to the Center and to the corresponding accumulative pension funds within the procedure defined by the RK Government.
4. Tax bodies shall be responsible for full and timely control of transfer of mandatory pension contributions to the Center and accumulative pension funds in accordance with tax legislation.
Article 5. State Guarantees on Pension Provision
1. State shall guarantee pension provision to citizens of the retirement age as of January 1, 1998 within the amounts of pension payments specified earlier.
2. Citizens of the retirement age who made mandatory pension contributions during the period of time equated to 3/4 of due time left after January 1, 1998 upon their reach of the retirement age in accordance with item 1 of article 9 of the current law shall be entitled to state social allowance paid as increments in case if the pension amount is less than the amount of minimum pension specified by the legislative act.
3. Pension payments indexing from the Center aimed at reimbursement of losses due to inflation calculated by consumer cost index shall be made within the procedure established by the Government of the Republic of Kazakhstan.
4. The state shall guarantee pension provision to citizens entitled to service pensions and who registered this right until January 1, 1998 in the bodies granting and/or making pension payments. In this case they shall be granted a pension, which shall be paid after retirement. Terms of item 3 of the current article shall be valid for this pension.
Article 6. Measures on Providing Safety of Pension Contributions
1. The state shall guarantee safety of pension contributions in the state accumulative fund
2. Safety of pension contributions shall be provided by:
1) licensing of activity on collecting of pension contributions and pension payment;
2) licensing of activity of accumulative pension assets company on investment management of pension assets;
3) establishment of prudential activity norms for the companies on pension assets management;
4) establishment of requirements to founders, managerial staff and experts of accumulative pension funds and companies on pension assets management including the amount and the structure of the charter capital;
5) establishment of requirements for keeping of funds on the current account exclusively at an authorized bank custodian;
6) allocation of funds to deposits of at least three banks, which are not affiliated with each other and with the bank custodian;
7) keeping of separate accounting of equity and pension assets of accumulative pension funds including establishment of control for their aimed allocation;
8) transfer of functions on investment management of pension assets of non-state accumulative pension funds to companies on pension assets management;
9) establishment of requirements to companies on management of pension assets on diversification and lowering the risk of pension assets allocation by the authorized body on regulation of securities market;
10) introducing of restrictions on the amount of commission remuneration paid to accumulative pension funds and companies on management of pension assets;
11) mandatory audit revision of the accumulative pension fund annual fiscal statements;
12) regular financial and statistic reporting of accumulative pension funds and of companies on pension assets management to corresponding state bodies within the procedure established by the legislation;
13) providing the recipient with the right for possible transfer of pension accumulations from one fund to another at any time but not more than twice a year;
14) insurance of pension accumulations in the full amount or partially at the recipient's choice.
Section II. Pension Provision from the Center
Chapter 2. Pension Payments from the Center
Article 7. Right to Pension Payment from the Center
Citizens shall be entitled to pension payment from the Center upon reaching the terms established by the current law.
Article 8. Types of Citizens Entitled to Pension Payments from the
Center
1. Pension payments from the Center shall be made to the following citizens:
1) those who receive pensions until January 1, 1998;
2) individuals of the retirement age in accordance with Article 9 of the current law and having labor service not less than 6 months for January, 1 1998 in the amount proportional to the length of employment.
2. In the event of a recipient's death with no pension accumulations in the accumulative pension funds his family or the person who provided burial shall receive a lump sum funeral payment in the amount of fifteen times monthly calculation index.
Article 9. Pension Payments from the Center
1. Awarding of pension payments from the Center shall be done:
beginning July, 1 1997 - men aged 61, women aged 56;
beginning July, 1 1998 - men aged 61.5, women aged 56.5;
beginning July, 1 1999 - men aged 62 years, women aged 57;
beginning July, 1 2000 - men aged 62.5, women aged 57.5;
beginning July, 1 2001 - men aged 63, women aged 58.
1. Citizens who lived in zones of extreme and maximum radiation risk during period beginning August 29, 1949 until July 5, 1963 not less than 10 years in accordance with the RK law «On Social Protection of Citizens Suffered Due to Nuclear Weapon Test at Semipalatinskiy Site» shall be entitled to awarding pensions:
men at the age of 50 with the length of employment not less than 25 years;
women at the age of 45 with the length of employment not less than 20 years.
2. Women living in rural areas who gave birth to 5 and more children and who brought them up till they reach 8 years old are eligible for the old age pension payment on reach of 50 years old with further increase of the mentioned pension age to 6 months every month beginning July 1, 1998 but not more than 3 years totally.
3. Old age pension payments in the full amount from the Center shall be awarded on the retirement age defined by part I of the current article to the following citizen:
1) men with the length of employment not less than 25 years for January 1,1998;
2) women with the length of employment not less than 20 years for January 1, 1998;
4. Old age pension payments in the reduced amount shall be awarded to citizens, mentioned in part I of the current article when the right to full old age pension payments from the Center is not available, depending on the real service period as of January 1, 1998.
5. Old age pension payments in the reduced amount shall be computed within the procedure established by legislation of the Republic of Kazakhstan as a part of the full pension payment proportional to the service period as of January 1, 1998.
Article 10. Period of Granting Pension Payments from the Center
Pension payments from the Center shall be granted and carried out for life.
Chapter 3. Labor Service Period for Awarding Pension Payments
from the Center
Article 11. Labor Service Period Calculation for Awarding Pension
Payment from the Center
1. The following shall be applied for calculation of labor service period for pensions awarding from the Center:
1) work of citizens under employment contracts receiving payment from legal entities and individuals;
2) military service;
3) service in Law Enforcement agencies;
4) state service;
5) entrepreneur activity;
6) time of nursing the invalids of the I group, solitary invalids of the II group, and old age retirees in a need of outside assistance, as well as the old aged people reached 80;
7) time of nursing of a child-invalid under the age of 16, suffered from consequences of nuclear testing, ecological calamities or infected by AIDS;
8) time when a non-working mother is nursing minor children, but only until each child reaches the age of 3, in the limits of 12 years of total time;
9) time of being under arrest serving sentence at the places of imprisonment and exile of citizens, without sufficient ground recognized by court to be criminally liable and repressed, but rehabilitated later;
10) time when citizens able to work were in the temporary occupied territory of the former USSR, and individuals irrespective of age - on the territory of other countries during the Great Patriotic War, where they were moved by force, fascist concentration camps (ghetto or other places of forced maintenance during war), if no crimes against Motherland had been committed by them in the mentioned periods of time;
11) period of invalidity of non-working invalids of war and invalids equated to them;
12) period of living abroad of wives (husbands) of employees of the former Soviet institutions and international organizations, and the Republic of Kazakhstan institutions, but not more than 10 years all together;
13) period of living of officers' wives, as well as warrant officers, midshipmen, and military men of re-engaged service with their husbands in locations, with no possibility of their employment, but not more than 10 years
14) study in higher and secondary specialized educational institutions, at colleges, schools, and training courses, advanced studies and re-qualification courses, at post graduate and Ph.D. programs, and clinical internships at the territory of the Republic of Kazakhstan and outside it;
15) service in militarized guard, in the bodies of special communication, and mine rescue divisions, irrespective of departmental subordination and availability of a special or military rank;
16) other work on the condition of deduction of payment to social insurance.
2. On calculation of the service period on privileged terms for awarding pension from the Center the following shall be taken into account:
1. active military service within the period of combat operations, including the fulfillment of duties of a soldier, as well as serving in guerrilla units and formations within the period of combat operations, as well as the time of treatment in hospitals due to military traumas - within the procedure specified for calculation of the length of this service on granting service pensions to servicemen;
2. work, including work as civilian personnel of military divisions; and service, excluding military service, indicated in paragraph 1 of the present item, shall be calculated in double size, if performed during the period of the Great Patriotic War;
3. work in Leningrad during its blockade in the years of the Great Patriotic War beginning September 8, 1941 up to January 27, 1944 - shall be calculated in threefold;
4. time during which citizens of 12 years old and over lived in Leningrad during the period of its blockade beginning September 8, 1941 up to January 27, 1944 - at double rate;
5. time during which people were exported by force to the territory of other states during the Great Patriotic War, as well as the period of staying in fascist concentration camps (ghetto or other places of forced maintenance during war), if those people didn't commit crimes against Motherland during the mentioned time - at double rate;
6. the period of being under arrest, serving one's sentence in place of confinement, being drawn into forced labor with limited freedom, living in special settlements and being under forced treatment in psychiatric institutions of the citizens against whom groundless criminal proceedings were instituted and of those who were subject to repression and later were rehabilitated, - at a three fold rate;
7. work and military service in the regions neighboring Semipalatinsk nuclear testing area during the period of August 29, 1949 - July 5, 1963 - in threefold; and for the period of July 6, 1963 - January 1, 1992 - at 1.5 rate;
8. work at hospitals for lepers, anti-plague, infection institutions for medical treatment of people infected with AIDS or VD - at double rate; in the institutions of forensic expertise and pathology anatomic departments of medical institutions - according to the list of works approved by the Government of the Republic of Kazakhstan Republic - at 1.5 rate.
9. work at water transport during full navigation period shall be calculated as one year of work.
10. full season of work at the enterprises of seasonal branches of industry, irrespective of their departmental subordination,- according to the list approved by the Cabinet of Ministers of the Republic of Kazakhstan, shall be calculated to the length of employment
Article 12. Procedure for Labor Service Confirmation
1. The labor record book shall confirm service period for calculation of pension payments from the Center for the period before January 1, 1998.
2. In case the labor book or relevant notes in it are not available the length of service is defined on the basis of documents, confirming information of work period and the applications of citizens.
3. Service period of individuals who worked in accordance with sub-items 5) and 16) of item 1 of Article 11 of the current Law shall be confirmed by documents on insurance contributions payment to the Pension fund of the Republic of Kazakhstan made before January 1, 1998.
Chapter 4. Pension Payment Calculation from the Center
Article 13. Pension Payment Calculation from the Center
1. Calculation of the full amount pension payments from the Center shall be determined on the basis of 60 percent of an average monthly income defined in accordance with Article 14 of the current Law.
2. Calculation of the amount of pension payments from the Center shall be made proceeding from the average monthly income for any 3 consecutive years irrespective of discontinuation of work beginning January 1, 1995
3. Pension payments for each full worked year above the required service period before January 1,1998 shall be increased by 1 per cent of income but not more than 75% of income, which is taken into account for pension payment calculation.
Article 14. Determination of Income for Pension Payment Calculation
from the Center
1. All types of labor payments and other revenues list of which is specified by the Government of the Republic of Kazakhstan shall be included for calculation of pension payments from the Center based on income.
2. Income, which is taken into account for calculation of pension payments for 3 years of work shall be defined by dividing the total amount of the income for 36 successive calendar months of work by 36.
3. Income for calculation of pension payments from the Center may not be more than 15 times monthly calculation index, defined by the Law on Republican Budget for the corresponding year.
Chapter 5. Pension Payment Granting from the Center
Article 15. Procedure for Application for Pension Granting from the
Center
1. An application for pension granting from the Center shall be submitted to rayon Social Protection Department of a citizen with attachment of documents confirming service period and income required for pension payments calculation.
2. Pension from the Center shall be granted by a Social Protection Department within the procedure established by the legislation of the Republic of Kazakhstan.
3. A Social Protection Department shall give explanations regarding pensions granting and assist in working out of corresponding documents.
Article 16. Terms for Consideration of Documents for Pension Granting from the Center
1. A Social Protection Department not later than 10 days beginning the date of their submission considers documents for pension granting from the Center.
2. A Social Protection Department shall inform the applicant on the decision not later than 5 days after making the decision.
3. In the event of rejection of pension granting the Social Protection Department shall notify the applicant in the written form on pension rejection with mentioning the reason of rejection and shall return all documents to the applicant.
4. Decision of the Social Protection Department can be appealed within the legal procedure.
Article 17. Period for Pension Payment Granting from the Center
1. Pension payments from the Center shall be granted beginning thedate of application.
2. The day of application for pension payment from the Center shall be considered to be the day of simultaneous application and all required documents submission to the Social Protection Department.
Chapter 6. Procedure for Pension Payments from the Center and
Deductions
Article 18. Organizational-Legal Form of the Center
The Center shall be formed as a state enterprise based on day-to-day management with the authorized body defined by the Government of the Republic of Kazakhstan.
Article 19. Procedure for Pension Payments from the Center
1. Pension payments from the Center shall be paid for the month past.
2. Working retirees shall be paid full pension.
3. Pension payments may be paid on a notified Power of Attorney.
Article 20. Procedure for Receipt of Pension Payments for the Past
1. Pension payments, which were granted but not timely claimed by the recipient shall be paid for the past but not more than for 3 years before application for their receipt.
2. Pension amounts, which were not timely received due to the body granting or paying pensions shall be paid for the past without limitation by any deadline.
Article 21. Deductions from Pensions
1. Deductions from pensions may be made within the procedure for executive proceedings.
2. Deductions from pensions shall be made from the amounts due.
3. Not more than 50% of pension amounts due shall be deducted.
Section III. Pension Provision from Accumulative Pension Funds
Chapter 7. Organization of Pension Provision from
Accumulative Pension Funds
Article 22. Pension Payments from Accumulative Pension Funds
1. Individuals having pension accumulations on personified pension accounts and the document certifying the recipient shall make pension payments from accumulative pension funds.
2. Pension payments at the expense of mandatory pension contributions to accumulative pension funds shall be made upon conditions stipulated by part one of the Article 9 and item 1 of article 60 of the current law including cases when the recipient stops his activity and does not have any upon reach of 55 years old with the period of contributions payment not less than 35 years, pension accumulations sufficiency of which shall be specified by the authorized body.
3. Pension payments at the expense of voluntary pension contributions to non-state accumulative pension funds shall be made under the conditions:
1) accumulations of voluntary pension contributions for the period not less than 10 years and upon reaching 55 years, for certain categories of citizens, the list of which is established by the Government it may be decreased up to 50 years old;
2) occurrence of invalidity;
3) on terms specified by item 1 of Article 9 and item 1 of article 60 of the current law.
4. Pension payments procedure from accumulative pension funds shall be defined by the Government of the Republic of Kazakhstan and shall be published in mass media.
5. Pension payments from accumulative pension funds shall be subject to taxation in accordance with the tax legislation.
Article 23. Procedure for Paying of Pension Contributions to
Accumulative Pension Funds
1. Deductions of mandatory pension contributions from legal entities and individuals involved in entrepreneur and other activities without the establishment of a legal entity and deductions of mandatory pension contributions shall be made from the income payment source within the procedure defined by the Government of the Republic of Kazakhstan.
2. Legal entities and individuals involved in entrepreneur and other activities without the establishment of a legal entity keeping mandatory pension contributions at the payment source, must transfer pension contributions to accumulative pension funds and pay income simultaneously.
3. The contributor shall make transfer of voluntary pension contributions. Voluntary pension contributions may be transferred in favor of third persons.
4. Mandatory pension contributions to accumulative pension funds may not be transferred in the favor of third persons.
5. In the event of absence of the relevant contributor's order to transfer mandatory pension contribution, persons mentioned in item 2 of the current article must transfer deducted amount of mandatory pension contributions to the state accumulative pension fund.
Article 24. Submission of Information about Transferred Pension
Con tributions in Favor of Recipients of Pension Payments
Legal entities and individuals involved in entrepreneur and other activity without establishment of a legal entity, keeping mandatory pension payments, shall submit data on transferred pension contributions to accumulative pension funds in favor of recipients of pension payments.
Article 25. Pension Assets of Accumulative Pension Funds
1. Pension assets of accumulative pension funds shall be formed at the expense of:
1) pension contributions and investment income formed from investment activity with the deduction of commissions to accumulative pension funds and to company on management of pension assets of non-state accumulative funds;
1. other sources specified by legislation.
2. Pension assets of non-state accumulative funds shall be not included to liquidation amount or to contested liquidation amount of a liquidated fund or a fund subject to bankruptcy.
3. Recipient's pension accumulations in whose favor pension contributions to accumulative pension funds are made shall be inherited within the procedure established by legislation in case of his death.
3. In case of the recipient's death pension accumulations made in his favor to accumulative pension funds shall be inherited within the procedure established by legislation.
4. In case of the recipient's death, his family or the person who provided burial of the recipient shall be paid a lump sum amounted to 15 monthly calculation rate but not exceeding the amount of accumulation on the personified pension account
.
Article 26. Keeping and Accounting of Pension Assets in Bank
Custodian
1. Pension assets of accumulative pension funds shall be kept in bank custodians in accordance with the custodian agreement in the regime of custodian account.
2. A company on management of pension assets shall be a party of the custodian agreement concluded between a non-state accumulative pension fund, a bank-custodian and a company on management of accumulative pension assets and shall carry out disposal of pension assets by allocating them to deposits, to state and corporate securities and other financial instruments, the list of which shall be defined by the authorizes body on regulation of securities market.
3. A bank-custodian shall carry out supervision for purposeful allocation of pension assets of a non-state accumulative pension fund and shall be obliged to block (not to execute) orders of the company on management of pension assets in the event of their non-compliance with legislation, and shall immediately inform the authorized body on regulation of securities market and the non-state accumulative pension fund about it.
4. A bank-custodian shall keep accounting of all operations on accumulation of pension assets, their allocation, investment income and shall inform the accumulative pension fund on its accounts and activity of the company on management of pension assets on a monthly basis.
5. An accumulative pension fund must have only one bank-custodian.
Article 27. Rights and Obligations of Contributors to Accumulative
Pension Funds
1. Contributors to accumulative pension funds shall have the right to:
1) choose an accumulative pension fund for concluding the pension contract;
2) receive information on pension accumulations;
3) appeal actions of the accumulative pension fund within the legal procedure;
4) make voluntary pension contributions in his favor or in favor of third persons;
5) exercise other rights according to the pension contract and legislation.
2. Contributors to accumulative pension funds shall be obliged to:
1) pay mandatory pension contributions in accordance with the pension contract conditions and legislation;
2) submit information within 10 days to accumulative pension funds about the changes that influence execution of responsibilities by accumulative pension funds;
3) fulfill other obligations in accordance with pension contract conditions and the legislation.
Article 28. Rights and Obligations of the Recipient of Pension
Payments from Accumulative Pension Funds.
1. A recipient from accumulative pension funds shall exercise all contributor's rights with regards to pension contributions paid in his favor and shall have the right to:
1) receive pension payment from an accumulative pension fund at the retirement age and in other cases stipulated by the current law;
2) transfer his pension accumulations from one accumulative pension fund to another not more than twice a year;
1. leave their pension accumulations in accordance with the legislation of the Republic of Kazakhstan.
2. withdraw his pension accumulations on leaving for permanent residence outside the Republic of Kazakhstan.
