How will the payments change when changing the pension insurance company? The rules for pension benefits change in Kazakhstan. The innovation will affect Kazakhstanis who want to change their insurance company. Unlike the payments from the consolidated pension fund, which are made within the limits of the existing pension savings, the payments in the framework of a pension annuity continue for life. Therefore, the bureau assumes the risk that a person will live beyond the period for which his savings can be sufficient. The new procedure stipulates the inclusion of investment income in the calculation of the redemption amount. It is determined based on the effective annual rate of return according to the established methodology. Thanks to this, in the LIC change, investment income will be taken into account in the funds intended to fulfill pension obligations, and will not be paid separately as an incentive to switch. This will make it possible to more fully take into account the value of the contract and maintain the size of future pension payments. At the same time, we are not talking about issuing income from investments into a person's hands, but about keeping them as part of the funds that provide a pension," said Noorzan Torsunkanov, vice chairman of the Financial Market Regulation and Development Agency.

How will the payments change when changing the pension insurance company? The rules for pension benefits change in Kazakhstan. The innovation will affect Kazakhstanis who want to change their insurance company. Unlike the payments from the consolidated pension fund, which are made within the limits of the existing pension savings, the payments in the framework of a pension annuity continue for life. Therefore, the bureau assumes the risk that a person will live beyond the period for which his savings can be sufficient. The new procedure stipulates the inclusion of investment income in the calculation of the redemption amount. It is determined based on the effective annual rate of return according to the established methodology. Thanks to this, in the LIC change, investment income will be taken into account in the funds intended to fulfill pension obligations, and will not be paid separately as an incentive to switch. This will make it possible to more fully take into account the value of the contract and maintain the size of future pension payments. At the same time, we are not talking about issuing income from investments into a person's hands, but about keeping them as part of the funds that provide a pension," said Noorzan Torsunkanov, vice chairman of the Financial Market Regulation and Development Agency.