Kazakhstan intends to introduce joint retirement annuity

Kazakhstan is set to introduce a joint retirement annuity for married couples and close relatives, announced Chairperson of the Kazakh Agency for Regulation and Development of Financial Market Madina Abylkassymova today at a meeting of the Mazhilis, the Lower House of the Kazakh Parliament. The new law, according to which Kazakh citizens will be able to pool pension savings, was approved by Mazhilismen in the first reading.

“If one spouse does not have enough pension savings to purchase the retirement annuity, and the other has a surplus, then the joint retirement annuity will allow them receiving lifetime benefits,” said Madina Abylkassymova, Chairperson, Kazakh Agency for Regulation and Development of Financial Market.

The retirement annuity in Kazakhstan decreased significantly this year. In order to purchase it, men should save up to 6.7 million tenge (US$15,247), women – 9 million tenge (US$20,481). Annuity payments are made by a life insurance company every month throughout life with indexation every year, that is, the annual growth of at least 5 percent.

Translation by Saniya Sakenova

Editing by Saule Mukhamejanova