Kazakhstan approves rules on use of pension savings for housing purchase

Kazakhstan approved the rules for lump-sum pension payments to improve housing conditions. The corresponding document was published on the website of the Kazakh Ministry of Industry and Infrastructure Development. The applicant, to use the lump-sum pension payments, must obtain information from the Unified Accumulative Pension Fund about the available amount of money, be authorized on the Internet resource of the accredited operator, and apply for opening a special account. It will take at least a week to arrange the application. The Otbasy Bank will process the application within two days and then send the applicant’s data to the Pension Fund. If the applicant meets all the requirements, the organization shall, after five days, transfer the amount of the lump-sum pension payment to a special account in the Otbasy Bank. Kazakh citizens must submit all the necessary documents within 45 working days in order to withdraw the money. In case an applicant fails to meet the deadline, the money will be returned to the Pension Fund account.