Kadyrbaev M.K.1,
Khasenov S.B.2
1 student, 2 Candidate of Legal Sciences, Kostanai
Social-Technical University named Z.Aldamzhar
The economic essence of
pensions
Pension benefits
Kazakhstan currently is a system of three levels (pillars), which combine both
mechanisms of solidarity and funded systems. Functioning multi-level model of
pension provision is calculated on the entire population of Kazakhstan.
Segmenting the population into categories determined by the source of pension
payments (the state budget and / or retirement savings), it was based on their
age Kazakhstani involved in the pension system. The first level - is the
solidarity pension system, Kazakhstan inherited from the Soviet Union after its
collapse and based on "solidarity between generations", which becomes
a source of pension payments the state budget due to tax deductions working
population and other revenues. The size of pension payments is determined by
seniority. At present, the level of pension payments are generated for those
whose seniority at the time of retirement as of January 1, 1998 is not less
than six months. / 1 / Allocation of compulsory pension contributions during
the period of employment meets the conditions of the second-tier pension system
and obliges the young generation has to bear sole responsibility for their
level of income after retirement, as a source of retirement benefits will be
generated by them to accumulate individual pension accounts.
The third level -
funded system based on voluntary and voluntary occupational pension
contributions. Every citizen is offered the possibility of voluntary pension
contributions to increase their savings and thereby secure a higher income
after retirement. Accumulative pension system is one of the most important
components of social security, on the one hand and an instrument to invest in
the economy of Kazakhstan, on the other. The essence of the funded pension
system - is the preservation and increase of depositors' funds, that is,
Investment in the real creation. The mechanism of its operation is as follows:
employers in the form of a monthly list of mandatory pension contributions to
10% of pay, including all kinds of wages, various premiums, supplements. Due to
this source formed pension accumulations of depositors of accumulative pension
funds. Pension
contributions are sent to the accumulative pension fund at the option of the
depositor, which on the basis of the pension contract opened an individual
retirement account and personal number - the social individual code. Accumulated
contributions depositors pension funds pass through the authorized custodian
bank of the investment management of pension assets, which allocates funds in
securities, bank deposits and other financial instruments. Resulting in the
placement of income is called investment income is allocated to individual
accounts of depositors in accordance with the amount of accumulated funds.
Thus, a personal pension savings depositors paid to them at retirement age. On
1 January 2010 it operated 14 pension funds, as of November 1, 2010 their
number on the pension market decreased to 13.
SPC in the
implementation of its activities can collect pension contributions, to receive
commissions for their activities and to exercise other rights under the terms
of the pension agreement, to enter into contracts with organizations engaged in
investment management of pension assets. At the same time, accumulative pension
funds are obliged to:
Ø To make pension
payments to beneficiaries;
Ø To carry out an
individual pension savings account and payments;
Ø To provide the
depositor and the recipient of the information about the state of his pension
savings at least once a year and at his request;
Ø To ensure the
confidentiality of information about the state of the recipient's pension savings;
Ø Be responsible for
the violation of pension legislation and the conditions of the pension
contract;
Ø At the request of
the recipient to transfer his pension savings from one fund to another;
Ø Publish statistical
and other information on its activities for the standard period of one, three,
five, ten calendar years, with the exception of the publication of information
containing guarantees or promises of income on deposits to pension funds;
Ø To ensure equal
conditions for citizens who have concluded pension contract;
Ø Perform other
duties in accordance with the laws of the Republic of Kazakhstan.
They are legally
obliged to conduct an annual audit of compliance with the size and determine
the present value of pension reserves Liabilities / 2 /.
References
1.
Закон РК от 20.06.1997г.
136-I "О пенсионном обеспечении в Республике Казахстан" (с
изменениями и дополнениями по состоянию на 19.04.2010г.).
2.
Программа развития
накопительной пенсионной системы Республики Казахстан на 2005-2007 годы.