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Kazakhstan, Russia and Belarus to practice so-called pensions exports

Photo courtesy of m24.ru Photo courtesy of m24.ru

Pension savings of Kazakhstanis leaving for Russia and Belarus for permanent residence “will be exported”, Tengrinews reports, citing Svetlana Zhakupova, Vice Minister of healthcare and Social Development, when commenting on amendments into the country’s legislation on pensions signed by President Nazarbayev earlier this week.

“We haven’t signed a respective agreement on pensions with Russia and Belarus within the framework of the Single Economic Union yet. However, experts of the nations involved have been discussing a draft agreement to introduce the so-called pensions exports. Russia and Belarus insist on the payments being made on a monthly basis. If the draft agreement is approved and enacted, the three nations will be practicing pensions exports. Earlier Kazakhstani residents just withdrew their entire pension savings when moving to another country and managed the entire amount at their own discretion. Experts of Russia and Belarus insist that the country of origin of a particular migrant should export his or her pension allowance upon his or her retirement”, she elaborated.

Thus, Russia’s pension fund, for instance, will be wiring due pension allowance to any resident opting to move to Kazakhstan or Belarus for permanent residence. “The due pension allowance will be wired on a monthly basis. Kazakhstan will follow the same procedures when wiring pensions to its former residents who have migrated to Russia or Belarus”.

She emphasized the agreement is expected to be enacted by 2018. “The draft agreement is ready”, she said, adding that those moving from Kazakhstan to any other country as of now receive their entire pensions savings as a lump sum.