Funds from the National Fund for Children program are not lost even if not used immediately after reaching adulthood. After a certain period، they change status and become pension savings. How this happens and where unclaimed funds go، reports the website infohub.kz.
Finance Minister Madi Takiyev earlier stated that Kazakhstan is developing a mechanism for managing unclaimed funds under the National Fund for Children program. As explained by the National Bank in response to an official inquiry، these are funds that have already been transferred to special accounts in the Unified Accumulative Pension Fund (ENPF) after the recipient turned 18 but has not yet applied for a payout.
"According to current rules، if a person does not use the savings within ten years after reaching adulthood، i.e.، until about age 28، these funds will be transferred to their individual pension account for recording voluntary pension contributions،" the National Bank reported.
Currently، the National Bank together with the ENPF is developing a mechanism for managing such unclaimed funds. It is planned that the money will be invested in money markets through overnight repo operations in dollars.