From July 1, NPF depositors will be able to transfer half of their savings to private investment companies

Responsibility for the safety of pension savings transferred to the management of the investment portfolio manager is borne by the UIP chosen by the depositor. Within the framework of the Social Code, from July 1, 2023, depositors of the Unified Accumulative Pension Fund are granted the right to transfer up to 50% of the amount of their pension savings to private investment management companies of their own choice, the Ministry of Labor and Social Protection of the Population said. This gives citizens the opportunity to participate in the management of their pension assets, form their own pension plan, and choose an alternative policy for investing their savings. The use of different investment strategies when transferring savings to private management will contribute to the diversification of depositors' risks, obtaining higher investment returns and, accordingly, multiplying pension savings," the Ministry of Labor said. When a depositor transfers pension savings to a private management company, he retains the right to transfer his savings to another management company or return them to the management of the National Bank, i.e. to the UAPF. At the same time, it is noted that the state provides a guarantee of the safety of pension savings only for savings that are managed by the National Bank, i.e. in the UAPF. Responsibility for the safety of pension savings transferred to the management of the investment portfolio manager is borne by the UIP chosen by the depositor. In case of a negative difference at the end of the year between the nominal return received by the UIP and the minimum value of the return on pension assets, the management company is obliged to reimburse this difference to the depositor at its own expense," the department explained. To transfer pension savings to trust management, the depositor must contact the UAPF. Recall that pensioners will be able to withdraw all savings from July 1 for treatment or purchase of housing.