According to clarifications from the Social Fund, pension savings do not disappear upon the death of the insured person. If there are funds in the individual pension account, they can be paid out to the heirs in accordance with the legislation of Kyrgyzstan. For this, confirmation of the right to inheritance is required, and the accumulated funds will be considered part of the inheritance estate available to legal heirs.
From citizens' salaries, 10% is withheld for the Social Fund, of which 2% goes to the accumulation part. These funds are increased annually through investments in securities and deposits. In some cases, including in the event of death, the accumulated pension part can be accessed before reaching retirement age. Heirs have the right to withdraw the accumulated pension part of the deceased immediately, as explained by the Social Fund.
Additionally, if the breadwinner dies, their children are entitled to a survivor's pension:
- for children studying in general education institutions, up to 18 years;
- for children studying in secondary specialized and higher educational institutions, up to 23 years.
If the deceased has no minor children, the pension fund assets do not remain in the Social Fund or pass to the state. They are distributed among other pensioners. The Social Fund reminded of the insurance principle that applies in this system.
