The UAPF continuously conducts outreach efforts on the need for both beneficiaries and heirs of deceased individuals with UAPF savings to claim their pension benefis in a timely manner.
Every year, the UAPF verifies with the State Corporation "Government for Citizens" the records of individuals who have reached retirement age and who have pension savings through compulsory pension contributions (CPCs) and compulsory occupational pension contributions (COPCs) to the UAPF and who have not applied to the UAPF for their benefit. These individuals are verified in the information system of the authorized body in the sphere of social protection of the population for pension benefits assigned from budgetary funds based on age, length of service, and the state basic pension benefit.
Since March of this year, a no-application procedure for pension benefits through voluntary pension contributions (VPC) has been introduced for individuals who have reached retirement age and have pension savings in the UAPF through VPC, including those who have not applied to the UAPF for payment due to reaching the age of fifty or disability. This procedure also requires an annual reconciliation with the Government for Citizens State Corporation.
Based on the results of the annual reconciliation, the UAPF makes pension benefit payments to beneficiaies proactively (without an application) through the State Corporation. This means that pensioners receiving a pension from the state budget begin receiving payments from the UAPF if they have pension savings formed through the CPC, COPC, and VPC.
Statistics
As of May 1, 2026, the total amount of unclaimed pension savings in individual pension savings accounts (IPSAs) for accounting for the compulsory pension contributions of 279,041 individuals who have reached the generally established retirement age is approximately 45 billion tenge. Of these, according to information obtained by UAPF from government information systems, the following are true:
- 155,217 individuals are deceased and their pension savings can be claimed by their heirs;
- 61,459 individuals have registered for permanent residence outside the Republic of Kazakhstan in accordance with the procedure established by law;
- 62,365 individuals have not yet applied to the State Corporation (PSC at their place of residence) to apply for their old-age pensions.
How to receive pension benefits?
Let us remind you that pension savings are subject to accounting in the IPSA of contributors (beneficiaries) in the UAPF, continue to be invested and remain in the IPSA of contributors until they are claimed by the beneficiaries or their heirs (in the event of the death of the beneficiary).
Upon reaching the generally established retirement age
To claim pension benefits from the UAPF upon reaching retirement age, as well as basic and solidarity pensions from the state budget, beneficiaries must contact the State Corporation "Government for Citizens" (PSC) at their place of residence.
If a beneficiary has VPC pension savings in the UAPF for which they have not previously applied (due to reaching age 50 or disability), they will also be assigned pension benefits from the UAPF through the VPC.
When leaving for permanent residence
Foreigners and stateless persons who have permanently resided outside the Republic of Kazakhstan and who have pension savings in the UAPF may exercise their right to pension benefits from the UAPF in connection with their departure for permanent residence outside the Republic of Kazakhstan, unless otherwise provided by the laws of the Republic of Kazakhstan and international treaties ratified by the Republic of Kazakhstan.
In connection with the death of a person with pension savings
In the event of the death of a person with pension savings in the UAPF, their UAPF family members are paid a one-time funeral payment from the deceased person's pension savings up to an amount equal to 94 times the monthly calculation index established for the relevant financial year by the law on the republican budget, but no more than the deceased person's available IPSA funds.
Pension and targeted savings are also inherited in accordance with the procedures established by the legislation of the Republic of Kazakhstan. Within six months of the death of a person with savings, their heirs must contact a notary to register the deceased person's savings and obtain a certificate of inheritance. If the deadline is missed, they must apply to the courts to restore their inheritance rights.
A list of required documents for receiving pension benefits, depending on the type of pension benefit and the method of application, is available on the enpf.kz website in the "Services - Pension Benefits" section.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
Over the past five and a half years, more than 5.8 trillion tenge of pension savings have been used to improve housing conditions and pay for medical treatment.
The most significant withdrawals occurred in 2021 – approximately 2.6 trillion tenge. While there was a decrease in 2022-2023, the volume of withdrawals has increased in recent years, exceeding 1 trillion tenge in 2025.
As a reminder, the Head of State emphasized that the main goal of the pension system is pension provision, and "our goal is not to give away all savings now, leaving people without a decent pension in old age."
|
Year |
Transferred by the UAPF to authorized operators for crediting to special accounts of applicants for the purposes of: |
|
|
Improve housing conditions (amount, million tenge) |
Pay for medical treatment (amount, million tenge) |
|
|
2021 |
2,468,085 |
126,542 |
|
2022 |
703,232 |
192,391 |
|
2023 |
170,905 |
100,386 |
|
2024 |
396,683 |
173,875 |
|
2025 |
824,360 |
391,733 |
|
From 01.01.2026 to 31.05.26 (as of 01.06.2026) |
318,206 |
333 |
Throughout these years, the amounts withdrawn significantly exceeded the amounts allocated to the immediate objective of providing pensions to citizens.
Furthermore, in some years, withdrawals exceeded incoming contributions.
The withdrawal of savings from investment also leads to an increase in lost investment income. In the long term, this will lead to a significant reduction in savings at retirement age.
It should be noted that in Kazakhstan, the share of accumulated investment income in contributors' pension savings is growing and currently stands at approximately 40%, while in international practice, it typically exceeds 80%.
In developed countries, pension assets are a source of investment and sustainable economic growth. In advanced countries, accumulated pension assets exceed 100% of GDP; in Kazakhstan, pension assets currently account for approximately 16% of GDP.
Globally, the primary objective of the funded pension system is to ensure future pension benefits. Therefore, it is important to preserve pension savings for the benefit of citizens' future pensions and their further growth through long-term investments in Kazakhstan and international markets.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
The main objective of the UAPF is to accumulate citizens' pension savings and ensure their future payments. The Fund's services help citizens not only accumulate the necessary funds for a decent retirement but also actively participate in financial planning for their future. The UAPF provides various digital services to Kazakhstanis and continues to develop them, adapting to client needs. The 24/7 availability of the Fund's services on its website and mobile app is a key factor in increasing depositor interest.
From January 1, 2026, to April 30, 2026, the Fund provided 21.5 million services to the population. Of these, 11.7 million were provided electronically, and 9.4 million were automated. Thus, the share of services provided in automated, electronic, and remote formats amounted to 98.8% of the total. A total of 267.4 thousand services were provided in person, including more than 260.3 thousand directly at the Fund’s offices.
As a reminder, all pension accounts are opened automatically in the UAPF upon receipt of the first contribution. Targeted requirements are also automatically calculated for citizens of the Republic of Kazakhstan under 18 years of age, and target savings accounts (TSA) are opened to record and pay out target savings to adult recipients of target savings under the National Fund for Children program.
During the reporting period, the total number of automatically opened individual pension savings accounts (IPSA) for all types of individual pension contributions (CPC), as well as notional pension savings accounts (NPSA) for recording employer’s compulsory pension contributions (ECPC) transferred by the employer from their own funds, and target savings accounts (TSA, opened to record and pay out target savings to recipients of target savings under the National Fund for Children program) amounted to 790,000.
Receiving statements from IPSA, NPSA, and TSA remains the most popular service. Since the beginning of the year, 12.3 million statements have been issued for all types of accounts, 10.8 million of which were issued electronically and 1.3 million automatically. UAPF reminds that receiving account information through your personal account is the most convenient, reliable, and efficient way to monitor your pension savings. The service operates online 24/7, allowing you to receive up-to-date information at any time and from anywhere. Account information is available not only through the UAPF mobile app and personal account on the UAPF website, but also through the egov.kz portal or the e-government mobile app. This provides additional convenience for users who prefer to interact with government services through a unified platform. UAPF notes that, starting in 2025, the annual automatic mailing of statements will no longer be provided. However, it is still possible to receive information about the status of pension savings by mail by submitting a corresponding request to the UAPF address.
In addition to receiving statements in their personal account on the website and in the mobile app, contributors (beneficiaries) have the opportunity to use services such as making changes and additions to their details, obtaining a certificate of account availability, submitting an application for the appointment of pension benefits in connection with the establishment of a disability of groups 1 or 2 indefinitely or in connection with reaching the age of fifty through voluntary pension contributions, tracking the status of a payment application, transferring a portion of pension savings to an investment portfolio manager (IPM), projecting a future pension using a pension calculator, etc. Over the past period, 32.2 thousand applications from contributors for the transfer of a portion of pension savings to the trust management of the IPM were accepted, most of which were in electronic format.
During the reporting period, 38,400 applications for account details were received, 36,200 of which were submitted at the Fund's offices.
When requesting a service from UAPF specialists, contributors typically receive additional consultations and advice on savings management. As part of outreach efforts, 20,500 road shows were held, attended by 413,000 people. The number of materials published in the media based on UAPF announcements amounted to 13.4 thousand.
The number of inquiries received from contributors and beneficiaries through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) amounted to 159.0 thousand.
As a reminder, any company can request an on-site presentation and consultation on the funded pension system by simply calling the call center at 1418 or contacting the Fund through the website or mobile app.
UAPF consulting services are available through instant messengers (chatbot in WhatsApp and Viber at +7 777 000 14 18), the call center at 1418 (free call within Kazakhstan), on the corporate website enpf.kz, as well as on the official UAPF pages on social networks Instagram, Facebook, VKontakte, Telegram, Odnoklassniki.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
In Kazakhstan, to ensure the adequacy of future pensions for citizens and bring the pension system in line with international standards, changes are planned to the Methodology for Calculating Minimum Adequacy Thresholds (MAT).
The purpose of revising the MAT calculation method (Methodology) is to increase the requirements for the minimum amount of pension savings necessary to ensure the adequacy of future funded pensions and to gradually increase the labor income replacement rate (IRR) of contributors through pension benefits at retirement age (taking into account minimum international standards).
Why was there a need for change?
According to the current Methodology, the MAT amounts are set annually based on calculations taking into account approved socio-economic indicators, projected calculations of future pension contributions depending on the minimum wage and investment returns.
However, the current Methodology has a number of shortcomings:
According to the current Methodology for determining MAT, it is assumed that if a portion of pension savings is withdrawn, the contributor will continue to regularly make compulsory pension contributions (CPCs) until retirement. In this case, the future funded pension will be approximately 50,000 tenge, which corresponds to the current subsistence minimum (SM). However, in practice, contributions may be received irregularly or not at all. In this case, the current MAT amounts will not provide the expected minimum payments, and the amount of future pension benefits will be lower than the SM. Moreover, even with regular contributions and ensuring the accumulation volume at the level of the current MAT amounts, the funded pension at the level of about 50 thousand tenge will amount to less than 15% of the current median salary[1].
What does the new Methodology propose?
The proposed new Methodology for Determining the MAT aims to provide citizens with a higher and more predictable level of pension benefits. According to the new approach, after withdrawing savings above the MAT, the future funded pension will be equal to at least 40% of the median salary (according to the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, in the fourth quarter of 2025, it was 339,912 tenge).
Moreover, in the proposed Methodology, threshold values will no longer depend on future contributions or annual projected changes in many macroeconomic indicators. MAT values will be determined based on long-term factors, including demographic tables of Kazakhstan's population, regularly updated by the United Nations (UN), taking into account national statistics. Accordingly, future pension amounts will be predictable for citizens and will gradually approach the target indicators of OECD countries.
The MAT amount, as currently, will depend on the contributor's age: the closer a person is to retirement age, the higher the MAT level must be to secure a future pension.
The classic formula for calculating the present value of a future pension benefit will be used to determine the MAT. In other words, the new formula determines the minimum savings amount, i.e., the MAT amount that must already be in the contributor's individual pension savings account (IPSA) to ensure the target pension. Furthermore, the impact of inflation and investment returns is taken into account when calculating future payments, meaning future benefits will grow in real terms, taking inflation into account.
Thus, the new Methodology for Determining MAT increases the requirements for the minimum amount of pension savings required to provide a future funded pension, ensuring an adequate replacement rate for a contributor's labor income through pension benefits. Furthermore, this Methodology will bring the MAT calculation system closer to international pension standards and reduce the risk of insufficient pension savings at retirement.
International Standards and Global Experience
As a reminder, according to Convention 102 of the International Labour Organization (ILO), the minimum acceptable level of pension provision is IRR of at least 40%. In European Union (EU) countries, the average minimum pension is approximately 60% of the minimum wage. In Organisation for Economic Co-operation and Development (OECD) countries, the average minimum wage is approximately 50% of the median wage.
International experience shows that the option of early withdrawal of pension savings has been used in a number of countries as an anti-crisis measure in strictly limited amounts in exceptional situations related to economic upheaval and the need to support the population, including during the COVID-19 pandemic.
It should be emphasized, however, that pension savings are primarily intended to provide income for citizens in old age. Therefore, regular withdrawal of pension funds before retirement can lead to a critical decline in the amount of savings and, consequently, to a reduction in the amount of future pension benefits. In the long term, this increases the risk of insufficient retirement income in old age.
Therefore, the option of using a portion of pension savings for alternative purposes remains, but approaches to determining the amount of funds available for withdrawal are being refined, taking into account the need to ensure citizens have an adequate and stable level of pension benefits in the future.
The calculation of the MAT under the new Methodology in Kazakhstan will be adapted to real conditions and aims to bring it closer to the pension provision practices of advanced countries. The updated methodology will allow for the determination of the minimum level of pension savings required to be retained in the Individual Pension Savings Account (IPSA), so that, if a portion of the savings is withdrawn, the future funded pension will not be lower than the target indicators and will provide a stable pension income for citizens at retirement age.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
[1] The median salary is an indicator that divides all salaries into two equal parts: 50% of employees receive less than this amount, and 50% receive more.
From February 1, 2024, to May 1, 2026, 297,895 applications totaling over $53.09 million were processed. Funds were transferred to authorized operators for subsequent crediting to applicants' bank accounts.
Of the total number of completed applications, 187,597 applications, totaling approximately $33.39 million, were for housing improvements, and 110,298 applications, totaling $19.70 million, were for education expenses.
As a reminder, recipients of targeted savings (TS) may use the entire amount or a portion of it. Unused funds remain in the targeted savings account (TSA).
The most popular method for improving housing conditions was replenishing housing construction savings for further accumulation (183,436 applications completed, totaling approximately $32.72 million). Funds were also used as down payments for mortgage loans to purchase housing (1,425 applications, totaling $232,770), and for the purpose of acquiring housing through civil law transactions (final settlement), totaling 989 applications, totaling $156,590.
The largest amount of funds under the TS for education was allocated to pay for educational services at educational institutions located in the Republic of Kazakhstan, either in installments (for each academic period or academic year) or in full (for the entire term of study) (101,899 applications, totaling $18.51 million, were completed). The following services were also in high demand: replenishing an educational savings deposit under an educational savings deposit agreement (5,796 applications completed, totaling approximately $801,290), and paying for educational services at foreign educational institutions in installments (for each academic period or academic year) or in full (for the entire term of study) (2,075 applications completed, totaling $308,590).
Detailed information on TS payments for improving housing conditions and/or paying for education, broken down by authorized operators and regions, is available on the enpf.kz website.
As a reminder, Kazakhstani children received a further payment of $130.71 per child based on the results of 2025, $129.38 per child in 2024, and $100.52 per child in 2023.
Children under 18 receive annual payments from the National Fund as targeted benefits. According to the law, the amounts accrued to young Kazakhstani children remain part of the National Fund's assets and continue to be invested. Through continued investment, each child's targeted benefit amount increases annually through the investment income received.
As a result, the total amount of all accumulated target requirements (including the annually accrued investment income) for a child participating in the program:
- three years, amounted to $370.56;
- two years, amounted to $263.93;
- one year, amounted to $130.71.
Parents and other legal representatives can check the participation of a child under 18 in the program using the child's IIN on the website kids.enpf.kz, in their personal account on the eGov.kz e-government portal, as well as in the eGov Mobile mobile apps and those of some second-tier banks.
If information about target benefits accrued to children for the 2025 reporting year is not displayed, you must update your documents in your mobile apps by following this path:
The absence of information on the accrual of target benefits for children who have reached or will reach 18 years of age this year in the legal representative's personal account is due to the fact that target benefits have acquired the status of TS, and therefore access to information about them is provided directly to the TS recipient (a citizen who has reached or will reach 18 years of age in 2026). These individuals must independently obtain information about their TS through their personal account on the UAPF or e-government websites. Upon reaching 18 years of age, they can contact an authorized operator to open a US dollar bank account and submit an online application for TS payment to improve their housing conditions and/or pay for education.
Currently, the authorized operators are:
Statistics on minor children eligible for targeted loans and adult recipients of the TS, as well as on the use of the TS for housing and/or education, can be found on the enpf.kz website.
You can review the program terms, get instructions, and get answers to your questions on the website kids.enpf.kz. You can also view video comments and instructions on the topic on the БЖЗҚЕНПФ YouTube channel:
video commentary by the Chairman of the Executive Board of UAPF JSC Zh.B. Kurmanov:
https://www.youtube.com/watch?app=desktop&v=30CdPWl6dv0
video commentary by the Managing Director of UAPF JSC M.T.Sharipov:
https://www.youtube.com/watch?v=APg2vATmMk0
video commentary "Question and Answer" on the "National Fund for Children" program:
https://www.youtube.com/watch?v=4cKr1VCAvUk
https://www.youtube.com/watch?v=mrV0y37Gjnk
instructions for the "National Fund for Children" website:
https://www.youtube.com/watch?v=VgP3dmMwAHc
https://www.youtube.com/watch?v=jyC2c-HgqpQ
instructions for the implementation of the "National Fund for Children" program:
https://www.youtube.com/watch?v=bqeT41rWecA
https://www.youtube.com/watch?v=pNBSS1VHdWU
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
The investment income of Kazakhstani citizens is generated both through the management of pension assets by the National Bank of Kazakhstan (NBK) and by private Investment Portfolio Managers (IPMs).
As a result of the NBK's investment activities in managing pension assets derived from Mandatory Pension Contributions (MPC), Mandatory Professional Pension Contributions (MPPC), and Voluntary Pension Contributions (VPC), the amount of accrued investment income for the first 3 months of 2026 amounted to 271.4 billion tenge, with an additional 34.1 billion tenge generated from Mandatory Employer Pension Contributions (MEPC).
In turn, as of April 1, 2026, income generated from IPMs investment activities for 2026 amounted to 1.56 billion tenge.
It should be noted that asset managers implement a balanced investment policy, investing in various types of financial instruments across currencies, countries, sectors, and issuers. Investment income is generated from various sources: income in the form of returns on securities (as well as interest on deposits and other instruments), and through market and currency revaluation of financial instruments and assets held under external management, etc. Thus, the level of investment income depends on a number of factors: the dynamics of the market value of instruments in the portfolio, fluctuations in exchange rates, the inflation rate, dividend payments, and other conditions. Returns may increase or decrease over different periods, which is reflected in the total amount of contributors' pension savings. The primary reason for the decrease in investment income on pension assets managed by the NBK since the beginning of the current year is the negative currency revaluation of foreign currency assets resulting from the strengthening of the tenge against the US dollar — from 505.53 to 478.77 tenge per US dollar.
Despite financial market volatility, positive investment income and real returns on pension savings are ensured in the medium and long term. The cumulative investment return from the inception of the funded pension system in 1998 to April 1, 2026, amounted to 1,184.74%, while inflation for the entire period was 970.03%.
As of April 1, 2026, the net investment income earned by the NBK since April 1, 2014 (following the consolidation of pension assets into the UAPF) reached 10.54 trillion tenge. Taking into account the payouts made, its share in the total volume of contributors' (beneficiaries') pension savings stands at 40.7%, which demonstrates the significant role of investment activities in the structure of citizens' savings.
It is important to note that the return on pension assets over specific short-term periods is not an indicator of management efficiency, as income in the form of interest on financial instruments and other transactions accrued over a short period does not always offset fluctuations in the value of securities and exchange rates during that same period. Therefore, it is advisable to conduct an objective analysis of investment income over a longer time horizon.
It should be noted that contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings derived from mandatory pension contributions and up to 100% of pension savings derived from voluntary pension contributions) to be managed by a private Investment Portfolio Manager (IPM) that meets the regulator's requirements.
In comparison with the more conservative management of the NBK, which is aimed at preserving pension assets and ensuring positive long-term returns, the investment declarations of IPMs and the requirements of the regulator provide for broader investment opportunities for IPMs in order to increase the return on pension assets (although this entails higher risks).
The entire system of investment management and accounting of pension assets is transparent: every contributor has the opportunity to view their investment income in their personal account on the enpf.kz website or via the mobile application.
Information regarding the investment management of UAPF pension assets and the financial instruments in which UAPF pension assets are invested is published on the official UAPF website (www.enpf.kz) in the "Statistics and Analytics/Investment Management of Pension Assets" section, as well as on the invest.enpf.kz portal
The UAPF was established on August 22, 2013, on the basis of JSC "NPF GNPF". The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution "Committee of State Property and Privatization" of the Ministry of Finance of the Republic of Kazakhstan. The National Bank of the Republic of Kazakhstan carries out the asset management of UAPF pension assets. In accordance with pension legislation, the UAPF performs the collection of mandatory pension contributions, mandatory employer pension contributions, mandatory professional pension contributions, and voluntary pension contributions, as well as the crediting and accounting of voluntary pension contributions formed from the unclaimed amount of guarantee compensation for a guaranteed deposit, transferred by the organization carrying out mandatory deposit insurance in accordance with the Law of the Republic of Kazakhstan "On Mandatory Guaranteeing of Deposits Placed in Second-Tier Banks of the Republic of Kazakhstan", and ensures the execution of pension payments. The Fund also carries out the accounting of target assets and target claims, the accounting and crediting of target savings (TS) to target savings accounts, the payment of TS to their beneficiaries' bank accounts, and the accounting of TS refunds in the manner determined by the Government of the Republic of Kazakhstan within the framework of the "National Fund for Children" program. (More details at www.enpf.kz).
Kazakhstan is entering an era of demographic aging, and by mid-century, it will be classified as a country with a very high level of demographic aging: with the country's population expected to grow to 26.5 million by the end of 2050, every sixth resident will be over 60 years old—the elderly will account for 18.8% of the total population.
At the same time, the number of UAPF pension recipients will increase almost fourfold between 2025 and 2050, from 520,000 to almost 2 million. These data are presented in the Annual Actuarial Report for 2024 (hereinafter referred to as the Report), published by UAPF JSC (hereinafter referred to as the UAPF, or the Fund). It reflects the results of comprehensive actuarial calculations and forecasts related to the further development of Kazakhstan's pension system.
Demographic changes pose serious challenges to the pension system. Therefore, one of the state's most important tasks is to create a pension system that meets international standards and ensures adequate pension benefits. The system's effectiveness is assessed based on a number of indicators, analyzed and forecasted in the report. This annual actuarial report is an important source of data for government agencies, experts, and the general public.
Demographic trends
The first section of the Report describes demographic changes and their impact on the pension system. It presents the demographic situation as of early 2025 and long-term forecasts to 2050, using stochastic and deterministic models. General trends indicate that life expectancy is increasing and the birth rate is declining. According to forecasts, by 2050, the proportion of elderly citizens in the population will increase, while the working-age population will decline. These changes require an increased role for the funded component of the pension system.
Pension system of the Republic of Kazakhstan
The second section of the report describes Kazakhstan's existing multi-tier pension model, assesses it in international rankings, and analyzes optimal pension contribution rates for generating an adequate retirement income. It also presents the opinions of experts who pioneered the development of the financial market and the funded pension system in the country, and discusses ways to further improve the system.
Forecasting pension flows
The third section presents the results of pension flow modeling and forecasting, specifically covering the KazPRESTO integrated actuarial model and its forecast results, as well as modeling of demographics, the labor market, and pension benefits based on 10% compulsory pension contributions. The forecast calculations demonstrate sustainable growth in pension flows in the funded system over the long term. At the same time, attention is focused on the need to monitor the early withdrawal policy, improve contribution regularity, increase population coverage, and enhance investment management efficiency, especially given low real returns.
The UAPF Annual Actuarial Report is a crucial document for a comprehensive assessment of the current state and long-term development prospects of the pension system in Kazakhstan. The findings serve as the basis for developing effective solutions aimed at improving the sustainability of the pension system and the adequacy of pension benefits.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
As of October 1, 2025, since the program's launch on February 1, 2024, authorized operators have processed 156,956 applications totaling over $22.29 million. Funds have been transferred to authorized operators for deposit into applicants' bank accounts. Of these, 98,046 applications totaling $14.14 million were processed for housing, and 58,910 applications totaling approximately $8.15 million were processed for educational services. As a reminder, recipients of targeted savings (TS) have the right to use the entire amount or a portion of it. Any unused balance is stored in a targeted savings account (TSA).
When using funds to improve housing conditions, the main areas were: replenishment of the contribution to housing construction savings for further accumulation (95,786 applications were completed for a total of approximately 13.85 million US dollars), making a down payment to obtain a mortgage loan for the purchase of housing - 755 applications for a total of 101.44 thousand US dollars, acquisition of housing in ownership through civil law transactions (final settlement) - 553 applications for a total of approximately 69.88 thousand US dollars.
Key areas for using funds for educational purposes include payment for educational services at educational institutions located in the Republic of Kazakhstan, either in installments (for each academic period or academic year) or in a lump sum (for the entire term of study) (52,574 applications completed, totaling $7.38 million), replenishment of educational savings deposits under educational savings deposit agreements (4,477 applications completed, totaling approximately $527,670), and payment for educational services at foreign educational institutions, either in installments (for each academic period or academic year) or in a lump sum (for the entire term of study) (1,526 applications completed, totaling approximately $194,540).
Detailed information on targeted savings payments for the purpose of improving housing conditions and/or paying for education, broken down by authorized operators and regions, is available on the enpf.kz website.
As a reminder, under the National Fund for Children program, 50% of the investment income from the National Fund of the Republic of Kazakhstan is distributed annually among children of the Republic of Kazakhstan citizens born in 2006 or later. All recipients of the TS were awarded $100.52 in 2023 and $129.38 in 2024. Children who received their first National Fund payments in 2023, with the exception of those born in 2006, were awarded $3.04 in investment income this year. As a result, the target savings for a child born in 2006 are $100.52, and for a child born in 2007, $232.94.
Adult citizens must independently obtain information about their targeted savings through their personal account on the UAPF or e-government websites. They can then contact an authorized operator to open a US dollar bank account and submit an online application for targeted savings payments to improve their housing conditions and/or pay for education.
To receive targeted savings payments, the recipient or their legal representative must contact an authorized operator with whom UAPF has a corresponding agreement. Applications can be submitted through the website or mobile app of one of the following authorized operators: JSC Otbasy Bank (for improving housing conditions and paying for education), JSC Halyk Bank of Kazakhstan, or JSC Bank CenterCredit (for paying for education).
You can learn more about the program terms, get instructions, and receive answers to your questions on the website kids.enpf.kz and on the БЖЗҚ ЕНПФ YouTube channel. We also note that a video instruction on the implementation of the National Fund for Children program, and the algorithm of actions before and after the child reaches adulthood, is posted on the БЖЗҚ ЕНПФ YouTube channel at the link: https://www.youtube.com/watch?v=HHQNAxfskX8.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
The deadline for filing documents for reimbursement has been extended to 5 years
The new Tax Code of the Republic of Kazakhstan will enter into force on January 1, 2026. At the same time, amendments have been made to the current Tax Code that affect the interests of UAPF beneficiaries and contributors who belong to socially vulnerable categories and have used lump sum pension benefit payments to improve housing conditions and (or) pay for medical treatment (LSPBP)
What changes have been made?
Individuals belonging to socially vulnerable groups are entitled to apply standard tax deductions to taxable income in the form of lump-sum pension benefit payments. Many of them, when withdrawing LSPBP for housing and (or) medical treatment, paid individual income tax (IIT) immediately upon making the payment. At the same time, from January 1, 2024, standard tax deductions (up to 882 MCI ) are applied to the taxable income of such people in the form of LSPBP. This means that recipients belonging to this category can apply with a corresponding application and supporting documents to the UAPF to apply for recalculation and refund of IIT within three years from the date of receiving LSPBP. However, those who withdrew LSPBP in 2021-2022 for various reasons did not have time to do this. Now, in connection with the adoption of amendments and additions to the Tax Code of the Republic of Kazakhstan, from July 15, 2025, the limitation period established for such appeals from individuals has been increased from 3 to 5 years.
Who is eligible for IIT refund?
The list of individuals entitled to a refund of IIT is defined by the current Tax Code. These are individuals with disabilities of the first, second or third groups, one of the parents or guardians of children with disabilities, one of the adoptive parents, foster parents of orphans, veterans of military events and other categories. The full list of persons is in Article 346 of the Tax Code.
Where should you apply?
Beneficiaries who, when determining taxable income under the LSPBP, standard tax deductions, if eligible, were not applied, must urgently contact the nearest UAPF branch office with an application and supporting documents for the application of standard tax deductions to recalculate income and reimburse IIT.
After applying the standard tax deduction, the IIT will be returned to the beneficiary's individual pension savings account if it was withheld. If deferred IIT was chosen, then the obligation to pay it will be removed upon receipt of monthly pension payments.
These changes will be valid until December 31, 2025 (inclusive), since the new Tax Code of the Republic of Kazakhstan comes into force on January 1, 2026.
For reference. According to the current Tax Code, pension payments from UAPF are classified as income subject to individual income tax (IIT) at a rate of 10% in accordance with the Tax Code of the Republic of Kazakhstan. IIT is withheld collectively for all types of pension benefits formed from compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC), and voluntary pension contributions (VPC). The same rules apply to lump-sum pension benefit payments (LSPBP) from UAPF for the purpose of improving housing conditions and/or paying for medical treatment.
Lump sum pension benefit payment (LSPBP) is the amount of pension savings formed by compulsory pension contributions (and until 01.07.2023, by compulsory occupational pension contributions), withdrawn by the contributor (beneficiary) from the UAPF in order to improve housing conditions and (or) pay for medical treatment in the manner established by the Social Code of the Republic of Kazakhstan.
Let us remind you that there are two ways to withhold IIT: immediately upon receipt of the LSPBP and with a delay until retirement. According to the law, the tax agent that calculates the IIT is the UAPF, which can withhold the tax in two ways, depending on the choice of the individual:
o 10% of the LSPBP amount is withheld immediately upon payment.
o 10% of all used pension savings are withheld after the beneficiary retires. In this case, the tax amount is divided into equal parts and deducted from the beneficiary 's monthly pension benefits for a maximum of sixteen years.
How to withhold IIT is decided only by the beneficiary of the LSPBP when submitting an application to the authorized operator.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
International organizations highlight the income replacement ratio (IRR) as one of the important indicators of pension adequacy. It reflects the ratio between pension benefits and the employee's wages before retirement, i.e. how much his pension income replaces his labor income.
It should be noted that the IRR is a target benchmark, its value is individual for each employee and depends on his labor income and length of service, regularity and completeness of pension contributions to his funded pension account.
The concept of further modernization of the pension system of the Republic of Kazakhstan until 2030 provides for maintaining the IRR with total pension benefits at a level of at least 40% of lost earnings (International Labor Organization standard) with at least 35 years of participation in the pension system and a regularity of contributions of 12 times a year.
The replacement rate for UAPF contributors who reached retirement age in 2024 and began to receive pension benefits (solidary and basic pension from the state, as well as funded pension from UAPF), in total for all types of pensions amounted to more than 41% of the average salary level.
In the future, as is happening in developed countries, the funded pension will make up an increasing part of the total pension. The Kazakhstan funded pension system has not yet completed its full cycle, which is about 40 years - the full period of a person's working life. Therefore, those who retire do not yet have sufficient savings experience. In addition, as is known, in the first years of the implementation of the funded system, low incomes, irregularity and incompleteness of contributions were characterized. Therefore, a higher share of solidarity pension is still maintained, but gradually decreases. In the future, according to actuarial estimates, the replacement rate due to the funded pension for contributors who began their working career in 2024 (at the age of 22) and will retire in 2065 will be 35% or more of their earnings. At the same time, the funded pension will be formed at the expense of compulsory pension contributions of employees (CPC) and employers (ECPC). In addition, citizens will receive a basic pension, the amount of which also depends on the length of service of CPC contributions to the UAPF. Such workers will no longer have the right to a solidarity pension.
Currently, the calculation of the average monthly income replacement rate for each contributor is carried out by the UAPF based on information from state information systems, within the limits provided by law.
How is IRR calculated for the purposes of using lump sum pension benefit payments (LSPBP) for improving housing conditions and/or medical treatment?
It should be noted that persons with pension savings in the UAPF are entitled to lump sum pension benefit payments (LSPBP) if one of the following conditions is met:
The legislation defines the algorithm for calculating the IRR as follows:
The monthly pension (basic + solidarity on the date of assignment) is divided by the average monthly income of the beneficiary (AMI) for the last 5 years (before retirement). The amount of AMI is calculated based on data on his actual compulsory pension contributions (CPC) for 5 years, adjusted for inflation, and is limited to the average monthly income in the republic.
For beneficiaries of long-service pension benefits who are assigned pension benefits in accordance with the Social Code, and retired judges who are paid a monthly lifetime allowance, the replacement rate of the AMI is taken to be 40%.
Please note that only the basic and solidarity pensions are taken into account to calculate the IRR, which should provide the pensioner with a lifetime income of at least 40%. Upon reaching this IRR level, the pensioner can use up to 50% of their savings for housing or treatment.
If a person has entered into a pension annuity agreement, that is, receives a lifetime pension benefit from an insurance company of at least 70% of the subsistence minimum established for the current financial year, they can use all savings in their pension account in the UAPF for housing or medical treatment.
Understanding the meaning of the replacement rate helps citizens plan their financial stability through pension benefits. Every year, the role of funded pensions is becoming increasingly important. It is important that public policy and the pension system develop in the direction of providing adequate pensions for all citizens.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)