TRENDING QUESTIONS ABOUT THE UAPF
Currently, depositors can transfer up to 50% of their savings, formed through compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC), and up to 100% of voluntary pension contributions, to investment portfolio managers (IPMs). Effective September 7, 2026, contributors' ability to transfer mandatory savings to IPMs will be expanded to 100%. For depositors' convenience when choosing an IPM, all necessary information is published monthly on the online pension asset investment management platform, invest.enpf.kz, including financial indicators, pension asset returns, the size of pension assets under trust management, the investment portfolio structure, and its dynamics.
To transfer pension savings to an IPM, a contributor must select an IPM from the register of IPMs approved for pension asset management (detailed information is available on the UAPF website in the "Services - Transfer to Trust Management - Register of Investment Portfolio Managers" section), and then submit an application using the appropriate form. This can be done in your personal account on the enpf.kz website using an electronic digital signature, or at any UAPF branch.
The status of your submitted application to transfer pension savings to trust management can be tracked in your personal account on the website or in the UAPF mobile app under the "My Applications for Payments/Transfers/VPC Refunds" tab.
The process of submitting applications for transfer to IPM, as well as their processing by UAPF, is fully automated. UAPF transfers pension assets to IPM trust management within the timeframes established by regulations.
Starting July 1, 2023, investors have been able to transfer up to 50% of compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and up to 100% of voluntary pension contributions (VPCs) to private investment portfolio managers (IPMs), regardless of the minimum sufficiency threshold. They can also transfer the entire amount of savings under CPCs and/or COPCs if they have a pension annuity agreement with an insurance company. Starting September 7, 2026, contributors' ability to transfer mandatory savings to IPMs will be expanded to 100%.
Transferring up to 100% of pension savings to IPM management opens up opportunities for contributors to grow their capital long-term, tailored to their own preferences, based on a study of IPM indicators and strategies.
Only IPMs listed in the register of pension asset management companies of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) are permitted to manage pension assets, regardless of strategy. The ARDFM has developed specific requirements for IPMs: they must possess a license to manage an investment portfolio, have successful experience in the market and managing client assets, demonstrate positive financial and economic performance over the past several years, have sufficient equity capital to cover losses associated with investing pension assets, etc. Furthermore, IPMs must enter into a trust agreement with the UAPF for the management of pension assets and have a tripartite custodial agreement with the UAPF and the custodian bank.
Currently, six companies are permitted to manage pension assets. These include: Alatau City Invest JSC, BCC Invest JSC, Halyk Global Markets JSC (Halyk Global Markets JSC notified UAPF on December 30, 2025, of its agreement termination effective January 1, 2027, at the initiative of this IPM. Therefore, UAPF will not accept new applications from contributors to transfer pension assets to its management effective January 1, 2026), Halyk Finance JSC, Centras Securities JSC, and Tansar Capital JSC. If a company is removed from the register, contributors' savings will return to the management of the National Bank.
Before deciding to transfer your pension savings to a trust, we recommend carefully reviewing the current list of IPMs on the market and examining their investment statements on the UAPF website. It is important to analyze the IPM's financial performance, as well as information on the application of administrative measures, sanctions, and enforcement actions by the regulator (ARDFM) against the IPM (if any).
The choice of an IPM is an independent decision for the contributor. On the UAPF portal (https://invest.enpf.kz/), you can compare various critical IPM performance indicators, such as profitability, NU (the specific value of pension assets used to characterize their change as a result of investment, the rate of which depends on the accrued investment income (loss)), portfolio structure, and the IPM's financial performance.
The Unified Internet Information Platform for Investment Management is a modern digital resource that provides contributors with the opportunity to analyze pension investments online. In their personal account, contributors can, among other things:
Thus, the unified online platform invest.enpf.kz is becoming an important element in the development of digital services in the pension system, facilitating more informed participation by contributors in managing their pension capital and shaping their financial future.
Up-to-date information on the selected IPM investment portfolio is also available on the Fund's website: https://www.enpf.kz/ru/services/Invest/57501/
It's worth noting that the Fund already has extensive experience integrating its systems within various government programs. Accordingly, UAPF's information systems allow for the accounting of all data during interactions with the IPM.
At the same time, UAPF remains the common accounting and information center for all contributors, operating their individual pension savings accounts regardless of who manages the assets (the NBRK and/or the IPM, at the contributor's discretion).
With the rapid development of digital technologies, citizens are increasingly gaining access to government, financial, and other electronic services via the internet. However, online fraud methods and techniques are also rapidly evolving. We urge you to be especially vigilant – fraudsters are actively exploiting the capabilities of rapidly developing AI, creating videos, audio recordings, and images in which people's faces and voices are replaced with real ones. For example, false advertisements and offers to invest savings in various bonds, stocks, and financial transactions are regularly distributed on social media. Also, by exerting psychological pressure and exploiting citizens' trust in official structures, fraudsters may pose as employees of government agencies, banks, law enforcement agencies, telecom operators, and other organizations, including the Unified Accumulative Pension Fund, in order to gain access to personal and financial information.
In this regard, UAPF JSC would like to remind you that the National Bank of the Republic of Kazakhstan (NBRK) is responsible for investing pension assets. It acts as a trustee for pension savings, investing them in various financial instruments in accordance with the Investment Declaration approved by the Government. In addition to the NBRK, investment portfolio managers (IPMs) may participate in managing pension assets, and a portion of savings may be transferred to them. Transfers to IPMs can only be made through the UAPF JSC portal; no intermediaries are required.
Also, for your safety and to prevent fraud, UAPF JSC reminds you:
The UAPF strongly recommends obtaining information from official sources and acting exclusively within the legal framework.
You can get answers to all questions and verify information regarding the withdrawal and transfer of your pension savings both at UAPF branches and remotely:
- via the enpf.kz website and the БЖЗҚ/ЕНПФ mobile app;
- via the toll-free multi-channel call center at 1418, or via WhatsApp at +7 777 000 1418;
- on the UAPF's official social media pages on popular platforms such as Odnoklassniki, Telegram, Facebook, VKontakte, X, and Instagram.
Familiarize your loved ones, especially older relatives, with information security rules.
Take precautions to ensure the safety, security, and confidentiality of your personal data.
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
UAPF presented its annual actuarial report for 2024
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)
Investing in the Future: Adult Kazakhstanis Used More Than $22.29 Million Under the National Fund for Children Program
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)
Commissioner for Ethics of local executive bodies of Kokpekty district Nugybaev Bek Nazarbekovich held a meeting with the heads of independent departments of local executive bodies and akims of rural districts. The main topic of the meeting was not to use official vehicles on weekends and holidays, on working days to use official vehicles strictly for official purposes, as well as ensuring the safety of vehicles.
Explanatory work was also carried out on compliance with the norms of the Code of Ethics of Civil Servants, legislation on public service and anti-corruption and compliance with business regulations.
Snow removal works are underway in Ulkenboken rural district
Akim of the region Nurlan Urankhaev, together with the heads of the emergency department and the akimat of Semey city, inspected the flood zones of the regional center. As part of this event, the country estate Vostochny, Mirny, the island "Beibitshilik", the residential area Bobrovka were visited.
In order to control readiness for a flood-prone period, the cleaning of culverts is monitored locally. Currently, embankment dams are being strengthened, meltwater and rainwater are being diverted, evacuation points are provided for cases of flooding of houses and premises, as well as places for temporary livestock.
Work is actively carried out in the region aimed at preventing possible flooding of settlements. As part of flood control measures in the districts and cities of the region, civil protection agencies and public utilities have been put on constant alert. Stocks of inert materials have been prepared to prevent and eliminate the consequences of floods.
During the detour, the akim of the region, together with the Emergency Department, adjusted the points of the places where blasting operations will be carried out. Specific instructions were given to the relevant authorities.
"The safety of the population is a priority, and it is necessary to be fully prepared for the upcoming spring. To prevent overflows, it is necessary to carry out blasting operations on riverbeds and bends in a timely manner," Nurlan Urankhayev said.
It should be noted that flood control measures in the region are under the personal control of the akim of the region.
#AbayOblysynynYkimdigi