As of September 1, 2026, the volume of pension savings held by Kazakhstanis exceeded KZT 28.47 trillion, marking a 12-month increase of KZT 3.36 trillion (or 13.4%).
Pension savings derived from compulsory pension contributions (CPCs) stood at KZT 26.37 trillion as of September 1, 2026, having risen by KZT 2.53 trillion—or 10.6%—over the preceding 12 months.
Pension savings of compulsory occupational pension contributions (COPC) amounted to KZT 746.16 billion increasing by 5.0% in 12 months.
Growth continued in savings accumulated through voluntary pension contributions (VPCs). As of September 1, 2026, the volume of these savings stood at KZT 10.43 billion, marking a 7.1% increase over the preceding 12 months.
Pension savings derived from employer’s compulsory pension contributions (ECPCs)—which have been credited to contributors' (beneficiaries') pension accounts since January 1, 2024—amounted to KZT 1,348.82 billion as of September 1, 2026, having increased nearly 2.5-fold over the 12-month period.
Incomes
The total volume of accumulated funds is derived from pension contributions and investment income. During the first eight months of 2026, contributions totaling KZT 2,439.42 billion were credited to contributors' individual and conditional pension accounts, representing a 15.9% (or KZT 334.44 billion) increase compared to the same period last year.
From the beginning of 2026 through September 1, 2026, contributions credited to individual pension savings accounts (IPSA) amounted to KZT 1,865.85 billion for compulsory pension contributions (CPC)—an 8.1% increase year-on-year—and KZT 100.97 billion for compulsory occupational pension contributions (COPC)—a 12.3% increase—while voluntary pension contributions (VPC) totaled KZT 1,412.37 million. Employer’s compulsory pension contributions (ECPC) for the period from the start of the year to September 1, 2026, amounted to KZT 471.18 billion.
Net investment income credited to contributors' accounts from the beginning of the year through September 1, 2026, totaled KZT 1,198.09 billion.
Benefits and transfers
Benefits from all types of contributions and transfers to insurance organizations from the Unified Accumulative Pension Fund (UAPF) totaled KZT 1,242.35 billion for the period of January–August 2026.
Old-age pension benefits amounted to KZT 196.23 billion. The average monthly scheduled benefit from the UAPF upon reaching retirement age was 39,008 tenge.
Lump-sum pension benefit payments for housing improvements and medical treatment totaled KZT 462.75 billion between the start of 2026 and September 1, 2026; inheritance benefits amounted to KZT 70.61 billion; payments related to permanent relocation outside the Republic of Kazakhstan totaled KZT 33.62 billion; benefits to persons with disabilities amounted to 2.32 billion tenge; and funeral payments totaled KZT 6.33 billion. A total of KZT 470.49 billion was transferred to insurance organizations.
IPSA number
As of September 1, 2026, the total number of pension accounts at the UAPF stood at 19.01 million (an increase of 1.13 million, or 6.3%, over the preceding 12 months). Of this total, the number of individual pension savings accounts held by contributors (beneficiaries) was 12.87 million, comprising 11.42 million CPC accounts, 794.38 thousand COPC accounts, and 464.91 thousand VPC accounts. It should be noted that the total number of CPC accounts (11.42 million) also includes accounts belonging to beneficiaries who have left the country for permanent residence abroad but have not claimed their accumulated funds; deceased contributors whose heirs have not processed the inheritance of pension savings; military personnel transferred to full state pension provision since 2016; and other categories of contributors (beneficiaries) whose accounts are not subject to contributions under Kazakhstani legislation.
The number of individual pension savings accounts at the UAPF recording information on received ECPC contributions totaled 6.14 million.
Up-to-date statistical data on pension assets is available on the enpf.kz website under the "Statistics and Analytics" 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)
UAPF JSC (UAPF, the Fund) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPMs) on the enpf.kz website under the section "Statistics and Analytics – Investment Management of Pension Assets."
As of September 1, 2026, the total volume of pension assets under the management of the NBRK and IPMs amounted to KZT 28,449.60 billion. As of that date, UAPF pension assets under NBRK trust management—derived from compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and voluntary pension contributions (VPCs)—totaled approximately KZT 26,950.74 billion[1]. The volume of pension assets derived from employer’s compulsory pension contributions (ECPCs) under NBRK trust management stood at KZT 1,347.58 billion.
Pension assets under IPM management amounted to KZT 151.28 billion.
Investment portfolio of pension assets managed by the NBRK
As the fiduciary manager of the UAPF’s pension assets, the NBK pursues a balanced investment policy, investing in various types of financial instruments and diversifying the portfolio across currencies, countries, sectors, and issuers.
According to information provided by the NBK, the primary investment allocations for pension assets derived from CPC, COPC, VPC as of September 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan (43.46%), bonds of quasi-public companies (8.00%), NBRK deposits (3.42%), bonds of second-tier banks of the Republic of Kazakhstan (2.53%), shares and depositary receipts of Kazakhstani issuers (2.14%), foreign government securities (1.75%), and international financial organizations (0.99%).
A total of 37.38% of the assets are invested under an index management strategy. This approach involves constructing an investment portfolio based on a benchmark portfolio—a set of securities reflecting the investor's strategic interests. The benchmark portfolio's return serves as a yardstick for evaluating management performance. The benchmarks used are indices developed and tracked either by leading global financial firms or by the NBRK itself. The NBRK conducts index-based asset management both internally and by engaging foreign asset management firms for specific segments, including sub-portfolios of bonds from developed and emerging markets, corporate bonds, and equities.
The investment portfolio breakdown by currency of denomination for financial instruments acquired using CPC, COPC, VPC as of September 1, 2026, is as follows: investments in the national currency account for 58.99% of the pension asset portfolio, while investments in US dollars account for 41.01%. Investment income generated from securities—including placed deposits and reverse repo transactions—amounted to KZT 1,510.73 billion; income from the market revaluation of securities totaled KZT 119.33 billion; and other income amounted to KZT 3.87 billion.
Market revaluation of foreign currency and assets under external management—including the impact of exchange rate revaluation—resulted in a negative figure.
The accrued investment income for the 12-month period from September 2025 to August 2026 amounted to approximately 1.58 trillion tenge, with a return of 6.17% for the period.
As of September 1, 2026, the ECPC investment allocation was as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 96.30%; deposits with the National Bank of the Republic of Kazakhstan (NBRK) – 3.69%.
The investment portfolio funded by ECPC comprises solely financial instruments denominated in the national currency. Income generated from securities—including interest on deposits and reverse repo transactions—totaled 99.70 billion tenge. Market revaluation of securities yielded 18.80 billion tenge for contributors.
As of September 1, 2026, the accrued investment income for the preceding 12 months amounted to 158.51 billion tenge, representing a return of 18.65% for the period.
A detailed breakdown of the investment portfolio of financial instruments managed by the NBRK, including a list of issuers and an overview of investment activities, is available on the Unified Accumulative Pension Fund (UAPF) official website. Information regarding the portfolio structure of pension assets funded by ECPC is also available at enpf.kz.
Investment portfolio managers
The total volume of pension assets under IPM management stands at KZT 151.28 billion.
As of September 1, 2026, pension assets under the fiduciary management of Alatau City Invest JSC amounted to KZT 24.12 billion.
The company's primary investments consist of: Exchange Traded Fund (ETF) units (29.19%), shares and depositary receipts of issuers from the Republic of Kazakhstan (14.80%), repo transactions (13.96%), bonds of second-tier banks of the Republic of Kazakhstan (10.88%), foreign government securities (9.36%), corporate bonds of issuers from the Republic of Kazakhstan (6.46%), bonds of quasi-public organizations of the Republic of Kazakhstan (4.64%), corporate bonds of foreign issuers (3.32%), and IFI (2.36%).
It should be noted that 48.26% of the portfolio is denominated in tenge, 51.07% in US dollars, and 0.67% in other currencies.
The return on pension assets for the 12-month period from September 2025 to August 2026 was 13.91%.
A detailed breakdown of the investment portfolio of financial instruments managed by Alatau City Invest JSC, including a list of issuers, is available on the UAPF website.
As of September 1, 2026, the UAPF pension assets under the trust management of BCC Invest JSC totaled KZT 19.60 billion.
The primary investment allocations were as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan (RK) – 28.55%; bonds of quasi-public entities of the RK – 20.44%; bonds of second-tier banks of the RK – 17.76%; corporate bonds of RK-resident issuers – 9.37%; shares and depositary receipts issued by entities of the Republic of Kazakhstan – 8.34%; units of Exchange Traded Funds (ETFs) tracking the MSCI ACWI Index – 6.24%; and corporate bonds of foreign issuers – 4.18%.
Investments denominated in the national currency accounted for 73.73% of the portfolio, while those in US dollars accounted for 26.27%.
The return on pension assets for the 12-month period from September 2025 to August 2026 was 10.95%.
A detailed breakdown of the investment portfolio of financial instruments managed by BCC Invest JSC, including a list of issuers, is available on the UAPF website.
As of September 1, 2026, pension assets under the trust management of Halyk Global Markets JSC totaled KZT 6.58 billion[2].
The main investments within the portfolio structure are as follows: equity instruments of foreign issuers (ETF units) – 27.03%; reverse repo transactions (with a term of no more than 90 calendar days) – 13.24%; bonds of second-tier banks of the Republic of Kazakhstan – 13.02%; bonds of quasi-public organizations of the Republic of Kazakhstan – 11.22%; shares and depositary receipts issued by entities of the Republic of Kazakhstan – 8.75%; corporate bonds of entities of the Republic of Kazakhstan – 8.23%; NBK notes – 7.43%; government securities of the Ministry of Finance of the Republic of Kazakhstan – 5.61%; and securities with government status issued by the central governments of foreign states – 5.30%.
It should be noted that 62.39% of the portfolio is denominated in tenge, while 37.61% is denominated in US dollars.
The return on pension assets over the last 12 months was 11.30%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, including a list of issuers, is available on the UAPF website.
As of September 1, 2026, pension assets under the trust management of Halyk Finance JSC -Subsidiary Organization of Halyk Bank of Kazakhstan totaled KZT 77.64 billion. The portfolio's main investments are structured as follows: bonds of second-tier banks of the Republic of Kazakhstan (RK) – 19.63%; bonds of quasi-state organizations of the RK – 16.36%; corporate bonds of RK issuers – 11.20%; shares and depositary receipts of RK issuers – 11.04%; government securities of the RK Ministry of Finance – 9.79%; Exchange Traded Fund (ETF) units – 9.07%; foreign government securities – 7.08%; corporate bonds of foreign issuers – 4.68%; reverse repo transactions (with a term of no more than 90 calendar days) – 4.64%; and IFI – 1.50%.
Investments in national currency instruments account for 65.49% of the portfolio, while investments in US dollars account for 34.51%.
The return on pension assets for the 12-month period from September 2025 to August 2026 was 11.82%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Finance JSC, including a list of issuers, is available on the UAPF website.
As of September 1, 2026, pension assets under the trust management of Tansar Capital JSC totaled KZT 0.74 billion.
The portfolio's investment structure is as follows: Exchange Traded Fund (ETF) units tracking the MSCI ACWI Index – 52.95%; Repo transactions – 16.02%; shares and depositary receipts issued by entities of the Republic of Kazakhstan – 15.67%; and government securities of the Ministry of Finance of the Republic of Kazakhstan – 11.05%.
Investments in national currency instruments accounted for 42.94% of the portfolio, while investments in US dollars accounted for 57.06%.
Tansar Capital JSC began managing pension assets on April 8, 2026. The return on pension assets since the start of management has been 2.43%.
A detailed breakdown of the investment portfolio of financial instruments managed by Tansar Capital JSC, including a list of issuers, is available on the UAPF website.
As of September 1, 2026, UAPF pension assets under the trust management of Centras Securities JSC totaled approximately KZT 22.60 billion.
Investments were distributed as follows: bonds of second-tier banks of the Republic of Kazakhstan – 26.85%; Repo transactions – 12.14%; bonds of quasi-public organizations of the Republic of Kazakhstan – 12.57%; corporate bonds of issuers from the Republic of Kazakhstan – 16.31%; US government bonds – 8.53%; government securities of the Ministry of Finance of the Republic of Kazakhstan – 7.21%; shares and depositary receipts of foreign issuers – 5.14%; shares and depositary receipts of issuers resident in the Republic of Kazakhstan – 4.52%; and corporate bonds of foreign issuers – 2.74%.
Investments denominated in the national currency accounted for 66.06% of the portfolio, while those in US dollars accounted for 33.94%.
The return on pension assets for the 12-month period from September 2025 to August 2026 was 17.05%.
A detailed breakdown of the investment portfolio of financial instruments managed by Centras Securities JSC, including the names of issuers, is available on the UAPF website.
As a reminder, the UAPF has launched invest.enpf.kz—a unified online information platform for the investment management of citizens' pension assets—which consolidates all key information regarding investment portfolio management (IPM) into a single digital space and ensures a systematic approach to providing data on investment activities.
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] less funds in pension contribution and benefit accounts
[2] As of January 1, 2026, UAPF JSC no longer accepts applications for the transfer of pension savings to Halyk Global Markets JSC, following a notification received from Halyk Global Markets JSC regarding the termination of the trust management agreement effective from 2027.
On September 17, 2026, the Kazakhstan Insurance Forum 2026 took place in Almaty, bringing together representatives from the insurance, financial, and pension sectors to discuss key issues regarding the industry's development. The forum featured a panel discussion titled "Life Not According to Plan: Why Are We Afraid to Insure Our Future?", where participants explored the development of life insurance, long-term financial planning, and new opportunities for citizens to secure future income.
The discussion was moderated by insurance market expert and Centras Group founder Eldar Abdrazakov. Participants included Zhanat Kurmanov, Chairman of the Executive Board of UAPF JSC; Adil Mukhamedzhanov, Chairman of the Board of KASE; Gulzhan Zhaksymbetova, Chair of the Board of BCC Life JSC; Anastasia Ovsyannikova, Vice President of Bank CenterCredit; Gaukhar Buribayeva, Chair of the Board of Halyk-Life JSC; and Murat Kylyshbay, founder of the Islamic fintech company AJR Finance Ltd.
One of the discussion topics focused on the development of pension annuities as a tool for providing retirement income to citizens. Zhanat Kurmanov, Chairman of the Executive Board of UAPF JSC, outlined the prospects for this sector. He noted that Kazakhstan’s insurance market is growing rapidly and holds significant potential for further expansion. However, in his view, the scale of the insurance industry does not yet fully align with the pace of economic development.
"The pension annuity market is emerging as a key driver for the growth of the life insurance sector. The option to use pension savings to purchase a pension annuity was originally built into the pension system as a way to provide citizens with income during retirement. Today, Kazakhstanis with pension savings in the UAPF can choose from various payout methods: scheduled payments from the UAPF until funds are exhausted, lifetime payments via an insurance company, or a combination of these options."
The life insurance market is deeply integrated with the investment market. Beyond traditional products—such as immediate, deferred, and joint retirement annuities—new opportunities linked to the investment component are emerging. This is a natural progression, given that life insurance is closely tied to the investment market globally and insurance companies act as major institutional investors.
"It is therefore important that retirement annuities are not viewed through a 'buy-and-forget' lens. Citizens need to understand the additional benefits this financial instrument offers, particularly regarding long-term financial planning and the investment component. Further market development could lead to the emergence of new products—including hybrid ones—that combine insurance protection, regular dividends, and investment opportunities," commented Zhanat Kurmanov.
Zhanat Kurmanov also emphasized the need to further foster a culture of long-term financial planning among the population. This is particularly relevant for young people, who—as noted during the discussion—often focus primarily on short-term financial goals.
What types of pension annuities are available to Kazakhstanis?
As a reminder, a pension annuity is a contract between an individual and a life insurance company under which the insurer commits to paying a monthly pension for life or until a specified age. Various types of pension annuities are available on the Kazakhstani life insurance market.
An immediate pension annuity provides for benefits to begin after the contract is concluded, in accordance with its terms.
A deferred pension annuity entails benefits commencing after a specific period stipulated in the contract. During the deferral period, funds may be invested according to the contract terms, which affects the amount of future benefits.
A joint (spousal) pension annuity allows two individuals to pool their pension savings to receive lifetime benefits under the contract terms. Upon the death of one participant, payments continue for the benefit of the other.
Thus, the development of the pension annuity market expands opportunities for individuals to build long-term retirement income and offers additional options for managing pension savings. Ultimately, the choice between receiving pension payments from the Unified Accumulative Pension Fund (UAPF) and purchasing a pension annuity is an individual financial decision that depends on the person's life circumstances, the size of their savings, and their retirement planning goals.
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)
KEY ISSUES REGARDING UAPF
1. Who manages pension assets?
The investment of pension assets is managed by the National Bank of the Republic of Kazakhstan (NBRK) and, since 2021, by licensed investment portfolio managers (IPMs) that meet the requirements of the authorized body. The primary objective of this fiduciary management of pension savings is to invest in various financial instruments and generate income. Pension asset managers—both the NBRK and IPMs—maintain their own investment strategies and independently determine the structure of their investment portfolios within the framework of their investment declarations.
The current IPM registry includes six private companies to which Kazakhstanis can entrust the management of their pension savings: Alatau City Invest JSC, BCC Invest JSC, Centras Securities JSC, Halyk Finance JSC, Halyk Global Markets JSC, and Tansar Capital JSC. (Note: Halyk Global Markets JSC has notified the Unified Accumulative Pension Fund [UAPF] of the termination of its fiduciary management agreement effective 2027; consequently, as of January 1, 2026, the Fund is no longer accepting applications to transfer pension savings to this company.)
Information regarding IPMs and their investment declarations can be found on the website www.enpf.kz under the "Services" section—specifically the "Registry of Investment Portfolio Managers"—as well as on the online platform invest.enpf.kz.
2. Legislative amendments provide for the possibility of transferring up to 100% of pension savings—accumulated through compulsory pension contributions and compulsory occupational pension contributions—to an investment portfolio manager (IPM) for management. Who is eligible for this, and how does the mechanism work?
All UAPF contributors will have the option to transfer up to 100% of their accumulated savings to private investment portfolio managers (IPMs) for management. These provisions came into effect on September 7, 2026.
Information regarding IPMs and their investment declarations is available on the website www.enpf.kz under the "Services" – "Register of Investment Portfolio Managers" section, as well as via the online platform invest.enpf.kz.
In the near future, a single IPM will be able to offer contributors up to three types of investment portfolios (conservative, moderate, and aggressive), differing in terms of risk level, expected return, and investment horizon.
The procedure for structuring investment portfolios of pension assets will be determined by the authorized body responsible for the regulation, control, and supervision of the financial market and financial organizations.
3) Is it possible to distribute savings among several management companies?
Contributors may select one or more Investment Portfolio Managers (IPMs). To enhance public awareness, the UAPF has launched a unified online information platform: invest.enpf.kz. This modern digital resource enables contributors to compare data on pension asset portfolios managed by various entities—specifically the National Bank of the Republic of Kazakhstan (NBRK) and IPMs—all in one place. Contributors gain access to tools for independently evaluating investment portfolios and selecting a manager and investment strategy tailored to their specific goals and expectations. Furthermore, the invest.enpf.kz platform allows contributors not only to review IPM investment declarations and analyze financial performance but also to access information regarding any administrative measures, sanctions, or enforcement actions taken against an IPM by the regulator (the ARDFM).
4) How the transfer of savings from the UAPF to an asset management company takes place?
To transfer pension savings to trust management, an account holder must select an Investment Portfolio Manager (IPM) and then submit an application using the prescribed form. This can be done via the personal account area on the enpf.kz website or the invest.enpf.kz online platform using an electronic digital signature, or at any UAPF branch.
Within the personal account area, the account holder can, among other things:
•check the amount available for transfer to, or return from, an IPM or the National Bank of the Republic of Kazakhstan (NBRK);
•review the terms and conditions for submitting an application to select (or change) an IPM or to return pension savings currently under IPM management to NBRK management;
•submit an application to select (or change) an IPM or to return funds to the NBRK, and track the application's status;
•access other available pension services.
The status of an application to transfer pension savings to trust management can be tracked in the personal account area on the website or via the UAPF mobile app.
The processes for submitting applications for transfer to an IPM and their subsequent processing by the UAPF are fully automated. The UAPF transfers pension assets to IPM trust management within the timeframes established by regulatory legal acts. However, transferring pension savings from one IPM to another, or returning them to NBRK management, is permitted only after at least one year has elapsed since the initial transfer.
5. Where can contributors find complete information on pension asset management and track the performance of management companies?
The UAPF serves as the central record-keeping and information hub for all contributors and acts as the operator of their individual pension savings accounts, regardless of which entity manages the assets (the National Bank of the Republic of Kazakhstan and/or an Investment Portfolio Manager (IPM) selected by the contributor).
The UAPF provides accessible services related to pension asset management, offering 24/7 access to statements that fully reflect citizens' accumulated savings and earned investment income via the personal account section of the enpf.kz website or the UAPF mobile app.
Information regarding the investment activities of each manager is continuously updated on the enpf.kz website under the "Statistics and Analytics" section—specifically, "Investment Management of Pension Assets."
Additionally, a dedicated online platform (invest.enpf.kz) operates for UAPF contributors; this modern digital resource enables users to compare the asset management performance of all managers (the National Bank of the Republic of Kazakhstan and IPMs). Invest.enpf.kz provides access to return-on-investment data, allows for the comparison of asset managers and their portfolios over selected timeframes, and facilitates informed investment decision-making.
ANNOUNCEMENT
From September 7, 2026, UAPF contributors received more options for managing their pension savings
On September 7, 2026, amendments to the Social Code of the Republic of Kazakhstan came into force, expanding the options for contributors to manage their pension savings[1]. According to these amendments, the amount of pension savings transferred to a private investment portfolio manager (IPM) for trust management can now be up to 100% of the funds available in the contributor's (beneficiary's) individual pension savings account, including compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC), and voluntary pension contributions (VPC).
At this, CPC and VPC contributors, as well as individuals for whom COPC and VPC contributions are transferred, can independently determine the amount of their savings transferred to trust management, select one or more IPMs, and one or more investment portfolios in accordance with their financial goals.
Pursuant to with the law, IPMs can create up to three investment portfolios: conservative, moderate, and high-risk. These portfolios vary in risk level, expected return, and investment terms. The ability to choose different investment portfolios is enshrined in Article 37-1 of the Social Code of the Republic of Kazakhstan. Requirements for their formation are determined by the authorized body for regulation, control, and supervision of the financial market and financial organizations.
Full information on the procedure for transferring pension savings to investment portfolio trust managers and investment opportunities is available on the UAPF website and on the invest.enpf.kz platform.
Thus, the pension system is gradually transforming from a model where contributors play a passive role to one that assumes conscious participation in managing their own long-term retirement savings. The consistent expansion of investment strategy options and the increased availability of information on pension asset management are creating conditions for more active participation by contributors in decisions related to the formation of their future retirement income.
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] Law of the Republic of Kazakhstan dated July 7, 2026 No. 334-VIII "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improving Social Legislation"
ANNOUNCEMENT
US$76.11 million has been allocated to Kazakhstanis
under the National Fund for Children program
Between February 1, 2024, and September 1, 2026, a total of 365,553 citizens received targeted savings (TS) payouts under the National Fund for Children program, amounting to approximately US$76.11 million.
From the beginning of 2026 through September 1, 170,156 citizens received TS payouts totaling US$44.84 million. Of this number, 119,279 Kazakhstanis received over US$31.00 million for housing improvements, while 50,877 received US$13.83 million for education expenses.
The funds were transferred to authorized operators for subsequent crediting to the applicants' bank accounts. Recipients have the right to use either the full amount or a portion of it. Any unclaimed funds remain in the targeted savings account (TSA) for 10 years. After this period, the unused balance is transferred to the beneficiary's individual pension savings account, where it is recorded as voluntary pension contributions.
The most popular option for improving housing conditions was topping up housing construction savings accounts for further accumulation: payments totaling US$30.51 million were made to 117,712 recipients. Additionally, US$183.65 thousand was paid to 788 young Kazakhstanis for down payments on mortgage loans to purchase homes, while US$102.17 thousand was paid to 437 Kazakhstanis for the outright purchase of housing via civil-law transactions (final settlement).
Regarding the use of targeted savings for education, the largest share of funds was allocated to pay for educational services provided by institutions within the Republic of Kazakhstan—either in installments (per academic period or school year) or as a single lump-sum payment (covering the entire course of study); 47,584 citizens received a total of US$12.96 million under this category.
The following services were also in demand: topping up educational savings accounts under the relevant agreements—funds totaling US$587.56 thousand were transferred to 2,309 recipients; additionally, US$220.44 thousand was disbursed to 861 citizens to cover educational services provided by foreign educational institutions, either in installments (per academic period or academic year) or as a lump-sum payment (for the entire duration of study).
It should be noted that the accrual of targeted requirements ceases upon the death of a participant or the entry into legal force of a court decision declaring them deceased. To claim targeted entitlements /TS following the death of a participant or recipient, heirs may apply to the Unified Accumulative Pension Fund (UAPF) in accordance with the procedure established by the Government of the Republic of Kazakhstan.
As of September 1, 2026, payments totaling 74.46 thousand US dollars have been made to heirs, with 226 citizens receiving the funds.
Detailed information on TS payouts for housing improvement and/or education expenses, broken down by authorized operators and regions, is available on the enpf.kz website.
It is worth noting that, based on the results for 2025, a payment of $130.71 per child was credited to Kazakhstani children; for 2024, the amount was $129.38; and for 2023, it was $100.52.
Funds from the National Fund are credited annually to children under the age of 18 in the form of targeted allocations. Under the law, the amounts credited to young Kazakhstanis remain part of the National Fund’s assets and continue to be invested. Thanks to this ongoing investment, the value of each child's targeted requirements grows annually through the generated investment income.
As a result, the total accumulated value of all targeted requirements (including the investment income added each year) for a child participating in the program:
- - three years, amounted to 370 dollars 56 cents;
- two years, amounted to 263 dollars 93 cents;
- one year, amounted to 130 dollars 71 cents.
Parents and other legal representatives can verify a child's participation in the program using the child's IIN (Individual Identification Number) via the kids.enpf.kz website, the personal account section of the eGov.kz e-government portal, as well as the eGov Mobile app and the mobile apps of certain second-tier banks.
If information regarding the targeted allocations accrued to children for the 2025 reporting year is not displayed, it is necessary to update the documents within the mobile apps by following this path:
· in the eGov Mobile app: "Digital Documents" – "Family" – "Refresh document list" – "National Fund accruals";
· in mobile apps of second-tier banks, for example, Kaspi.kz: "Government Services" – "All documents" – "Refresh document list" – "National Fund accruals".
The absence of information regarding the accrual of targeted requirements for children who have reached or will reach the age of 18 this year in the legal representative's personal account is due to the fact that these entitlements have acquired "TS" status; consequently, access to information about them is granted directly to the TS recipient (the individual who has reached or will reach the age of 18 in 2026). These individuals must independently access information about their TS via their personal accounts on the UAPF or e-government websites so that, upon turning 18, they can contact an authorized operator to open a US dollar bank account and submit an online application for the TS payout to improve housing conditions and/or pay for education.
Currently, the authorized operators are:
• Otbasy Bank JSC (for housing and education),
• Halyk Bank of Kazakhstan JSC (for education),
• Bank CenterCredit JSC (for education).
Statistics regarding minors participating in the targeted entitlements program, adult TS recipients, and theuseof TS funds for housing and/or education are available on the enpf.kz website.
You can review the program terms and obtain instructions and answers to your questions on the kids.enpf.kz website. You can also view video commentary and instructions on the topic on the БЖЗҚЕНПФ YouTube channel:
video commentary by Zh.B. Kurmanov, the Chairman of the Executive Board of UAPF JSC:
Video commentary by M.T. Sharipov, Managing Director of UAPF JSC:
"Q&A" video commentary on the National Fund for Children program:
https://www.youtube.com/watch?v=mrV0y37Gjnk
Instructions for the National Fund for Children website:
Instructions on the implementation of the National Fund for Children program:
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)
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).
Amendments to the Social Code of the Republic of Kazakhstan will come into effect on September 7, 2026. These amendments significantly expand the rights of UAPF contributors to independently choose strategies and portfolios for managing their pension savings. Contributors will now be able to transfer up to 100% of their savings to investment portfolio managers (IPMs) for trust management. These changes are aimed at increasing long-term returns from savings management by selecting IPMs with the most suitable investment strategy and performance history.
Contributors of compulsory pension contributions (CPCs) and voluntary pension contributions (VPCs), as well as individuals for whom compulsory occupational pension contributions (COPs) and VPCs have been transferred, will be able to independently determine the amount of their savings transferred to trust management, select one or more IPMs, and one or more investment portfolios in line with their financial goals.
More options to choose from
According to the law, each IPM will have the right to offer investors up to three types of investment portfolios (conservative, moderate, and high-risk), varying in risk level, investment structure, and investment term. Having three portfolio types allows for tailoring investments to the individual age and interests of the investor, while the right to distribute savings among different IPMs minimizes exposure to fluctuations in their returns.
The requirements for the formation of IPM investment portfolios are determined by the Agency for Regulation and Development of the Financial Market (ARDFM).
All information on one platform
For the convenience of contributors, UAPF has introduced a unified online information platform, invest.enpf.kz, which consolidates key information on pension asset investment management. The platform provides convenient and structured access to performance information and allows for dynamic comparison of various data across portfolios managed by all trustees (the National Bank of the Republic of Kazakhstan and the IPM) over a specified period. Investors can evaluate investment portfolios and independently select a manager and their investment strategy based on their interests.
How to transfer savings to trust management?
To transfer their pension savings, a contributor must select a management company from the register of investment management companies (IPMs) authorized to manage pension assets (detailed information is available on the UAPF website in the "Services - Transfer to Trust Management - Register of Investment Portfolio Managers" section) and submit an application.
This can be done:
Step-by-step instructions (for transferring a portion of pension savings to an IPM / from one IPM to another IPM / returning savings from an IPM to the NBRK) are available at the following link: https://www.enpf.kz/ru/services/Invest/22218/.
You can track the status of your application in your personal account on the website or in the UAPF mobile app (under the "Applications" tab). The application process is fully automated, and the UAPF transfers savings to the IPM's trust management within 30 calendar days of the application's receipt. However, pension savings can be transferred from one IPM to another, or returned to the management of the National Bank of the Republic of Kazakhstan (NBRK), no earlier than one year from the date of transfer of pension savings to the trust management of the investment portfolio manager.
Pension savings protection mechanisms when managing IPM
Expanding pension savings management options also implies a higher degree of responsibility for the contributor. The choice of an IPM is their own decision; the contributor evaluates the proposed strategy and portfolio structure, risk level, and asset management results. Legislation provides for a comprehensive system of savings protection:
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] Halyk Global Markets JSC has sent a notice of termination of the trust management agreement effective 2027. Therefore, the UAPF will no longer accept new applications from contributors to transfer pension assets to its management effective January 1, 2026.
Every year, citizens in Kazakhstan are becoming more aware of their pension security, as is common in other countries. More and more people view their pension savings as their own long-term financial capital, which determines their well-being in old age. This is evidenced by the dynamic growth of savings, the expansion of the population's coverage by the funded pension system (FPS), the increase in the number of citizens regularly making pension contributions, and the increased regularity of their transfers.
Growth of pension savings and open pension accounts of citizens
As of July 1, 2026, Kazakhstani pension savings in the UAPF reached 28.09 trillion tenge, an increase of 4.08 trillion tenge, or 17.0%, year-on-year.
One indicator of the development of the NPS is the steady growth in the number of pension accounts. As of July 1, 2026, 18.78 million pension accounts were opened in the UAPF, an increase of 1.11 million, or 6.3%, compared to the previous year. Of these, 12.80 million are individual pension savings accounts of contributors (beneficiaries), including 11.36 million for compulsory pension contributions (CPC), 786,270 for compulsory occupational pension contributions (COPC), and 462,400 for voluntary pension contributions (VPC). In addition, the UAPF maintains 5.97 million notional pension accounts, which track information on employer’s compulsory pension contributions (ECPCs). All account and savings information is transparent and accessible to citizens 24/7 via a personal statement, which can be obtained from the UAPF website or mobile app, as well as at regional offices.
How to correctly assess the population's activity in paying pension contributions?
When assessing citizen activity, it is important to consider the following. The total number of open CPC accounts (11.36 million) includes accounts to which contributions are no longer being received for objective reasons. These accounts include the following categories of citizens:
- pension recipients who have reached retirement age and are exempt from further pension contribution payments even if they continue to work and have an income;
- persons with permanent first and second group disabilities;
- military personnel transferred to full state pension coverage since 2016;
- other categories of contributors (beneficiaries) to whose accounts, in accordance with Kazakhstani law, contributions should not be received;
- contributors who have permanently resided outside the country but have not claimed their savings;
- deceased contributors whose heirs have not yet formalized the inheritance of their pension savings.
Moreover, all citizens experience objective circumstances throughout their lives during which they do not have income from which pension contributions must be paid. Such periods include the following:
- studying at educational institutions,
- military service,
- caring for children and relatives,
- periods of job search and change,
- work abroad,
- breaks related to the seasonal nature of work,
- work that requires irregular income throughout the calendar year,
- periods associated with long-term treatment and rehabilitation.
Therefore, in international practice, the generally accepted and most objective indicators of population participation in the FPS are the number of citizens receiving income and the corresponding number of active individual pension savings accounts that received at least one contribution during the year. In the first half of 2026 alone, their number increased from 7.20 million to 7.34 million accounts (an increase of 150,300). At the same time, the volume of pension savings in these accounts also increased. In the first half of 2026, it increased from 20.95 trillion tenge to 22.24 trillion tenge, or by almost 1.29 trillion tenge (6.2%).
The majority of active accounts belong to citizens who are permanently employed and regularly pay the CPC. Their number increased from 6.77 million to 6.93 million over six months, and savings on them increased from 20.10 trillion to 21.07 trillion tenge.
Regularity and completeness of payment of pension contributions
Important factors in building adequate pension savings (in addition to the duration of participation in the FPS) are the regularity and completeness of contribution payments.
In Kazakhstan, the average regularity of CPC payments per year has been steadily increasing:
- for employees, this figure increased from 8.95 in 2024 to 8.98 contributions in 2025;
- for the self-employed, from 7.36 to 7.53.
Moreover, 80% of employees and 64% of the self-employed paid pension contributions 6 to 12 times a year in 2025.
The average contribution amount in 2025 was 43,661 tenge among employees (which correlates with the payment of contributions from income at the level of the average wage in the republic), 23,225 tenge among the self-employed (which indicates the payment of contributions from income above the minimum wage, but below the median wage).
Long-term trends also indicate a gradual increase in FPS coverage and CPC payment compliance. While the number of active CPC accounts was 6.07 million in 2015, by 2025 their number exceeded 7.20 million. The share of citizens paying contributions 6 to 12 times a year increased from 71% in 2015 to 78% in 2025. Accordingly, the share of those paying contributions sporadically (1 to 5 times a year) decreased from 29% to 22%.
Dependence of pension contributions on the level of income of contributors
Positive changes are observed in the structure of active individual CPC accounts based on contributor income levels.
Over the course of 2025 (as of January 1, 2026), the share of accounts receiving contributions from incomes below the minimum wage (MW) decreased from 12% to 9% (the number of such accounts decreased from 838,300 to 652,400, or by 22.2%). These include contributors employed part-time or with shift work.
At the same time, the number of accounts receiving contributions from higher incomes increased. By 2025, the share of active accounts with incomes ranging from the median to the average monthly salary[1] increased from 44% (as of January 1, 2025) to 45% (as of January 1, 2026), and the number of such active accounts increased from 3.17 million to 3.28 million. This trend reflects both the growth of official employment and income, as well as citizens' desire to accumulate savings by paying contributions from their income transparently and in full.
By the end of 2025, coverage among employees reached 91%, demonstrating their near-complete coverage and participation in building their pension savings. Coverage is lower among self-employed workers, necessitating the implementation of a range of measures to integrate them into the pension system, taking into account best international practices. This is especially important since the basic pension amount also depends on length of service, which is determined based on the monthly contribution of the CPC to the UAPF.
Thus, in today's environment, pension savings are becoming not only a mechanism for ensuring income after retirement, but also an important element of society's financial culture and the financial independence of its citizens.
Citizens are increasingly monitoring their account balances, using UAPF electronic services, inquiring about investment income, and exploring pension asset management options. Citizen participation in building their own savings, regular contribution payments, and interest in savings management indicate the gradual emergence of long-term financial planning practices in Kazakhstan, where responsibility for future well-being is becoming a shared responsibility between the state, employers, and citizens themselves.
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] According to the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan for the third quarter of 2025, the average monthly salary was 429,368 tenge, the median salary was 302,584 tenge
Article 217 of the Social Code stipulates that, effective January 1, 2027, "the State guarantees beneficiaries the safety of compulsory pension contributions and compulsory occupational pension contributions to the Unified Accumulative Pension Fund in the amount of actually paid compulsory pension contributions and compulsory occupational pension contributions."
The state guarantees the safety of pension assets by regulating the activities of the Unified Accumulative Pension Fund and private investment portfolio managers (IPMs), establishing investment requirements for both the National Bank of the Republic of Kazakhstan (NBRK) and IPMs, requirements for diversification and risk mitigation when investing pension assets, and other regulatory standards.
Therefore, the funded pension system and pension provision for Kazakhstanis as a whole remain under the regulation, control, and responsibility of the state.
Pension asset investments are handled by the National Bank of the Republic of Kazakhstan (NBRK), and since 2021, by investment portfolio managers (IPMs) holding the appropriate license and meeting the requirements of the authorized body. The primary objective of this type of trust management of pension savings is to invest in various financial instruments and generate income. Pension asset managers—the NBRK and IPMs—have their own pension asset investment strategies and independently determine the structure of their investment portfolios within the framework of their investment declarations.
The current IPM registry includes six private companies that Kazakhstanis can entrust with the management of their pension savings: Alatau City Invest JSC, BCC Invest JSC, Centras Securities JSC, Halyk Finance JSC, Halyk Global Markets JSC, and Tansar Capital JSC.
You can find information about investment portfolio managers and study their investment declarations on the website www.enpf.kz in the “Services” section - “Register of Investment Portfolio Managers”, as well as through the online information platform invest.enpf.kz.
Article 40 of the Social Code grants depositors the right to independently decide whether to transfer their pension savings to the management of the Compulsory Pension Contributions (CPC) and/or maintain them under the management of the National Bank.
In September 2026, legislative changes will also come into force, expanding depositors' investment options. Currently, depositors can transfer up to 50% of compulsory pension contributions and compulsory occupational pension contributions, and up to 100% of voluntary pension savings, to the CPC. Starting in the fall, they will be able to transfer both voluntary pension savings and savings formed from compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC) in full to the CPC.
The contributor has the right to independently select one or more IPMs, as well as various investment portfolios—that is, investment strategies for managing pension assets offered by the IPMs, which vary in risk level, expected return, and investment term.
To transfer funds to an IPM trust, the contributor must submit an application form. This can be done in their personal account on the enpf.kz website, on the invest.enpf.kz online platform using an electronic digital signature, or at any UAPF branch.
Transferring up to 100% of pension savings to IPM management opens up opportunities for depositors to grow their capital over the long term by choosing an IPM with a better performance history or a more aggressive strategy.
The UAPF, 100% government-owned, is the unified infrastructure institution in the pension market. With contrtibutors exercising their right to transfer their savings to IPM management, the UAPF's institutional role has expanded. The UAPF is a unified 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).
The UAPF provides accessible services related to pension asset management, fully reflecting information about citizens' savings in statements 24/7. In addition, an online information platform (invest.enpf.kz) has been launched for UAPF contributors as a modern digital resource that allows them to compare asset management results across all managers (the National Bank of the Republic of Kazakhstan and the IPM). Invest.enpf.kz provides access to performance information and allows for dynamic comparison of data across asset managers and their portfolios over a specified period.
Using this platform, contributors can learn about:
Furthermore, information on investment activities is regularly published on the enpf.kz website and the invest.enpf.kz online platform and is updated on an ongoing basis.
The contributor has the right to independently select the IPM and investment portfolio, i.e., the investment strategy for managing pension assets, which differ in risk level, expected return, and investment term.
In turn, the IPM bears statutory responsibility for the fiduciary management of pension assets and, in the event of a negative difference between the nominal return earned by the IPM and the minimum return calculated in accordance with regulatory requirements, compensates for the negative difference from the IPM's own capital.