"Minimum adequacy thresholds – are their calculations transparent and is it still possible to use them?"
Minimum adequacy thresholds (MAT) depend on the age of the contributor. The older the contributor and the closer they are to retirement age, the higher the requirements for the future pension benefit, ensuring that after retirement, citizens can receive an income level close to international standards.
The MAT is determined using the classic formula for calculating the present value of a future pension benefit. In other words, the new formula determines the minimum amount of savings, i.e., the MAT amount that must already be in the contributor's individual pension account (IPA) to ensure the recipient receives the target pension.
The use of the present value of benefits formula is based on international practice for calculating the savings required for lifetime benefits.
Changes to the Minimum Adequacy Thresholds (MAT) Calculation Methodology are aimed at increasing the minimum pension savings requirements to ensure the adequacy of future funded pensions and are designed for higher pension benefit levels.
Now, MAT amounts are determined for each contributor's age using a standard present value formula based on target future pension benefits. Essentially, the new methodology answers the question: what is the minimum amount that must remain in a pension account today to ensure an adequate level of retirement income in the future?
The formula takes into account long-term demographic (national demographic tables) and financial (interest rates and indexation of payments) factors to achieve stability and predictability in future payment amounts for citizens, as well as socioeconomic indicators such as the minimum old-age pension and the minimum wage, determined annually by the law on the national budget.
Meanwhile, the MAT calculation no longer takes into account future pension contributions from the time of withdrawal until reaching retirement age. After all, contributions may be incomplete or absent during certain periods due to various life circumstances. This approach reduces the risk that a citizen will receive a low funded pension in the future after using part of their savings.
Since 2021, UAPF contributors have been granted the right to withdraw a portion of their pension savings early before reaching retirement age for strictly defined alternative purposes, such as improving housing conditions and paying for medical treatment. State authorities developed, and the Government of the Republic of Kazakhstan subsequently approved, a Methodology for Determining the Minimum Adequacy Threshold for Pension Savings.[1].
However, frequent withdrawals of pension savings above the minimum adequacy threshold (MAT) from individual pension savings accounts by contributors reduce the amount of their future pension benefits from the UAPF. Therefore, a decision was made to change the minimum adequacy thresholds. This is due to the need to gradually achieve the adequacy of pension payments in accordance with the recommendations of international organizations. Therefore, the requirements for the amount of pension savings necessary to provide for a future funded pension and to increase the replacement rate of a contributor's labor income through pension benefits at retirement age have been increased.
The implementation of the new model is aimed at increasing the sustainability of the pension system and ensuring an adequate level of pension provision for citizens.
The ability to use a portion of pension savings for alternative purposes, as provided by law, remains available to contributors whose savings exceed the minimum sufficiency threshold. Pensioners whose pensions constitute at least 40% of their lost income, citizens with a pension annuity agreement, and pensioners with years of service—that is, those categories of beneficiaries who have already secured a certain level of pension benefits—can also continue to access their savings.
However, approaches to using pension savings are being refined to address the need to ensure citizens have adequate and stable pension payments in the future.
The average life expectancy of Kazakhstanis has approached 76 years (in 2025), a record high since the country's independence. An analysis of demographic data from 1991 to the present demonstrates changes in the nation's quality of life and health. For example, in 1991, the average life expectancy was 67.6 years (in 2001 it was 65.6, in 2011 it was 68.98, and in 2021 it was 70.23). Thus, over three and a half decades, the average life expectancy of Kazakhstani citizens has increased by more than 8 years. Increased life expectancy means that Kazakhstanis will enjoy a longer retirement period than previously. Under these circumstances, it is especially important to accumulate sufficient pension savings to maintain a familiar standard of living after retirement. Increasing the thresholds for minimum adequacy of pension savings is aimed at ensuring a more adequate level of future pension and financial stability for a person over a longer period of life after retirement.
[1] Government Resolution "On Approval of the Rules for the Implementation of Pension Payments, Lump-sum Pension Benefit Payments for the Purpose of Improving Housing Conditions and (or) Paying for Medical Treatment, Formed from Compulsory Pension Contributions, Compulsory Occupational Pension Contributions from the Unified Accumulative Pension Fund, Their Return to the Unified Accumulative Pension Fund, Methodology for Calculating the Amount of Pension Benefits, Methodology for Determining the Replacement Ratio of the Beneficiary's Average Monthly Income with Pension Benefits, Methodology for Determining the Minimum Adequacy Threshold of Pension Savings"
In compliance with the requirements of Government Resolution No. 422 of the Republic of Kazakhstan dated May 21, 2026, the UAPF published minimum adequacy thresholds (MAT) for pension savings calculated for 2026, taking into account changes to the Calculation Methodology, in the media and on its own website.
According to the new Methodology, MAT amounts are determined based on target indicators for future pension benefits and are calculated for each age of the contributor using a standard formula for calculating the present value of monthly benefits.
The formula takes into account long-term demographic (national demographic tables) and financial (interest rates and indexation of benefits) factors to achieve stability and predictability in the amount of future payments for citizens.
The present value formula for benefits is based on international practice for calculating the savings required for targeted benefits. The calculation results are less susceptible to change when macroeconomic forecasts are revised. However, the calculations still use socioeconomic indicators such as the minimum old-age pension and minimum wage, which are determined annually by the law on the republican budget. However, the formula does not take into account future pension contributions from the moment of withdrawal until reaching retirement age. This minimizes the risk that, after using part of the savings, the contributor will receive a low funded pension in the future.
However, the right to use part of the pension savings for alternative purposes (housing and medical treatment) is retained. Pensioners whose pension is at least 40% of their lost income can use their savings; they can withdraw up to 50% of their savings for housing and medical treatment. Citizens who have entered into a pension annuity agreement, as well as pensioners who receive a state pension based on length of service, can fully use the remaining funds in their pension account.
The ability to use savings above the minimum adequacy threshold remains, but approaches to determining the amount of funds available for withdrawal are being refined, taking into account the need to ensure citizens have adequate and stable pension benefits in the future.
MATs have increased by 79% or more depending on the contributor's age: the closer to retirement, the higher the requirements for the future pension benefit, and the larger the amount required in the pension account. Therefore, MATs for people approaching retirement age more than double. This means that pension savings will remain in their accounts, will be further invested, and pension benefits will increase significantly. Under the previous Methodology, benefits after withdrawal would have amounted to approximately 15% of the median salary; under the new Methodology, they will be approximately 40% of the median salary.
Thus, the new methodology for determining MAT is transparent and more predictable for contributors and is aimed at ensuring a stable pension income for citizens at retirement age in accordance with international standards.
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 June 1, 2026, since the program's inception (February 1, 2024), 316,223 applications for targeted savings (TS) totaling approximately $57.88 million have been processed. These funds were transferred to authorized operators for subsequent deposit into applicants' bank accounts. Most applications were for housing improvements: 201,245 applications totaling $36.94 million were processed. Funds were used for education in accordance with 114,978 applications totaling $20.94 million.
TS recipients can use the funds in full or in part. If a portion of the funds remains unclaimed, it can be held in a targeted savings account (TSC) for 10 years. After this period, the unused balance is transferred to the recipient's individual pension savings account to account for voluntary pension contributions.
The most popular housing improvement program was replenishing housing construction savings for further accumulation (196,893 applications completed, totaling $36.23 million). Funds were also used as down payments for mortgage loans to purchase housing (1,498 applications, totaling $248,940), and for the purpose of acquiring housing through civil law transactions (final settlements), 1,028 applications, totaling $165,660.
Within the TS program for education, the largest amount of funds 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) (106,315 applications, totaling approximately $19.68 million, were completed). The following areas were also in demand: replenishment of an educational savings deposit under an agreement on an educational savings deposit (5,947 applications were completed for a total of over 842.16 thousand US dollars), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (2,114 applications were completed for a total of 319.33 thousand US dollars).
Detailed information on TS payments for improving housing conditions and/or paying for education, broken down by authorized operators and regions, can be found on the enpf.kz website.
As a reminder, Kazakhstani children received the next payment of $130.71 per child in 2025, $129.38 per child in 2024, and $100.52 per child in 2023.
Children under 18 receive annual accruals from the National Fund as targeted benefits. According to law, the accruals accrued to young Kazakhstanis 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 targeted benefits (including the additional annual accrual of investment income) for a child participating in the program:
- Three years, $370.56;
- Two years, $263.93;
- One year, $130.71.
Parents and other legal representatives can check the child's participation in the program for children under 18 using their individual identification number (IIN) on the kids.enpf.kz website, in their personal account on the eGov.kz e-government portal, and in the eGov Mobile and some second-tier bank mobile apps.
If information about target requirements accrued to children for the 2025 reporting year is not displayed, you must update the documents in the mobile apps by following this path:
The absence of information on the accrual of target requirements 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 requirements 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 learn more about the program, get instructions, and get answers to your questions on the website kids.enpf.kz. You can also watch video comments and instructions 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 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 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)
As of April 1, 2026, since the program's launch (February 1, 2024), 273,371 applications have been processed for a total of over USD46.83 million, which was transferred to authorized operators for subsequent crediting to applicants' bank accounts. The majority of applications were processed for the purpose of improving housing conditions - 171,696 applications for a total of USD29.40 million. For the purpose of paying for education, 101,675 applications were processed for a total of USD17.43 million. Recipients of target savings (TS) have the right to use the funds in full or in part, while the unused balance is retained in the target savings account (TSA).
The most popular housing improvement program was improving of housing construction savings for further savings (167,776 applications completed, totaling USD28.79 million). Funds were also used as down payments for mortgage loans to purchase housing (1,345 applications, totaling USD214,390), and for the purpose of acquiring housing through civil law transactions (final settlements), totaling 938 applications, totaling USD144,470.
Within the framework of the use of targeted savings for education, the largest volume of funds was allocated for the payment of educational services of educational organizations located in the territory of the Republic of Kazakhstan, in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (93,586 applications were fulfilled for a total of approximately USD16.32 million). The following areas were also in demand: replenishment of an educational savings deposit under an agreement on an educational savings deposit (5,590 applications were fulfilled for a total of over USD748.76 thousand), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (2,018 applications were fulfilled for a total of USD294.58 thousand).
Detailed information on TS payments for the purpose of improving housing conditions and/or paying for education, broken down by authorized operators and regions, can be found on the website enpf.kz.
Let us recall that based on the results of 2025, Kazakhstani children received the next payment in the amount of 130.71 US dollars per child, for 2024 - 129.38 US dollars, and for 2023 - 100.52 US dollars.
Children under 18 receive annual payments from the National Fund as targeted benefits. According to law, the amounts accrued to young Kazakhstanis 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 accumulated target requirement (including the annually accrued investment income) for a child participating in the program:
- three years, USD370.56;
- two years, USD263.93;
- one year, USD130.71.
Parents and other legal representatives can check the child's participation in the program for children under 18 using their individual identification number (IIN) on the kids.enpf.kz website, in their personal account on the eGov.kz e-government portal, and in the eGov Mobile and some second-tier bank mobile apps.
If information about target benefits accrued to children for the 2025 reporting year is not displayed, you must update the documents in the 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 ENPF 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 assistance 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's terms, get instructions, and get answers to your questions on the website kids.enpf.kz. You can also view video commentary and instructions on the topic on the БЖЗҚЕНПФ YouTube channel:
video commentary of Chairman of the Executive Board of UAPF JSC Kurmanov Zh.B.:
https://www.youtube.com/watch?app=desktop&v=30CdPWl6dv0
video commentary of Managing Director of UAPF JSC М.Т. 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 enpf.kz website presents a report on the management of pension assets of the National Bank of the Republic of Kazakhstan and the IPM as of March 1, 2026.
UAPF JSC (UAPF, the Fund) presents a report on pension asset management by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPMs) on the enpf.kz website in the "Statistics and Analytics - Pension Asset Investment Management" section.
The total volume of pension assets managed by the NBRK and IPMs as of March 1, 2026, amounted to 26,851.19 billion tenge. As of this date, UAPF's pension assets held in trust by the NBRK, formed through compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and voluntary pension contributions (VPCs), amounted to approximately 25,874.71 billion tenge. The volume of pension assets formed through employer’s compulsory pension contributions (ECPCs) held in trust by the NBRK amounted to 877.09 billion tenge.
Pension assets under IPM management amounted to 99.39 billion tenge.
Investment portfolio of pension assets
managed by the National Bank of the Republic of Kazakhstan
The National Bank, as the trustee of the UAPF pension assets, pursues a balanced investment policy: investing in various types of financial instruments, differentiating the portfolio by currencies, countries, sectors and issuers.
According to the information provided by the National Bank, the main areas of investment of pension assets formed through CPC, COPC, VPC, as of March 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 41.92%, bonds of quasi-public companies - 9.19%, deposits of the National Bank of the Republic of Kazakhstan - 2.93%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 2.59%, bonds of second-tier banks of the Republic of Kazakhstan - 2.37%, government securities of foreign states - 2.06%, microfinance organizations - 1.17%.
36.21% of assets are under index management, which involves forming an investment portfolio relative to a benchmark portfolio, a set of securities reflecting the investor's strategic interests. The benchmark portfolio's performance serves as a metric for assessing management effectiveness. The benchmark portfolio is based on indices developed and monitored by leading global financial companies or the National Bank of the Republic of Kazakhstan. Index management of assets is carried out both by the National Bank of the Republic of Kazakhstan itself and with the involvement of foreign management companies, covering the developed market bond sub-portfolio, the emerging market bond sub-portfolio, the corporate bond sub-portfolio, and the stock sub-portfolio.
The investment portfolio, broken down by currencies in which financial instruments acquired through CPC, COPC, and VPC are denominated, as of March 1, 2026, is as follows: investments in national currency account for 59.63%, while investments in US dollars account for 40.36% of the pension asset portfolio.
As a result of investments, interest income on securities, including deposits and reverse repo transactions, amounted to 359.93 billion tenge, income from the revaluation of securities amounted to 211.27 billion tenge, income from assets under external management amounted to 15.08 billion tenge, and other income amounted to 0.56 billion tenge. The revaluation of securities invested in foreign currency, excluding assets under external management, taking into account exchange rate revaluation, was negative.
Accrued investment income for the past 12 months from March 2025 to February 2026 amounted to approximately 2.66 trillion tenge, with a return of 11.39% for this period.
ECPC investment areas as of March 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 86.06%, repo transactions – 8.57%, deposits of the National Bank of the Republic of Kazakhstan – 5.36%, cash in investment accounts – 0.01%.
The investment portfolio through ECPC includes only financial instruments denominated in national currency. Interest income on securities, including deposits and reverse repo transactions, amounted to 19.48 billion tenge. The market revaluation of securities brought investors 1.48 billion tenge.
The accrued investment income for the ECPC over the last 12 months from March 2025 to February 2026 amounted to approximately 72.84 billion tenge, with a yield of -10.63% for this period.
A detailed breakdown of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan, including issuers, and an overview of investment activities are available on the UAPF's official website. Information on the portfolio structure of pension assets formed through the ECPC is also available on the enpf.kz website.
Investment portfolio managers
The total volume of pension assets under IPM management is 99.39 billion tenge.
As of March 1, 2026, pension assets under the trust management of Alatau City Invest JSC amounted to 16.52 billion tenge.
The company's main investments: Exchange Traded Funds (ETF) units – 24.09%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 12.34%, bonds of second-tier banks of the Republic of Kazakhstan – 12.26%, corporate bonds of issuers of the Republic of Kazakhstan – 9.80%, bonds of quasi-public organizations of the Republic of Kazakhstan – 9.62%, repo – 7.16%, corporate bonds of foreign issuers – 5.13%, microfinance organizations – 4.51%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 3.22%, government securities of foreign states – 2.02%.
It should be noted that 55.41% of the portfolio is held in tenge, 43.52% in US dollars, and 1.06% in other currencies.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 12.90%.
A detailed breakdown of the investment portfolio of financial instruments managed by Alatau City Invest JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, pension assets under trust management by Halyk Global Markets JSC amounted to 7.88 billion tenge.
The main investments in the portfolio structure are as follows: equity instruments of foreign issuers (ETF units) – 26.64%, bonds of second-tier banks of the Republic of Kazakhstan – 14.97%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 13.52%, notes of the National Bank of the Republic of Kazakhstan – 12.05%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 10.78%, reverse repos (up to 90 calendar days) – 6.72%, corporate bonds of organizations of the Republic of Kazakhstan – 5.52%. Shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 4.19%, government securities of foreign states – 5.03%.
Note that 64.38% of the portfolio is represented in tenge, 35.62% – in US dollars.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 11.49%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, UAPF pension assets held in trust by BCC Invest JSC amounted to 12.61 billion tenge.
Main investment areas: bonds of second-tier banks of the Republic of Kazakhstan – 21.50%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 16.44%, repo – 15.46%, bonds of quasi-public organizations of the Republic of Kazakhstan – 14.13%, corporate bonds of issuers-residents of the Republic of Kazakhstan – 10.12%, government securities of foreign states – 7.82%, corporate bonds of foreign issuers – 6.93%, shares and depositary receipts of issuers-residents of the Republic of Kazakhstan – 2.19%.
Investments in national currency accounted for 68.53% of the portfolio, in US dollars – 31.47%.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 10.82%.
A detailed breakdown of the investment portfolio of financial instruments managed by BCC Invest JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, UAPF pension assets held in trust by Centras Securities JSC amounted to approximately 6.4 billion tenge.
24.25% of the portfolio was invested in bonds of quasi-public organizations of the Republic of Kazakhstan, 16.21% in corporate bonds of issuers of the Republic of Kazakhstan, 15.52% in bonds of second-tier banks of the Republic of Kazakhstan, 9.02% in corporate bonds of foreign issuers, 8.65% in US government bonds, 8.06% in repos, 5.44% in government securities of the Ministry of Finance of the Republic of Kazakhstan, 3.77% in shares and depositary receipts of issuers resident in the Republic of Kazakhstan, and 2.56% in shares and depositary receipts of foreign issuers.
Investments in national currency constituted 66.68% of the portfolio, while those in US dollars accounted for 33.32%.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 17.65%.
A detailed breakdown of the investment portfolio of financial instruments managed by Centras Securities JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, pension assets held in trust by Halyk Finance, a subsidiary of Halyk Bank of Kazakhstan, amounted to 55.98 billion tenge.
The main investments in the portfolio structure are as follows: reverse repo (up to 90 calendar days) – 18.95%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 15.13%, bonds of second-tier banks of the Republic of Kazakhstan – 14.54%, microfinance organizations – 12.24%, Exchange Traded Funds (ETF) units – 9.05%, corporate bonds of issuers of the Republic of Kazakhstan – 7.12%, corporate bonds of foreign issuers – 6.24%, notes of the National Bank of the Republic of Kazakhstan – 5.16%, bonds of quasi-public organizations of the Republic of Kazakhstan – 5.02%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 3.89%.
65.64% of the portfolio is invested in instruments in national currency, 34.36% in US dollars. The return on pension assets for the 12 months from March 2025 to February 2026 was 10.29%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Bank of Kazakhstan Subsidiary JSC "Halyk Finance," including issuers, is available on the UAPF website.
Starting July 1, 2023, contributors can transfer up to 50% of their pension savings through compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC), regardless of the minimum adequacy threshold, to an investment portfolio manager (IPM) of their choice. Contributors with voluntary pension savings can transfer 100% of them to IPMs.
Starting January 1, 2026, an IPM performance assessment system based on Ki composite indices was introduced. A composite index is a benchmark comprising national and global stock market indices, providing an objective assessment of IPM performance, taking into account global economic trends and capital market conditions. Starting in 2026, IPMs will conduct pension asset management activities based on a new approach, which involves choosing one of three investment portfolios with different levels of risk, return, and investment terms. If the return on pension assets falls below the established minimum (composite benchmark), the IPM must compensate for the negative difference from its own capital. Thus, private managers are responsible for ensuring the safety of savings using their own capital. It should be noted that since 2021, when it became possible to transfer pension savings to IPM management, all management companies have complied with the established standards, and therefore there has been no need to compensate for the established difference.
Savings held in trust by the National Bank of the Republic of Kazakhstan are protected by a state guarantee of safety no lower than the inflation rate upon eligibility for payments.
We also remind you that the UAPF has launched a unified online information platform for investment management of citizens' pension assets, invest.enpf.kz, which consolidates all key information about the IPM in a single digital space and provides 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)
As a result of the National Bank of the Republic of Kazakhstan's (NBRK) investment activities in pension asset management, as well as due to foreign exchange rate volatility and changes in the market value of financial instruments, the accrued investment income for the last 12 months from February 2025 to January 2026 amounted to approximately KZT2.28 trillion, with a return of 9.74% for this period.
It is important to note that the return on pension assets for individual short-term periods is not an indicator of their management effectiveness, as income in the form of interest on financial instruments and other transactions accrued over a short period of time does not always cover fluctuations in securities prices and exchange rates over a given period. Therefore, it is advisable to objectively analyze the amount of investment income over a longer period of time.
Over the medium and long term, a positive real return (exceeding cumulative inflation) on pension savings is ensured. The cumulative investment return since the inception of the funded pension system in 1998 as of February 1, 2026, was 1,173.15%, with inflation for the entire period at 952.32%.
As of February 1, 2026, net investment income accumulated since 2014 (following the consolidation of pension assets into the UAPF) amounted to KZT 13.99 trillion. Taking into account benefits paid, its share of the total pension savings of contributors (beneficiaries) is 41.5%, demonstrating the significant role of investment activity in the structure of citizens' savings.
It should also be noted that contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings through compulsory pension contributions and up to 100% of pension savings through voluntary pension contributions) to a private investment portfolio manager (IPM) that meets the regulator's requirements.
Compared to the more conservative management of the National Bank of the Republic of Kazakhstan, which is aimed at preserving pension assets and ensuring their positive long-term returns, the IPM's investment declarations and regulatory requirements provide for broader investment opportunities for IPMs to increase the return on pension assets (although the risks associated with IPMs are also higher).
As a reminder, Kazakhstan has a unique guarantee for the safety of compulsory pension contributions and compulsory occupational pension contributions managed by the National Bank of the Republic of Kazakhstan, taking into account the inflation rate. In the event of a decrease in returns in a particular period, affecting the contributor's accumulated returns upon the entitlement to benefits, compensation for the difference is guaranteed by the state.
The entire investment management and pension asset accounting system is transparent: each contributor can view their investment income in their personal account on the enpf.kz website or in the mobile app.
Information on 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.
The volume of pension savings of Kazakhstanis as of February 1, 2026, exceeded 26.36 trillion tenge, representing a 12-month increase of 3.74 trillion tenge, or 16.5%.
Pension savings from compulsory pension contributions (CPCs) as of February 1, 2026, amounted to KZT 24.81 trln, an increase of 14.4% over the 12 months.
The amount of pension savings from compulsory occupational pension contributions (COPCs) amounted to KZT 736.07 bln, an increase of 13.2% over the 12 months.
Voluntary pension contributions (VPCs) showed the largest annual increase, up 23.6%, reaching KZT 9.89 bln as of February 1, 2026.
As of February 1, 2026, the amount of pension savings from employer’s compulsory pension contributions (ECPC), received from January 1, 2024, into the pension accounts of contributors (beneficiaries), amounted to KZT 807.75 bln.
Receipts
The increase in savings is driven by pension contributions and investment income. In January 2026, KZT 264.65 bln in contributions were received into individual and notional pension savings accounts, representing a 13.0% (or KZT 30.41 bln) increase compared to the same period last year.
As of February 1, 2026, KZT 211.73 bln were received into individual pension savings accounts (IPSAs) for the purpose of recording the compulsory pension contribution (CPC) since the beginning of 2026 (an increase of 5.7% compared to the same period last year), KZT 14.00 bln were received as COPC (an increase of 15.0%), and KZT 185 mln were received as VPC. ECPC for the year totaled KZT 38.74 bln.
Pension benefits and transfers
Benefits for all types of contributions and transfers to insurance companies from the UAPF for January 2026 reached KZT 124.27 bln.
From the beginning of the year to February 1, 2026, the volume of old-age benefits amounted to KZT 17.30 bln. The average monthly benefit scheduled from the UAPF upon reaching retirement age was 38,312 tenge.
Lump-sum pension benefit payments (LSPBP) for housing improvements and medical treatment for January 2026 amounted to KZT 47.88 bln, inheritance payments amounted to KZT 17.80 bln, benefit payments related to departure for permanent residence outside the Republic of Kazakhstan amounted to KZT 3.09 bln, payments to persons with disabilities amounted to KZT 352.91 mln, and funeral payments amounted to KZT 866.12 mln. A sum of KZT 36.99 bln was transferred to insurance organizations.
Number of IPSAs
The total number of pension accounts in the UAPF as of February 1, 2026, was 18.28 million (an increase of 1.04 million or 6.0% over the 12 months). The number of individual pension savings accounts of contributors (beneficiaries) in the UAPF as of February 1, 2026, was 12.73 million, of which 11.30 million were of CPC), 766.40 thousand were of COPC, and 469.08 thousand were of VPC. It should be noted that the total number of CPC accounts (11.30 million units) also includes accounts of beneficiaries who have permanently resided outside the country but have not applied for their savings, deceased contributors whose heirs have not formalized the inheritance of their pension savings, military personnel who transferred to full state pension provision in 2017, and other categories of contributors (beneficiaries) whose accounts should not receive contributions under Kazakhstani law.
The number of notional pension accounts in the UAPF recording information on received employer’s compulsory pension contributions totaled 5.55 million units.
All up-to-date statistical data on pension assets is available on the enpf.kz website in the "Statistics and Analytics" section.
With expanded opportunities for managing pension savings, citizens have the right, in accordance with the Social Code of the Republic of Kazakhstan, to transfer a portion of their savings from the trust management of the National Bank of the Republic of Kazakhstan (NBRK) to investment portfolio managers (IPMs), transfer funds from one IPM to another, and return pension funds from IPM management back to the NBRK.
Therefore, under current legislation, contributors have the right to reconsider previously made investment decisions based on their personal financial goals and preferences.
In response to inquiries regarding the procedure for returning pension funds from IPM management to the NBRK, the UAPF explains the conditions and steps involved in making this decision.
In accordance with paragraph 10, clause 1, Article 40, Chapter 5 of the Social Code of the Republic of Kazakhstan, contributors of co[pulsory pension contributions (CPC), individuals for whom employer’s compulsory pension contributions (ECPC), mandatory occupational pension contributions (COPC), voluntary pension contributions (VPC) have been transferred, and recipients of pension benefits from the Unified Accumulative Pension Fund (UAPF) have the right to submit an application to the Fund for the return of pension savings held in trust by an IPM to the trust management of the National Bank of the Republic of Kazakhstan no earlier than one year from the date of transfer of pension savings to the trust management of the IPM.
If pension savings have been transferred to the trust management of the same IPM several times, the return of pension savings to the National Bank of the Republic of Kazakhstan is carried out no earlier than one year from the date of the initial transfer of pension savings to trust management.
The procedure and timeframe for the transfer of pension assets from the trust management of an IPM to the trust management of the National Bank of the Republic of Kazakhstan are determined by the rules approved by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM).[1]
The procedure for transferring pension savings from IPM trust management to the management of the National Bank of the Republic of Kazakhstan:
Если вкладчик принял решение вернуть пенсионные накопления из IPM в НБРК, то он подает заявление в ЕНПФ по форме, установленной внутренними документами ЕНПФ, путем личного обращения или посредством интернет-ресурса ЕНПФ, подписанное электронной цифровой подписью. В случае подачи вкладчиком заявления на возврат пенсионных накоплений из доверительного управления IPM под управление НБРК Фонд осуществляет передачу средств в течение 30 календарных дней с даты получения данного заявления.
If a contributor decides to return pension savings from the IPM to the NBRK, they submit an application to the UAPF using the form established by the UAPF's internal documents, either in person or through the UAPF website, signed with an electronic digital signature. If a contributor submits an application to return pension savings from the IPM's trust management to the NBRK's, the Fund will transfer the funds within 30 calendar days of receiving the application.
In some cases, the return of pension savings from the IPM trust management to the NBRK management is carried out automatically (without the mandatory requirement of submitting an application for the return of pension savings from the IPM trust management to the NBRK management):
The Fund notifies the IPM of the upcoming transfer of assets no later than 10 working days before the date of transfer of pension assets, except in cases related to the death of the contributor, a court decision that has entered into legal force, and other grounds provided for by law.[2].
The UAPF has the right to refuse the return of pension savings within 5 working days from the date of receipt of the corresponding application for return in the following cases:
Refunds from IPM trust management to the National Bank of the Republic of Kazakhstan (NBRK) are made in the amount specified in the application for the return of pension savings. Upon receipt of a payment order for the return of the contributor's pension savings from the UAPF, the IPM custodian bank transfers the contributor's pension savings to the UAPF account at the NBRK within one business day.
[1] Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated May 26, 2023 No. 28 "On approval of the Rules and terms for the transfer of pension assets to the trust management of an investment portfolio manager and the transfer of pension assets from one investment portfolio manager to another investment portfolio manager or the National Bank of the Republic of Kazakhstan"
[2] in the cases provided for in subparagraphs 2), 3) of paragraph 1 and paragraph 1-1 of Article 220, subparagraphs 2), 2-1) and 3) of paragraph 1 of Article 221, paragraph 1 of Article 223 of the Code;
[3] in the cases provided for in subparagraphs 2), 3) of paragraph 1 and paragraph 1-1 of Article 220, subparagraphs 2), 2-1) and 3) of paragraph 1 of Article 221, paragraph 1 of Article 223 of the Code;
Based on the National Bank of the Republic of Kazakhstan's (NBRK) pension asset management investment performance, accrued investment income for 2025 amounted to KZT1.77 trillion. Given exchange rate volatility and fluctuations in the market value of financial instruments, the return on pension assets distributed to contributors' (beneficiaries') accounts at the end of 2025 was 7.43%.
It is important to note that the return on pension assets for individual short-term periods is not an indicator of the effectiveness of their long-term management (for example, in 2024, the investment return on pension assets was 17.96%), due to the volatility of the market value of financial instruments, exchange rates, and other indicators from period to period. Therefore, an objective analysis of investment income is advisable over a longer period.
One of the key factors influencing the 2025 return level was the negative exchange rate revaluation caused by the strengthening of the tenge against the US dollar. The share of investments in financial instruments denominated in foreign currencies in the pension asset structure amounted to 41%.
The 2025 return rate in Kazakhstan is comparable to global returns. According to the international analytical agency Willis Towers Watson[1], the nominal returns of the largest pension markets for the 12 months ending October 1, 2025, were as follows: Eurozone – 4.7%, UK – (-4.1%), Switzerland – 3.4%, Canada – 9.2%, US – 10.9%, Japan – 3.3%.
In the medium and long term, a positive real return (exceeding cumulative inflation) on pension savings is ensured. Thus, the accumulated investment return since the inception of the funded pension system in 1998 as of January 1, 2026, cumulatively, was 1,060.17%, with inflation for the entire period at 941.90%.
As of January 1, 2026, net investment income accumulated since 2014 (following the consolidation of pension assets into the UAPF) amounted to KZT10.43 trillion. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 41.4%, demonstrating the significant role of investment activity in the structure of citizens' savings.
It should also be noted that contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings through compulsory pension contributions and up to 100% of pension savings through voluntary pension contributions) to a private investment portfolio manager (IPM) that meets the regulator's requirements.
Compared to the more conservative management of the National Bank of the Republic of Kazakhstan, which is aimed at preserving pension assets and ensuring their positive long-term returns, the IPM's investment declarations and regulatory requirements provide for broader investment opportunities for IPMs to increase the return on pension assets (although the risks associated with IPMs are also higher).
As a reminder, Kazakhstan has a unique guarantee for the safety of compulsory pension contributions and compulsory occupational pension contributions managed by the National Bank of the Republic of Kazakhstan, taking into account the inflation rate. In the event of a decrease in returns in a particular period, affecting the contributor's accumulated returns upon the entitlement to payments, compensation for the difference is guaranteed by the state.
The entire investment management and pension asset accounting system is transparent: each investor can view their investment income in their personal account on the enpf.kz website or in the mobile app.
Information on 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.
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)