On September 16, 2026, UAPF JSC held its latest Open Day, entitled "Participation of Contributors in Managing Their Pension Assets and the invest.enpf.kz Portal for Independent Access to Information on Investment Portfolio Managers."
Meeting participants were provided with detailed information on amendments to the Social Code of the Republic of Kazakhstan, which will take effect on September 7, 2026, significantly expanding the rights of UAPF contributors to independently choose strategies and portfolios for managing their pension savings.
According to these amendments, depositors will be able to transfer up to 100% of their savings to investment portfolio managers (IPMs) for trust management. It was explained that these changes are aimed at increasing long-term returns from savings management by selecting an IPM with the most suitable investment strategy and performance history.
Those gathered were informed that contributors of compulsory pension contributions (CPC) and voluntary pension contributions (VPC), as well as individuals for whom compulsory occupational pension contributions (COPC) and VPC 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.
UAPF specialists also introduced the event participants to the unified online information platform, invest.enpf.kz, introduced for the convenience of investors, which consolidates key information on the investment management of pension assets. The platform provides convenient and structured access to performance information and allows for dynamic comparison of various data on portfolios managed by all trust managers (the NBRK and IPMs) over a specified period. Investors can evaluate investment portfolios and independently select a manager and their investment strategies based on their interests.
Answers were also given to questions regarding mechanisms for protecting pension savings when managing IPM.
During the meeting, UAPF JSC specialists not only explained the terms of the innovation's implementation, explained how to choose the right IPM, and transfer pension savings, but also answered other questions from participants and media representatives related to Kazakhstan's pension system.
According to Open Day participants, the meeting was well-organized, with lively discussions, and UAPF JSC representatives explained all the nuances of the changes to Kazakhstan's funded pension system in a clear and accessible manner.
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).
The UAPF is the single operator of Kazakhstan's funded pension system, ensuring the reliability and transparency of pension savings. Its primary objective is to accumulate citizens' pension savings and ensure their future benefits. 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 customer needs. The 24/7 availability of the Fund's services on its website and mobile app is a key factor in increasing contributor interest.
From January 1, 2026, to July 31, 2026, the Fund provided 32.4 million services to the population. Of these, 20.7 million were provided electronically, and 11.0 million were provided automatically. Thus, the share of services provided automatically, electronically, and remotely amounted to 98.6% of the total. 454,400 services were provided in person, including 443,100 directly at the Fund's offices..
As a reminder, all pension accounts are opened automatically in the UAPF upon receipt of the first contribution. Target requirements are also automatically calculated for citizens of the Republic of Kazakhstan under 18 years of age, and target savings accounts (TSAs) are opened to record and pay out targeted savings to adult recipients of targeted savings under the National Fund for Children program.
During the reporting period, the total number of automatically opened individual pension savings accounts (IPSAs) for all types of individual pension contributions, as well as notional pension savings accounts (NPSAs) for recording employer’s compulsory pension contributions (ECPCs) transferred by employers from their own funds, and targeted savings accounts (TSAs, opened to record and pay out targeted savings to recipients of targeted savings under the National Fund for Children program) exceeded 1.1 million.
Receiving statements from IPSA, NPSA, and TSA remains the most popular service. Since the beginning of the year, 21.7 million statements have been issued for all account types, 19.3 million of which were issued electronically and 2.1 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 ENPF mobile app and your 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) can use services such as making changes and additions to their details, obtaining a certificate of account availability, submitting an application for 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 benefit 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, 74,000 contributor applications for the transfer of a portion of pension savings to IPM trust management were accepted, the majority of which were in electronic format.
The UAPF reminds that its unified online information platform for investment management of citizens' pension assets, invest.enpf.kz, brings together all key information about investment portfolio managers (IPMs) in a single digital space and provides a systematic approach to providing data on investment activities. On the invest.enpf.kz portal, users have access in Kazakh and Russian to information about the pension savings system, securities, investment strategies (criteria), basic concepts, and the pension asset allocation structure, as well as the financial performance of each IPM, data on the IPM's compliance with regulatory requirements, and other information allowing contributors to develop a profile of their IPM and its investment activities.
During the reporting period, 67,200 applications for changes to account details were received, 63,100 of which were submitted at the Fund's offices.
When applying for a service from UAPF specialists, contributors typically receive additional consultations and advice on savings management. As part of its outreach efforts, 34,700 roadside presentations were held, attended by 689,000 people. The number of materials published in the media based on UAPF announcements was 24,100.
The number of inquiries received from contributors and beneficiaries through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) was 255,800.
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 through the Fund's website or mobile app.
UAPF consulting services can be obtained through instant messengers (chat bot in WhatsApp and Viber at +7 777 000 14 18), 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.
The UAPF is the single operator of Kazakhstan's funded pension system, ensuring the reliability and transparency of pension savings. Its primary objective is to accumulate citizens' pension savings and ensure their future payment. 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 contributor interest.
From January 1, 2026, to June 30, 2026, the Fund provided 28.4 million services to the public. Of these, 17.4 million were provided electronically, and 10.4 million were automated. Thus, the share of automated, electronic, and remote services amounted to 98.6% of the total. A total of 384,700 services were provided in person, including 374,500 directly at the Fund's offices.
As a reminder, all pension accounts are opened in the UAPF automatically upon receipt of the first contribution. Targeted requirements are also automatically accrued to citizens of the Republic of Kazakhstan under the age of 18, and targeted savings accounts (TSAs) are opened to record and pay out targeted savings to adult recipients of targeted savings under the National Fund for Children program.
During the reporting period, the total number of automatically opened individual pension savings accounts (IPSAs) for all types of individual pension contributions, as well as notional pension accounts (NPSAs) for recording employer’s compulsory pension contributions (ECPCs) transferred by employers from their own funds, and targeted savings accounts (TSAs, opened to record and pay targeted savings to recipients of targeted savings under the National Fund for Children program) exceeded 1.0 million.
Getting statements from IPSAs, NPSAs, and TSAs remains the most popular service. Since the beginning of the year, 18.1 million statements have been issued for all account types, 16.1 million of which were electronic and 1.7 million automatically. The UAPF reminds that accessing account status information through your personal account is the most convenient, reliable, and timely way to monitor your pension savings. The service operates online 24/7, allowing you to access up-to-date information at any time and from anywhere. Account status information is available not only through the UAPF mobile app and your 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 single platform. UAPF notes that, starting in 2025, the annual automatic mailing of statements will no longer be provided. However, receiving information on pension savings by mail is still possible by submitting a request to UAPF.
In addition to receiving a statement in their personal account on the website and in the mobile application, 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 payments 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, 54,000 applications from contributors for the transfer of a portion of pension savings to the IPM trust management were accepted, most of which were in electronic format.
The UAPF reminds that its unified online information platform for investment management of citizens' pension assets, invest.enpf.kz, brings together all key information about investment portfolio managers (IPMs) in a single digital space and provides a systematic approach to providing data on investment activities. On the invest.enpf.kz portal, users have access in Kazakh and Russian to information about the pension savings system, securities, investment strategies (criteria), basic concepts, and the pension asset allocation structure, as well as the financial performance of each IPM, data on the IPM's compliance with regulatory requirements, and other information allowing investors to develop a profile of their IPM and its investment activities.
During the reporting period, 56,900 applications for changes to account details were received, 53,400 of which were submitted at the Fund's offices.
When applying for a service from UAPF specialists, investors typically receive additional consultations and advice on savings management. As part of its outreach efforts, 29,600 roadside presentations were held, attended by 589,300 people. The number of materials published in the media based on UAPF announcements amounted to 20,200.
The number of inquiries received from depositors and recipients through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) amounted to 226,500.
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 through the Fund's website or mobile app.
UAPF consulting services can be obtained through instant messengers (chat bot in WhatsApp and Viber at +7 777 000 14 18), 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.
As of July 1, 2026, the net investment income earned by the NBRK since April 1, 2014 (following the consolidation of pension assets into the UAPF) amounted to over 11.15 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 41.4%, confirming the significant contribution of investment income to increasing citizens' pension savings.
If we consider the results of investment activities over the past 12 months, then based on the results of managing the pension assets of the NBRK, formed through compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) and voluntary pension contributions (VPC), the amount of accrued investment income over the past 12 months from July 2025 to June 2026 amounted to approximately 2.51 trillion tenge, the return for this period was 10.29%.
For pension assets formed through employer's compulsory pension contributions (ECPC), accrued investment income over the past 12 months as of July 1, 2026, amounted to 122.77 billion tenge, with a return of 16.84% 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 from financial instruments and other transactions accrued over a short period does not always cover fluctuations in securities prices and exchange rates over a given period. Therefore, an objective analysis of investment income is advisable over a longer period.
The accumulated investment return since the inception of the funded pension system in 1998 as of July 1, 2026, was 1,109.05%, with inflation for the entire period at 995.04%.
As a reminder, contributors have the right to transfer a portion of their pension assets (currently up to 50% of pension savings through CPC, COPC, and up to 100% of pension savings through the VPC) to a private investment portfolio manager (IPM) that meets the regulator's requirements.
Contributors can choose one of three investment portfolios within which the IPM operates:
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, as well as on investment results, is published on the official UAPF website (www.enpf.kz) in the section “Statistics and Analytics/Investment Management of Pension Assets,” on the invest.enpf.kz portal, and in the Fund’s information materials.
A delegation from the International Organization for Migration (IOM), along with representatives of government agencies from Greece, Hungary, Tajikistan, Turkmenistan, and Uzbekistan, visited the State Corporation Government for Citizens to study Kazakhstan’s practical experience in the delivery of public services.
The meeting served as a platform for exchanging expertise. The participants discussed modern approaches to the digitalization of migration services, identity verification, and the development of public service delivery, while also exploring the digital solutions currently implemented in Kazakhstan.
During the visit, the guests were shown the entire process of issuing passports and national identity cards — from submitting an application and verifying personal data to receiving the completed document.
The delegation also became familiar with the self-service documentation terminal, which allows citizens to independently apply for an identity card or passport. Participants learned how the equipment operates and what technologies are used to verify personal data.
“International cooperation remains an important driver in the development of public services. Meetings like this promote the exchange of practical experience, strengthen professional cooperation, and facilitate the implementation of effective solutions aimed at improving the quality of services provided to citizens. Earlier, we signed a Memorandum of Cooperation in the Republic of Korea, opening new opportunities for joint projects and further collaboration. I am confident that today’s meeting will become another step toward strengthening international partnerships and enhancing public service delivery,” said Arman Kenzhegaliyev, Chairman of the Management Board of the State Corporation Government for Citizens.
At the conclusion of the visit, the participants emphasized the importance of international knowledge sharing and expressed their readiness to continue cooperation in advancing digital public services.
The Unified Accumulative Pension Fund (UAPF) plays a key role in the country's pension system, providing citizens with reliable tools for saving for retirement. UAPF provides a variety of digital services to Kazakhstanis and continues to develop them, adapting to customer needs. The 24/7 availability of the Fund's services on its website and mobile app is a key factor in increasing contributor interest.
Over the five months from January 1, 2026, to May 31, 2026, 24.7 million services were provided to the public. Of these, 14.3 million were provided electronically, and 9.9 million were automated. Thus, the share of automated, electronic, and remote services amounted to 98.7% of the total. 322,100 services were provided in person, including more than 313,400 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 accrued to citizens of the Republic of Kazakhstan under 18 years of age, and targeted savings accounts (TSA) are opened to record and pay out targeted savings to adult recipients of targeted savings under the National Fund for Children program.
During the reporting period, the total number of automatically opened individual pension savings accounts (IPSAs) for all types of compulsory pension contributions (CPCs), notional pension accounts (NPSAs) for recording compulsory occupational pension contributions (COPCs) paid by employers from their own funds, and targeted savings accounts (TSAs, opened to record and pay targeted savings to recipients of targeted savings under the National Fund for Children program) amounted to 891,700.
Getting statements from IPSAs, NPSAs, and TSAs remains the most popular service. Since the beginning of the year, more than 15.0 million statements have been issued for all account types, 13.3 million of which were electronic and 1.5 million statements were issued automatically. The UAPF reminds that accessing account status information through your personal account is the most convenient, reliable, and timely 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 status information is available not only through the UAPF mobile app and your 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 single platform. UAPF notes that, starting in 2025, the annual automatic mailing of statements will no longer be provided. However, receiving information on pension savings by mail is still possible upon submitting a request to the UAPF address.
In addition to receiving statements in their personal account on the website and in the mobile app, contributors (beneficiaries) can use services such as making changes and additions to their account details, obtaining a certificate of account availability, submitting an application for pension benefits due to the establishment of a Group 1 or 2 disability for life or upon reaching the age of 50 through voluntary pension contributions, tracking the status of a benefit application, transferring a portion of their pension savings to an investment portfolio manager (IPM), calculating a projected future pension using a pension calculator, etc. Over the past period, 38.7 thousand contributor applications for transferring a portion of their pension savings to IPM trust management were accepted, the majority of which were in electronic format.
During the reporting period, 46.7 thousand applications for changing account details were accepted, of which approximately 44.0 thousand were submitted at the Fund's offices.
When seeking a service from UAPF specialists, contributors typically receive additional consultations and advice on savings management. As part of outreach efforts, 25,100 roadside presentations were held, attended by 505,100 people. The number of materials published in the media based on UAPF announcements amounted to 17,000.
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 192,500.
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 through the Fund's website or mobile app.
UAPF consulting services can be obtained through instant messengers (chat bot in WhatsApp and Viber at +7 777 000 14 18), 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.
As of June 1, 2026, the pension savings of Kazakhstanis exceeded 27.67 trillion tenge, an increase of 4.33 trillion tenge (or 18.6%) over the past 12 months.
The bulk of pension savings are funds formed through compulsory pension contributions (CPCs), which reached 25.81 trillion tenge. Over the 12 months, they increased by 3.93 trillion tenge (or 18.0%).
Pension savings formed through compulsory occupational pension contributions (COPCs) amounted to 754.69 billion tenge, an increase of 13.3% over the 12 months.
The volume of voluntary pension contributions (VPC) also increased: as of June 1, 2026, it reached 10.13 billion tenge, representing a 19.8% increase over the 12 months.
Pension savings generated through employer’s compulsory pension contributions (ECPCs), which have been deposited into contributors' (beneficiaries') pension accounts since January 1, 2024, continue to grow. As of June 1, 2026, their volume exceeded 1,097.48 billion tenge, 2.6 times higher than the previous year.
Incomes
The total savings volume is provided by pension contributions and investment income. In the first five months of 2026, 1,487.96 billion tenge in contributions were received into individual and notional pension savings accounts, an increase of 14.4% (or 186.95 billion tenge) compared to the same period last year.
As of June 1, 2026, 1,143.82 billion tenge were received into individual pension savings accounts (IPSA) for the purpose of recording the compulsory pension contributions (CPC) (a 6.9% increase compared to the same period last year), 63.14 billion tenge were received into the compulsory occupational pension contributions (COPC) (a 10.3% increase), and 815.51 million tenge were received as VPC). ECPC for the year totaled 280.19 billion tenge.
Net investment income received in contributors' accounts since the beginning of the year, as of 01.06.2026, amounted to 834.86 billion tenge.
Benefits and Transfers
Benefits for all types of contributions and transfers to insurance companies from the UAPF for January-May 2026 reached 693.53 billion tenge.
The volume of old-age benefits amounted to 115.37 billion tenge. The average monthly scheduled payment from the UAPF upon reaching retirement age was 38,890 tenge.
Lump-sum pension benefit payments (LSPBP) for housing improvements and medical treatment since the beginning of 2026 amounted to 307.75 billion tenge, inheritance payments amounted to 47.55 billion tenge, payments related to permanent residence outside the Republic of Kazakhstan amounted to 17.54 billion tenge, payments to persons with disabilities amounted to 1.48 billion tenge, and funeral payments amounted to 3.93 billion tenge. A total of 199.91 billion tenge was transferred to insurance companies.
IPSA Number
The total number of pension accounts in the UAPF as of June 1, 2026, was 18.68 million (an increase of 1.09 million or 6.2% over the 12 months). The number of individual pension account contributors (beneficiaries) in the UAPF as of June 1, 2026, was 12.78 million, of which 11.34 million were of CPC, 781,880 - COPC and 460,210 - VPC. It should be noted that the total number of accounts for recording the compulsory pension contributions (11.34 million) 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 2016, 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 ECPC totaled 5.90 million.
All up-to-date statistical data on pension assets is available on the enpf.kz website in the "Statistics and Analytics" section.
"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.
On June 26, 2026, UAPF JSC invites everyone to participate in its next Open Day, titled "Digital Services of UAPF JSC. Protecting Personal Data from Fraudsters and Fake Intermediaries When Obtaining Fund Services."
During the meeting, UAPF specialists will discuss the Fund's modern digital services, which allow access to most pension services remotely and at any convenient time, as well as information security and fraud prevention.
At the meeting you will learn:
In addition, UAPF specialists will answer questions from participants and provide individual consultations on pension system issues.
We invite everyone to attend the Open Day to receive up-to-date and reliable information about UAPF's digital services, and learn how to protect your personal data and pension savings from fraud.
UAPF JSC welcomes its contributors, beneficiaries, and everyone else to the Open Day!