ANNOUNCEMENT
UAPF has provided over 13.6 million services to the population since the beginning of the year
The UAPF's 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. 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 February 28, 2026, the Fund provided 13.6 million services to the population. Of these, more than 5.0 million were provided electronically, and 8.3 million were automated. Thus, the share of services provided in automated, electronic, and remote formats amounted to 98.9% of the total. A total of 144,800 services were provided in person, including over 140,000 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 (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, a total of 533,898 individual pension savings accounts (IPSAs) were opened automatically for all types of individual pension contributions (IPCs), as well as notional pension savings accounts (NPSAs) for recording employer’s compulsory pension contributions (ECPCs) made by employers 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. Specifically, of the total number: 31,522 for CPCs, 9,749 for COPCs, 130,133 for ECPCs, and 5,881 for VPCs. A total of 356,613 NPAs were opened for participants in the National Fund for Children program.
Receiving statements from IPSAs, NPSAs, and TSAs remains the most popular service. Since the beginning of the year, 5.4 million statements have been issued for all types of accounts, 4.6 million of which were electronic and 737,400 were automatically issued. UAPF reminds that receiving account status 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 status 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 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 will still be possible by 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 payments due to the establishment of a group 1 or 2 disability indefinitely or upon reaching the age of fifty through voluntary pension contributions, tracking the status of a pension benefit application, transferring a portion of their pension savings to an investment portfolio manager (IPM), forecasting their future pension using a pension calculator, etc. Over the past month, 17.2 thousand contributor applications for the transfer of a portion of their pension savings to the IPM trust management were received, the majority of which were in electronic format.
20.1 thousand applications for changes to account details for January- February 2026 were received, 18.6 thousand of which were submitted at the Fund's offices.
When seeking services from UAPF specialists, contributors typically receive additional consultations and advice on savings management. As part of outreach efforts, 10,100 road shows were held, attended by 212,000 people. UAPF media outlets published 7,800 materials based on UAPF announcements.
The number of contributor and beneficiary inquiries received through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) totaled 81,500.
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 are available through instant messengers (chatbot in WhatsApp and Viber at +7 777 000 14 18), the call center at 1418 (free call within Kazakhstan), on the corporate website enpf.kz, as well as on the official UAPF pages on social networks Instagram, Facebook, VKontakte, Telegram, Odnoklassniki.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
In what cases are pension benefits from voluntary pension contributions assigned automatically?
In accordance with amendments to the Social Code of the Republic of Kazakhstan, which provide for pension benefits from the VPC in the manner and under the conditions specified in the VPC pension agreement and the UAPF pension rules, a no-declaration procedure for pension benefits from the VPC has been introduced starting in March 2026 for individuals who have reached retirement age and who have pension savings in the UAPF through the VPC but who have not previously applied to the UAPF for payment due to reaching the age of fifty or disability. The no- application procedure for pension benefits from the VPC (if any) provides for:
The no-application procedure was adopted to establish a unified approach to pension benefits from the UAPF for individuals who have reached retirement age. This innovation optimizes pension benefits through the VPC and eliminates the risk of unclaimed pension savings from the VPC by individuals who have reached the generally established retirement age but have not previously applied to the UAPF for payment due to reaching the age of fifty or disability. Pension benefits from the VPC will be made in a lump sum if the amount of pension savings from the VPC does not exceed twelve times the minimum pension established by the law on the republican budget and in effect as of January 1 of the relevant financial year (in 2026 – 828,588 tenge (12 * 69,049)) or until the pension savings are depleted, according to a monthly schedule, combined with benefits from compulsory contributions. However, the beneficiary may apply to the UAPF to change the terms of VPC payments. We remind you that individuals who have reached the age of fifty or who have a disability can apply to the UAPF for VPC payments through their personal account on the UAPF website or mobile app, as well as at a Fund office. Detailed information on the VPC payment process is available on the UAPF website in the "Services"/"VPC benefits" section.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
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ANNOUNCEMENT
Information on target requirements and savings: clarification for legal representatives of participants in the National Fund for Children program
In connection with the receipt by the UAPF of inquiries from legal representatives regarding the lack of display in the personal account on the e-government portal eGov.kz, as well as in the mobile applications eGov Mobile and second-tier banks of information on target requirements accrued to their children for the 2025 reporting year, the UAPF explains that this situation may be due to the following reasons::
As a reminder, the target requirements of citizens turning 18 in the reporting year become TS and are automatically credited in US dollars to their target savings accounts (TSAs) in the UAPF at the beginning of the year. From the date they reach their 18th birthday, young people have the right to independently use their target savings to improve their housing conditions and/or pursue education, or to save them for the future as retirement savings.
TS recipients must independently obtain information about their TS through their personal account on the UAPF website or e-government. In accordance with Kazakhstani law, the UAPF guarantees the confidentiality of TS, including information about the balances and movements of funds in their TSAs.
UAPF recommends that legal guardians promptly update digital documents in mobile applications and, if necessary, explain to children who have reached adulthood the procedure for independently accessing TS information. Parents or other legal representatives of minors under 18 can also check their child's participation in the program and the accrued target requirements on the specially created website kids.enpf.kz using the child's IIN. This website provides information on the program's terms, instructions, and answers to any questions.
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)
Overview of the investment portfolio managed
by the National Bank of the Republic of Kazakhstan and IPM as of March 1, 2026
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)