The National Bank is the trustee of the pension assets of the UAPF and invests them in accordance with the Investment Declaration. The list of financial instruments allowed for investing pension assets is approved by the Government. The main directions of investment of pension assets are determined by the Management Council of the National Fund of the Republic of Kazakhstan.
Pension assets are held in the UAPF investment account with the National Bank. The UAPF maintains a personalized record of the pension savings of depositors (recipients) in their individual pension accounts (IPS).
Information about the results of investment management and financial instruments in which pension assets are invested is published monthly on the official website of the UAPF (www.enpf.kz) in the "Indicators" section/Investment activity".
Pension savings are recalculated and revalued by the UAPF on a daily basis, taking into account the investment income received. The amount of investment income varies and depends on many factors, including the current market value of the investment and exchange rates. As a result, the investment income can change, both in the direction of increase and in the direction of decrease. Possible negative fluctuations in investment income on depositors ' IPS are observed in the short term and are temporary. In the medium and long term, investment returns are generally positive. Therefore, it is correct to evaluate the results of investment based on the results of a longer period, at least one year.
Information about pension savings is available 24/7 in the depositor's personal account on the ENPF website.kz, in the UAPF mobile app, on the portal egov.kz.
In 2020, the investment return on pension assets was 10.92% , with an inflation rate of 7.5%. As a result, the real return for 2020 was 3.42%, and the volume of investment income received during 2020 amounted to 1.3 trillion tenge.
The investment income received by depositors since the beginning of the accumulative pension system exceeded 5.5 trillion tenge and amounted to more than 43% of pension assets. The accumulated investment return since 1998 (the beginning of the functioning of the accumulative pension system) was 602.9%, with the accumulated inflation of 496.65%.
Thus, the real (i.e., exceeding inflation) accumulated return on pension assets over the past 23 years as of January 1, 2021 is positive and amounted to 106.25%.