More than 40% of pension savings are net investment income

Pension savings in individual pension accounts of contributors consist of incoming contributions and investment income received as a result of managing pension assets. Since the unification of all pension assets in the UAPF (April 1, 2014), as of July 1, 2025, the share of net investment income in the total amount of savings, taking into account payments already made, is 40.5%, the amount of accumulated net investment income exceeded KZT12.18 trillion.

Despite short-term fluctuations observed in the first months of 2025, investment income for 6 months amounted to about KZT350.7 billion. The return on pension assets managed by the NBRK and formed through compulsory, compulsory occupational and voluntary contributions over the past 12 months from July 2024 to June 2025 amounted to 12.22% with inflation of 11.8%. ECPC's return as of July 1, 2025 over the past 12 months was 12.15%.

If we consider a longer period, then in the medium and long term, a positive real return on pension savings is ensured, outpacing the level of accumulated inflation. Thus, the accumulated investment return from the foundation of the funded pension system in 1998 until July 1, 2025, with a cumulative total, amounted to 996.28% with inflation for the entire period of 892.73%.

The above figures confirm that the return on pension assets for individual short-term periods of time is not an indicator of the effectiveness of their management, since income in the form of remuneration for financial instruments and other transactions accrued over a short period of time does not always cover fluctuations in the value of securities and exchange rates for a given period. Therefore, it is advisable to carry out an objective assessment of investment income for a period of at least one year.

We also remind you that Kazakhstan has a unique guarantee of the safety of compulsory pension contributions, taking into account the inflation rate. In cases of a decrease in return in a particular period, which affected the contributor's accumulated return upon the right to payments, compensation for the difference is guaranteed by the state.

The entire system of investment management and accounting of pension assets is transparent: each contributor has the opportunity to see their investment income in their personal account on the enpf.kz website or in the mobile application.

Information on investment management of UAPF pension assets and on financial instruments in which UAPF pension assets are placed is published on the official UAPF website (www.enpf.kz) in the section "Statistics and Analytics/Investment Management of Pension Assets".