Investment Portfolios Managed by the NBK and Investment Portfolio Managers (IPMs)
as of September 1, 2026
Unified Accumulative Pension Fund JSC (UAPF, the Fund) provides a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBK) and Investment Portfolio Managers (IPMs) on its website, enpf.kz, under the section "Statistics and Analytics – Investment Management of Pension Assets."
As of September 1, 2026, the total volume of pension assets managed by the NBK and IPMs amounted to 28,449.60 billion tenge. On this date, UAPF pension assets held in trust by the NBK—comprising mandatory pension contributions (MPC), mandatory professional pension contributions (MPPC), and voluntary pension contributions (VPC)—totaled approximately 26,950.74 billion tenge. The volume of pension assets derived from mandatory employer pension contributions (MEPC), also held in trust by the NBK, amounted to 1,347.58 billion tenge.
Pension assets managed by IPMs totaled 151.28 billion tenge.
Investment Portfolio of Pension Assets Managed by the NBK
Acting as the trustee for UAPF pension assets, the NBK pursues a balanced investment policy, allocating funds across various types of financial instruments and diversifying the portfolio by currency, country, sector, and issuer. According to information provided by the National Bank of the Republic of Kazakhstan (NBRK), the primary investment allocations for pension assets—derived from mandatory pension contributions (MPC), mandatory professional pension contributions (MPPC), and voluntary pension contributions (VPC)—as of September 1, 2026, are as follows: government securities issued by the Ministry of Finance of the Republic of Kazakhstan (43.46%), bonds of quasi-sovereign entities (8.00%), deposits with the NBRK (3.42%), bonds of second-tier banks in the Republic of Kazakhstan (2.53%), equities and depositary receipts of Kazakhstani issuers (2.14%), government securities of foreign nations (1.75%), and international financial organizations (0.99%).
A total of 37.38% of the assets are managed through an index-based approach. This strategy involves constructing an investment portfolio aligned with a benchmark—a specific set of securities that reflects the investor’s strategic objectives. The performance of this benchmark serves as a yardstick for evaluating management efficiency. The benchmarks used are indices developed and tracked by leading global financial firms or the NBRK itself. Index-based asset management is conducted by the NBRK, both directly and through the engagement of foreign asset management firms for specific segments, including sub-portfolios of bonds from developed and emerging markets, corporate bonds, and equities.
As of September 1, 2026, the investment portfolio—broken down by the currencies in which the financial instruments (acquired via MPC, MPPC, and VPC) are denominated—consists of 58.99% in the national currency and 41.01% in US dollars. Investment activities generated 1,510.73 billion tenge in income from securities (including interest on deposits and reverse repo transactions), 119.33 billion tenge from the market revaluation of securities, and 3.87 billion tenge from other sources.
Market revaluation of foreign currency and assets under external management—including adjustments for exchange rate fluctuations—resulted in a negative outcome.
The investment income accrued over the 12-month period from September 2025 to August 2026 totaled approximately 1.58 trillion tenge, representing a yield of 6.17% for this period.
As of September 1, 2026, the investment allocation for Mandatory Pension Contributions (MPC) was as follows: 96.30% in government securities issued by the Ministry of Finance of the Republic of Kazakhstan, and 3.69% in deposits with the National Bank of the Republic of Kazakhstan (NBRK).
The investment portfolio funded by Mandatory Pension Contributions consists exclusively of financial instruments denominated in the national currency. Income from securities—including interest on deposits and reverse repo transactions—amounted to 99.70 billion tenge, while the market revaluation of securities contributed 18.80 billion tenge for the account holders.
As of September 1, 2026, the investment income accrued over the preceding 12 months totaled 158.51 billion tenge, with a yield of 18.65% for that period. A detailed breakdown of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan (NBRK), including a list of issuers and an overview of investment activities, is available on the official website of the Unified Accumulative Pension Fund (UAPF). The website enpf.kz also provides information on the portfolio structure for pension assets formed through Mandatory Employer Pension Contributions (MEPC).
Investment Portfolio Managers (IPMs)
The total volume of pension assets under the management of IPMs amounts to 151.28 billion tenge.
As of September 1, 2026, pension assets under the fiduciary management of Alatau City Invest JSC totaled 24.12 billion tenge.
The company’s primary investments include: shares in Exchange-Traded Funds (ETFs) – 29.19%; stocks and depositary receipts of issuers from the Republic of Kazakhstan – 14.80%; repo transactions – 13.96%; bonds of second-tier banks of the Republic of Kazakhstan – 10.88%; government securities of foreign states – 9.36%; corporate bonds of issuers from the Republic of Kazakhstan – 6.46%; and bonds of quasi-public organizations of the Republic of Kazakhstan – 4.64%.
A DIALOGUE BENEFICIAL TO EVERYONE!
The pension system is a topic that affects everyone, regardless of age or profession. A person’s financial stability and confidence in the future depend on how well they understand the principles behind the accumulation of pension savings.
In an interview with the Unified Accumulative Pension Fund (UAPF) as part of the "Dialogues on the Pension System" project, Yelena Bakhmutova, Chair of the Council of the Association of Financiers of Kazakhstan, discussed key changes—both implemented and planned—within the pension system. She addressed the role of personal savings, the importance of long-term financial planning, and other pressing issues.
On Reforms
Yelena Bakhmutova:
"Following a directive from the Head of State issued earlier this year, the Agency for Regulation and Development of the Financial Market began developing a 'capital market development program'—as they have termed it—which spans the period up to 2030.
The program, which was recently presented, includes a number of new proposals aimed directly at improving the efficiency of pension asset management. It is important to note that this is an ongoing reform; it encompasses both the scope of the Ministry of Labor and Social Protection of the Population—which is responsible for developing approaches to citizens' pension provision—and specific components, such as the management of pension savings.
What is new in this program? It did not emerge from a vacuum; the program has been in development since the beginning of the year, following extensive discussions with market participants—specifically, investment portfolio managers. As you may know, the option already exists for Kazakhstani citizens to transfer their savings to private management companies, should they choose to do so.
The regulator has now proposed that these management companies offer a variety of investment strategies, tailored to individuals of different ages." Currently, private asset management companies can offer three types of portfolios—high-risk, moderate, and conservative—from which an account holder can choose. Naturally, these companies do not manage the assets themselves; rather, they select specialized firms to professionally manage the accumulated funds. Throughout this process, all regulatory standards—including the safeguarding and segregation of assets, as well as the custodial separation of a firm’s own assets from pension assets—remain in place. Record-keeping will continue to be handled by the Unified Accumulative Pension Fund.
Furthermore, a new option is emerging: in the future, the National Bank may also offer account holders a more diversified portfolio structure. How is this envisioned? Essentially, account holders within this "default" portfolio will be gradually transitioned into different age-based cohorts.
On Inflation, Investing, and Performance
Elena Bakhmutova:
"Just this past month, thanks to joint anti-inflationary measures, we have managed to bring inflation down—specifically to 9.8%, which is below the 10% mark.
Over the years, there have been periodic spikes in inflation, periods of instability, and even crises; therefore, performance should be evaluated over a longer timeframe. Returning to the portfolios: for a high-risk portfolio, it is appropriate to assess performance over a period of about five years. For a moderate portfolio, a three-year horizon is suitable, while a conservative portfolio can, in principle, be evaluated on an annual basis. It really depends on the specific type.
As for how performance is measured—private asset managers operate against benchmarks, a standard that is currently in effect. If they deliver returns in line with these benchmarks, it serves as an indicator that their management is effective." In other words, if fund managers achieve a certain level of return, that’s excellent; if the return is lower, it means the manager is inefficient. It is very straightforward to track performance here. Previously, the National Bank did not have a benchmark. However, under the current proposal, the Bank will delegate asset management; the entities receiving these mandates—whether they are foreign or domestic managers—will operate against specific benchmarks tailored to the markets they manage or the structure of the mandate they have been assigned. Consequently, the National Bank will effectively transition to a system based on benchmarks.
On personal responsibility and the importance of monitoring pension savings
The modern pension system relies on a tripartite responsibility shared by the state, the employer, and the individual contributor. Regular pension contributions, along with the investment income generated from them, play an increasingly vital role in securing one’s financial well-being after retirement. Today, contributors can monitor their incoming contributions, the total value of their savings, and any accrued investment income through the digital services provided by the Unified Accumulative Pension Fund (UAPF). Such oversight helps in identifying potential errors in a timely manner, tracking the growth of one’s savings, and evaluating...
From Classic Pension Annuities to New Opportunities
On September 17, 2026, the Kazakhstan Insurance Forum 2026 took place in Almaty, bringing together representatives from the insurance, financial, and pension sectors to discuss key issues regarding the industry's development. A highlight of the forum was a panel discussion titled "Life Doesn't Go According to Plan: Why Are We Afraid to Insure Our Future?" Participants explored the growth of life insurance, long-term financial planning, and new avenues for citizens to secure future income.
The discussion was moderated by insurance market expert and founder of Centras Group, Eldar Abdrazakov. Panelists included Zhanat Kurmanov, Chairman of the Management Board of the Unified Accumulative Pension Fund (UAPF); Adil Mukhamedzhanov, Chairman of the Management Board of the Kazakhstan Stock Exchange (KASE); Gulzhan Zhaksymbetova, Chairwoman of the Management Board of BCC Life; Anastasia Ovsyannikova, Vice President of Bank CenterCredit; Gaukhar Buribayeva, Chairwoman of the Management Board of Halyk-Life; and Murat Kylyshbay, founder of the Islamic fintech company AJR Finance Ltd.
One of the topics addressed was the development of pension annuities as a tool for providing retirement security. Zhanat Kurmanov, Chairman of the Management Board of the UAPF, spoke about the prospects for this sector. He noted that Kazakhstan’s insurance market is growing rapidly and holds significant potential for further expansion. At the same time, he observed that the scale of the insurance industry does not yet fully align with the pace of overall economic development.
"The market for pension annuities is emerging as a key driver for the growth of the life insurance sector. The option to use pension savings to purchase a pension annuity was built into the pension system from the outset as a way for citizens to secure income during their retirement years." Today, Kazakhstanis with pension savings in the Unified Accumulative Pension Fund (UAPF) can choose from various ways to access their funds: scheduled payouts from the UAPF until the balance is exhausted, lifetime annuity payments through an insurance company, or a combination of these options.
The life insurance market is, in many respects, integrated with the investment market. Beyond traditional products—such as immediate, deferred, and joint pension annuities—new opportunities incorporating an investment component are emerging. This is a natural development, as the global life insurance sector is closely linked to the investment market, with insurance companies acting as major institutional investors.
"It is important that a pension annuity is not viewed through a 'buy-and-forget' lens. Citizens should understand the additional benefits this financial instrument offers, particularly regarding long-term financial planning and its investment potential. Further market evolution may lead to the introduction of new, including hybrid, products that combine insurance protection, regular dividends, and investment opportunities," commented Zhanat Kurmanov.
Zhanat Kurmanov also emphasized the need to continue fostering a culture of long-term financial planning among the population. This is especially relevant for young people, who—as noted during the discussion—often focus primarily on short-term financial goals.
Types of pension annuities available to Kazakhstanis
A pension annuity is a contract between an individual and a life insurance company, under which the insurer commits to providing monthly pension payments for life or until a specified age. Various types of pension annuities are available within Kazakhstan’s life insurance market.
An immediate pension annuity provides for the commencement of payments following the conclusion of the contract, in accordance with its terms. A deferred pension annuity entails that payments begin after a specific period, as stipulated in the contract. During this deferral period, the funds may be invested in accordance with the terms of the agreement, which in turn influences the amount of future payouts.
A joint (spousal) pension annuity allows two individuals to combine their pension savings to receive lifetime payments, subject to the terms of the contract. Should one of the participants pass away, the payments continue for the benefit of the surviving partner.
Thus, the development of the pension annuity market expands the options available to individuals for building long-term retirement income and provides additional ways to manage pension savings. Ultimately, the choice between receiving pension payouts from the Unified Accumulative Pension Fund (UAPF) and purchasing a pension annuity is an individual financial decision—one that depends on a person’s specific life circumstances, the size of their accumulated savings, and their retirement planning goals.
PENSION ASSET MANAGEMENT
KEY QUESTIONS REGARDING THE ENPF
1. Who manages pension assets?
Pension assets are managed by the National Bank of the Republic of Kazakhstan (NBRK) and, since 2021, by Investment Portfolio Managers (IPMs) that hold the appropriate license and meet the requirements set by the authorized regulatory body. The primary objective of this fiduciary management of pension savings is to invest in various financial instruments to generate income. Both the NBRK and the IPMs employ their own investment strategies and independently determine the structure of their investment portfolios within the framework of their respective investment declarations.
The current registry of IPMs includes six private companies to which Kazakhstani citizens may entrust the management of their pension savings: Alatau City Invest JSC, BCC Invest JSC, Centras Securities JSC, Halyk Finance JSC, Halyk Global Markets JSC, and Tansar Capital JSC. (Note: Halyk Global Markets JSC has notified the Unified Accumulative Pension Fund (ENPF) of the termination of its fiduciary management agreement, effective from 2027; consequently, as of January 1, 2026, the Fund will no longer accept applications to transfer pension savings to this company.)
Information regarding these IPMs, including their investment declarations, can be found on the website www.enpf.kz under the "Services" section—specifically, the "Registry of Investment Portfolio Managers"—as well as through the online platform invest.enpf.kz. 2. Legislative amendments provide for the option to transfer up to 100% of pension savings—accumulated through mandatory pension contributions and mandatory professional pension contributions—to an investment portfolio manager (IPM). Who is eligible to take advantage of this, and how does the mechanism work?
All contributors to the Unified Accumulative Pension Fund (UAPF) are eligible to transfer up to 100% of their savings to private investment portfolio managers (IPMs). These provisions came into effect on September 7, 2026.
Information regarding IPMs and their investment declarations can be found on the website www.enpf.kz under the "Services" section—specifically, the "Register of Investment Portfolio Managers"—as well as through the online platform invest.enpf.kz.
In the near future, an IPM will be able to offer contributors up to three types of investment portfolios (conservative, moderate, and aggressive/high-risk), which differ in terms of risk level, expected return, and investment horizon.
The procedures for structuring investment portfolios of pension assets will be established by the authorized body responsible for the regulation, control, and supervision of the financial market and financial organizations.
3) Is it possible to distribute savings among multiple investment portfolio managers?
A contributor may select one or more IPMs. To better inform the public, the UAPF has launched a dedicated online platform, invest.enpf.kz. This modern digital resource allows contributors to compare data on various pension asset portfolios managed by different entities (the National Bank of the Republic of Kazakhstan and private IPMs) all in one place. The platform provides contributors with tools to independently evaluate investment portfolios, as well as to select an IPM and an investment strategy tailored to their personal goals and expectations. Furthermore, on the website invest.enpf.kz,
a contributor can not only review the investment declarations of an Investment Portfolio Manager (IPM) and analyze their financial performance, but also find information regarding any administrative measures, sanctions, or enforcement actions taken against the IPM by the regulator (the Agency for Regulation and Development of the Financial Market, or ARDFM), if applicable.
4) How the transfer of savings from the UAPF to an Investment Portfolio Manager (IPM) works
To transfer pension savings into trust management, a contributor must select an IPM and submit an application using a specific form. This can be done via the personal account section on the enpf.kz website or the invest.enpf.kz online platform—using an electronic digital signature—or in person at any UAPF branch.
Within their personal account, a contributor can, among other things:
• check the amount available for transfer to, or return from, an IPM or the National Bank of the Republic of Kazakhstan (NB RK);
• review the rules and terms for submitting an application to select (or change) an IPM, or to request the return of pension savings currently under the trust management of an IPM to the trust management of the NB RK;
• submit an application to select (or change) an IPM, or to request a return to the NB RK, and track its status;
• access other available pension-related services.
The status of an application to transfer pension savings into trust management can be monitored through the personal account on the website or via the UAPF mobile application.
The processes for submitting applications for transfer to an IPM, as well as their subsequent processing by the UAPF, are fully automated. The UAPF transfers pension assets to the trust management of an IPM within the timeframes established by regulatory legal acts. Furthermore, the transfer of pension savings under discretionary management from one investment portfolio manager (IPM) to another, or their return to the management of the National Bank of the Republic of Kazakhstan (NBRK), is permitted no earlier than one year from the date of the initial transfer.
5. Where can contributors find comprehensive information on the management of pension assets and track the performance of asset management companies?
The Unified Accumulative Pension Fund (UAPF) serves as the central record-keeping and information hub for all contributors, acting as the operator of their individual pension accounts, regardless of who manages the assets (the National Bank of the Republic of Kazakhstan (NBRK) and/or an asset management company (AMC) chosen by the contributor).
The UAPF provides accessible services related to pension asset management, offering 24/7 access to information on citizens' savings—including accrued investment income—via personal accounts on the website enpf.kz or through the UAPF mobile application.
Information regarding the investment activities of each manager is regularly updated on the enpf.kz website under the section "Statistics and Analytics" – "Investment Management of Pension Assets."
Furthermore, the UAPF offers a dedicated online platform (invest.enpf.kz)—a modern digital resource that allows contributors to compare the asset management performance of all available managers (the NBRK and various AMCs). The invest.enpf.kz platform provides access to data on investment returns, enables users to track performance trends over specific time periods, compare different asset managers and their portfolios, and make well-informed investment decisions.
Accumulated Net Investment Income of Kazakhstanis
Reaches 14.64 Trillion Tenge
As of September 1, 2025, the net investment income accumulated since 2014—following the consolidation of pension assets into the Unified Accumulative Pension Fund (UAPF)—has reached 14.64 trillion tenge. Accounting for payouts already made, this amount represents 40.6% of the total pension savings held by Kazakhstanis as of that date. Consequently, investment income plays a significant role in the accumulation of citizens' retirement savings. Since 2014, there has been a marked improvement in the efficiency of pension fund investments, which has contributed to substantial growth in the total volume of savings held by contributors (and beneficiaries).
It should be noted that pension savings in Kazakhstan serve as a strategic long-term investment instrument, designed to ensure the financial stability of citizens during their retirement years. The implementation of a flexible investment policy, combined with the diversification of investment portfolios by asset management companies, fosters steady, long-term growth in investment income.
At the same time, evaluating the returns on pension assets over short-term periods does not provide a complete picture of management efficiency. This is because income generated from financial instruments and other operations over a brief timeframe may not always offset fluctuations in the value of securities or currency exchange rates during that same period. Therefore, an objective analysis of investment income should ideally cover a period of at least one year. Given the current macroeconomic environment, the return on pension assets managed by the National Bank of the Republic of Kazakhstan (NBRK)—comprising mandatory, mandatory occupational, and voluntary contributions—amounted to approximately 1.58 trillion tenge over the 12-month period from September 2025 to August 2026, representing a yield of 6.17%.
For pension assets derived from mandatory employer pension contributions, the investment income accrued over the same 12-month period totaled 158.51 billion tenge, yielding a return of 18.65%.
It should be noted that as of September 7, 2026, amendments to the Social Code of the Republic of Kazakhstan have come into effect, significantly expanding the rights of Unified Accumulative Pension Fund (UAPF) contributors to independently select strategies and portfolios for the management of their pension savings. Contributors may now entrust up to 100% of their savings to investment portfolio managers (IPMs). Starting in 2026, contributors can choose from three investment strategies offered by IPMs, which vary by risk level, expected return, and investment horizon. Each IPM manages assets according to a single, specific investment strategy. A composite benchmark has been established for each type of investment portfolio to serve as a standard for evaluating the returns generated by the IPM.
The entire system for the investment management and accounting of pension assets is transparent: every contributor can view their investment income through their personal account on the enpf.kz website or via the mobile application. Information regarding the investment management of the Unified Accumulative Pension Fund (UAPF) assets and the financial instruments in which these assets are invested is published on the official UAPF website (www.enpf.kz) under the section "Statistics and Analytics/Investment Management of Pension Assets," as well as on the portal invest.enpf.kz.
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$76.11 million distributed to Kazakhstani citizens under the "National Fund for Children" program
Between February 1, 2024, and September 1, 2026, 365,553 citizens received payouts from their targeted savings under the "National Fund for Children" program, totaling approximately $76.11 million.
From the beginning of 2026 through September 1, 170,156 citizens received such payouts, amounting to $44.84 million. Of this total, over $31.00 million was transferred to 119,279 Kazakhstani citizens for the purpose of improving housing conditions, while $13.83 million was provided to 50,877 citizens to cover education expenses.
The funds were transferred to authorized operators for subsequent deposit into the applicants' bank accounts. It should be noted that recipients of these targeted savings may choose to use the full amount or only a portion of it. Any unclaimed funds remain in the recipient's targeted savings account for 10 years. After this period, any unused balance is transferred to the recipient's individual pension account, where it is recorded as a voluntary pension contribution.
Within the category of housing improvements, the most common use of the funds was to supplement housing construction savings accounts for further accumulation; 117,212 recipients received a total of $30.51 million for this purpose. Furthermore, 183.65 thousand US dollars were paid out to 788 young Kazakhstanis to serve as an initial down payment for a residential mortgage loan, while 102.17 thousand US dollars were paid to 437 Kazakhstanis for the outright purchase of housing through civil-law transactions (final settlement).
Regarding the use of targeted savings for education, the largest share of funds was directed toward paying for educational services provided by institutions located within the Republic of Kazakhstan—either in installments (covering specific academic periods or an academic year) or as a one-time, full-tuition payment (covering the entire duration of study). A total of 47,584 citizens received payments under this category, amounting to 12.96 million US dollars.
Other utilized options included: contributions to educational savings accounts—with funds totaling 587.56 thousand US dollars transferred to 2,309 recipients—and payments for educational services provided by foreign institutions, for which 220.44 thousand US dollars were distributed to 861 citizens (covering either specific academic periods/years or the full term of study).
It should be noted that the accrual of targeted savings ceases in the event of the death of a participant, or upon a court decision declaring them deceased. In such cases, the heirs of a deceased participant or recipient may apply to the Unified Accumulative Pension Fund (UAPF) to claim the targeted savings, following the procedures established by the Government of the Republic of Kazakhstan. As of September 1, 2026, payments totaling 74.46 thousand US dollars have been made to heirs, with 226 individuals receiving these funds.
Detailed information regarding the disbursement of "targeted requirements" (funds from the National Fund) for the purpose of improving housing conditions and/or paying for education—broken down by authorized operators and regions—is available on the website enpf.kz.
It should be noted that for the year 2025, an allocation of 130.71 US dollars per child was made for Kazakhstani children; for 2024, the amount was 129.38 US dollars per child; and for 2023, it was 100.52 US dollars per child.
For children under the age of 18, funds from the National Fund are allocated annually in the form of "targeted requirements." According to the law, these amounts remain part of the National Fund’s assets and continue to be invested. Through this ongoing investment, the value of each child's targeted requirements grows annually as a result of the investment income generated.
Consequently, the total accumulated value of targeted requirements (including the annual investment income) for a child participating in the program is as follows:
- for three years of participation: 370 US dollars and 56 cents;
- for two years of participation: 263 US dollars and 93 cents;
- for one year of participation: 130 US dollars and 71 cents.
Parents and other legal representatives can verify a child's participation in the program by using the child's Individual Identification Number (IIN) on the website kids.enpf.kz, through their personal account on the eGov.kz electronic government portal, or via the eGov Mobile application and the mobile apps of certain commercial banks. If information regarding the targeted allocations accrued for children for the 2025 reporting year is not displayed, you should refresh the documents within the mobile applications by following these steps:
in the eGov Mobile app: "Digital Documents" – "Family" – "Refresh document list" – "Accruals from the National Fund";
in the mobile apps of second-tier banks (for example, Kaspi.kz): "Public Services" – "All documents" – "Refresh document list" – "Accruals from the National Fund."
The absence of information in a legal representative’s personal account regarding targeted allocations for children who have reached, or will reach, the age of 18 in the current year,
The Unified Accumulative Pension Fund (UAPF) has provided over 36 million services to the public since the beginning of the year.
The UAPF serves as the sole operator of Kazakhstan’s accumulative pension system, ensuring the reliability and transparency of pension savings. Its primary objective is to accumulate citizens' pension savings and guarantee their future disbursement. The Fund continues to develop remote services, enabling the people of Kazakhstan to carry out most essential transactions without needing to visit an office. The 24/7 availability of services—accessible via the website and mobile application—has been a key factor in increasing interest among contributors.
Between January 1, 2026, and August 31, 2026, the Fund provided 36.2 million services to the public. Of this total, 24.0 million were delivered electronically, and 11.4 million were processed automatically. Consequently, services provided through automated, electronic, or remote channels accounted for 98.6% of the total volume. Despite this high level of digitalization, the Fund’s specialists continue to provide in-person service at regional branches; 516,700 services were delivered in person, including 504,300 provided directly at the Fund’s offices.
It should be noted that all pension accounts are opened automatically within the UAPF upon receipt of the first contribution. Furthermore, "targeted requirements" (entitlements) are automatically allocated to citizens of the Republic of Kazakhstan under the age of 18, and "targeted savings accounts" are opened to track and disburse these funds to beneficiaries once they reach adulthood, as part of the "National Fund for Children" program. During the reporting period, the total number of accounts opened automatically—including Individual Pension Accounts (IPAs) for various types of individual pension contributions, Notional Pension Accounts (NPAs) for mandatory employer pension contributions (funded by the employer), and Targeted Savings Accounts (TSAs) established for the "National Fund for Children" program—exceeded 1.3 million.
The most popular service remains the provision of account statements for IPAs, NPAs, and TSAs. Since the beginning of the year, 25.0 million statements have been issued across all account types; of these, 22.4 million were provided in electronic format, with 2.3 million generated automatically. The Unified Accumulative Pension Fund (UAPF) reminds users that accessing account information via a personal online account is the most convenient, reliable, and efficient way to monitor pension savings. This service is available online 24/7, allowing users to obtain up-to-date information at any time and from anywhere in the world. Account status information can be accessed not only through the UAPF mobile app and the personal account section on the UAPF website, but also via the egov.kz portal or the e-government mobile application—offering added convenience for those who prefer to interact with government services through unified platforms. The UAPF notes that, as of 2025, the annual automatic mailing of account statements has been discontinued. Nevertheless, individuals may still receive information regarding their pension savings by mail upon submitting a formal request to the UAPF. In addition to obtaining account statements via their personal accounts on the website or through the mobile app, contributors (beneficiaries) can access a range of services. These include updating or amending their personal details, requesting certificates of account ownership, and submitting applications for pension payouts—whether due to a permanent disability (Group 1 or 2) or upon reaching the age of 50 (funded by voluntary pension contributions). Users can also track the status of their payout applications, transfer a portion of their pension savings to an Investment Portfolio Manager (IPM), and estimate their future pension using a dedicated pension calculator. During the recent period, 88,800 applications were received from contributors to transfer a portion of their pension savings to an IPM for trust management, with the vast majority submitted electronically.
The Unified Accumulative Pension Fund (UAPF) reminds the public that the unified online platform for the investment management of citizens' pension assets—invest.enpf.kz—consolidates key information about Investment Portfolio Managers (IPMs) into a single digital space, ensuring a systematic approach to the disclosure of investment-related data. The portal, available in both Kazakh and Russian, provides users with information on the pension savings system, securities, investment strategies (criteria), core concepts, and the allocation structure of pension assets. It also features financial performance metrics for each IPM, data on their compliance with regulatory requirements, and other details that help contributors build a clear picture of an IPM and its investment activities.
When reaching out to UAPF specialists for assistance, contributors typically receive additional guidance and advice on how to build their savings. As part of outreach and awareness-raising efforts, 39.7 thousand off-site presentations were conducted, attended by...
How will the responsibility of the IP be ensured when receiving pension savings into trust management?
The depositor has the right to independently choose the IPM and investment portfolio, that is, an investment strategy for managing pension assets that differ in risk level, expected return and investment term.
In turn, the UIP is legally responsible for the trust management of pension assets and, in the event of a negative difference between the nominal return received by the UIP and the minimum return calculated in accordance with the requirements of the regulator, reimburses the negative difference from the UIP's own capital.
What does the transfer of pension savings mean How can depositors find complete information about pension asset management and track the performance of management companies
The transfer of up to 100% of pension savings to the management of an investment vehicle opens up opportunities for investors to increase their capital over the long term when choosing an investment vehicle with a better profitability history or a more aggressive strategy The unified infrastructure institution in the pension market is the UAPF 100% of which is owned by the government With the realization by depositors of the right to transfer their savings to the management of the UIP the institutional task of the UAPF has increased The UAPF is a common accounting and information center for all depositors the operator of their individual pension accounts, regardless of who manages the assets (NBRK and/or UIP at the depositor's choice)
The UAPF provides affordable services and services related to pension asset management fully reflecting information about citizens' savings in "24/7" statements In addition an online information platform has been launched for UAPF depositors (invest.enpf.kz ) as a modern digital resource that provides an opportunity to compare the results of asset management of all managers (NBRK and IPM) Invest.enpf.kz provides access to information on profitability allows you to compare data on asset managers and their portfolios over a given range of periods
With the help of this platform, depositors can get acquainted with:
the structure of investment portfolios;
profitability indicators for various periods;
the composition of investment instruments;
comparative characteristics of different managers;
Investment declarations and management strategies In addition information about investment activities is regularly published on the website. enpf.kz the investenpf online platformkz and is updated on an ongoing basis
Legislative amendments provide for the possibility of transferring up to 100% of pension savings formed from mandatory pension contributions and mandatory professional pension contributions to the management of an investment portfolio manager (IPM) How will this mechanism work
Article 40 of the Social Code grants depositors the right to independently make decisions on transferring their pension savings to the management of the Pension Fund and/or keeping them under the management of the National Bank Legislative changes providing for the expansion of depositors' investment opportunities will also come into force in September 2026 While depositors can now transfer up to 50% of their mandatory and mandatory professional savings and up to 100% of their voluntary savings to the management of the IPU, starting in the fall they will be able to transfer both voluntary pension savings and savings generated by mandatory pension contributions (OPP) and mandatory professional pension contributions (OPP) to the management of the IPU in full the volume The depositor has the right to independently choose one or more IPAs as well as various investment portfolios that isinvestment strategies for managing pension assets offered by IPAs which vary in risk level expected return and investment period In order to transfer money to the trust management of the UIP the depositor needs to submit an application in a specific form You can do this in your personal account on the website enpf.kz an online platform invest.enpf.kz using an electronic digital signature or at any branch of the UAPF