The UAPF is the single operator of Kazakhstan’s funded pension system, ensuring the reliability and transparency of pension savings. Its primary mission is to accumulate citizens' pension savings and ensure their future disbursement. The Fund continues to expand its remote services, enabling Kazakhstanis to perform most essential transactions without visiting an office. The 24/7 availability of services via the website and mobile app is a key factor driving increased 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, automated, electronic, and remote services accounted for 98.6% of the total volume. Despite the high level of digitalization, the Fund’s specialists continue to provide in-person service at regional branches. However, the share of in-person office visits remains minimal given the convenience of mobile and web-based resources. Specifically, 516.7 thousand services were provided in person, with 504.3 thousand of these taking place directly at the Fund’s offices.
It is worth noting that all pension accounts are opened automatically with the UAPF upon receipt of the first contribution. Similarly, targeted allocations are automatically credited to citizens of the Republic of Kazakhstan under the age of 18, and targeted savings accounts (TSA) are opened to track and disburse these funds to eligible recipients upon adulthood under the "National Fund for Children" program.
During the reporting period, the total number of accounts opened automatically—including Individual Pension Savings Accounts (IPSA) for various types of individual pension contributions, Notional Pension Savings Accounts (NPSA) for tracking employer’s compulsory pension contributions (ECPC) funded by the employer, and Targeted Savings Accounts (TSA) opened to record and disburse targeted savings to recipients under the "National Fund for Children" program—exceeded 1.3 million.
Obtaining account statements for IPSAs, NPSAs, and TSAs remains the most popular service. Since the beginning of the year, 25.0 million statements have been issued across all account types; of these, 22.4 million were provided electronically, and 2.3 million were generated automatically. The UAPF reminds the public that accessing account information via the personal account area is the most convenient, reliable, and prompt way to monitor pension savings. The service operates online 24/7, allowing users to obtain up-to-date information at any time and from anywhere in the world. Account status information is available not only through the UAPF mobile app and the personal account area on the UAPF website but also via the egov.kz portal or the e-government mobile app. This offers added convenience for users who prefer interacting with government services through unified platforms. The UAPF notes that, starting in 2025, the annual automatic mailing of account statements has been discontinued. However, it is still possible to receive information on pension savings status by mail upon submitting a formal request to the UAPF. In addition to obtaining account statements via their personal accounts on the website and mobile app, contributors (beneficiaries) can access various services. These include updating or amending their account details, obtaining certificates of account ownership, and submitting applications for pension benefits—whether due to a permanent Group 1 or 2 disability or upon reaching the age of fifty (funded by voluntary pension contributions). Users can also track pension benefit application statuses, transfer a portion of their pension savings to an Investment Portfolio Manager (IPM), and project their future pension using the pension calculator, among other features. During the reporting period, 88,800 applications were received from contributors to transfer a portion of their pension savings to IPM trust management, with the majority submitted electronically.
The UAPF reminds the public that invest.enpf.kz—a unified online platform for the investment management of citizens' pension assets—consolidates key information about Investment Portfolio Managers (IPMs) into a single digital space, ensuring a systematic approach to data disclosure regarding investment activities. The invest.enpf.kz portal offers users information in both Kazakh and Russian regarding the pension savings system, securities, investment strategies (and criteria), key concepts, and the allocation structure of pension assets. It also provides financial performance metrics for each IPM, data on their compliance with regulatory requirements, and other details that enable contributors to build a comprehensive profile of an IPM and its investment activities.
When contacting UAPF specialists for specific services, contributors typically receive additional consultation and advice on building their savings. As part of its public outreach and awareness-raising efforts, the UAPF conducted 39,700 on-site presentations, attended by a total of 783,400 people. A total of 27,500 media items were published based on UAPF announcements.
The Fund received 283,000 inquiries from contributors and beneficiaries via various communication channels (call center, website consultations, instant messaging apps, social media, and other channels).
As a reminder, any company can request an on-site presentation and consultation regarding the funded pension system; to do so, simply call the call center at 1418 or contact the Fund via its website or mobile app.
UAPF consultation services are available via instant messaging apps (WhatsApp and Viber chatbots at +7 777 000 14 18), the call center at 1418 (toll-free within Kazakhstan), the corporate website enpf.kz, and official UAPF social media pages on Instagram, Facebook, VKontakte, Telegram, and 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)
The investment of pension assets is managed by the National Bank of the Republic of Kazakhstan (NBRK) and, since 2021, by licensed investment portfolio managers (IPMs) that meet the requirements of the authorized body. The primary objective of this fiduciary management of pension savings is to invest in various financial instruments and generate income. Pension asset managers—both the NBRK and IPMs—maintain their own investment strategies and independently determine the structure of their investment portfolios within the framework of their investment declarations.
The current IPM registry includes six private companies to which Kazakhstanis can 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 [UAPF] of the termination of its fiduciary management agreement effective 2027; consequently, as of January 1, 2026, the Fund is no longer accepting applications to transfer pension savings to this company.)
Information regarding IPMs and 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 on the online platform invest.enpf.kz.
All UAPF contributors will have the option to transfer up to 100% of their accumulated savings to private investment portfolio managers (IPMs) for management. These provisions came into effect on September 7, 2026.
Information regarding IPMs and their investment declarations is available on the website www.enpf.kz under the "Services" – "Register of Investment Portfolio Managers" section, as well as via the online platform invest.enpf.kz.
In the near future, a single IPM will be able to offer contributors up to three types of investment portfolios (conservative, moderate, and aggressive), differing in terms of risk level, expected return, and investment horizon.
The procedure for structuring investment portfolios of pension assets will be determined by the authorized body responsible for the regulation, control, and supervision of the financial market and financial organizations.
Contributors may select one or more Investment Portfolio Managers (IPMs). To enhance public awareness, the UAPF has launched a unified online information platform: invest.enpf.kz. This modern digital resource enables contributors to compare data on pension asset portfolios managed by various entities—specifically the National Bank of the Republic of Kazakhstan (NBRK) and IPMs—all in one place. Contributors gain access to tools for independently evaluating investment portfolios and selecting a manager and investment strategy tailored to their specific goals and expectations. Furthermore, the invest.enpf.kz platform allows contributors not only to review IPM investment declarations and analyze financial performance but also to access information regarding any administrative measures, sanctions, or enforcement actions taken against an IPM by the regulator (the ARDFM).
To transfer pension savings to trust management, an account holder must select an Investment Portfolio Manager (IPM) and then submit an application using the prescribed form. This can be done via the personal account area on the enpf.kz website or the invest.enpf.kz online platform using an electronic digital signature, or at any UAPF branch.
Within the personal account area, the account holder can, among other things:
The status of an application to transfer pension savings to trust management can be tracked in the personal account area on the website or via the UAPF mobile app.
The processes for submitting applications for transfer to an IPM and their subsequent processing by the UAPF are fully automated. The UAPF transfers pension assets to IPM trust management within the timeframes established by regulatory legal acts. However, transferring pension savings from one IPM to another, or returning them to NBRK management, is permitted only after at least one year has elapsed since the initial transfer.
The UAPF serves as the central record-keeping and information hub for all contributors and acts as the operator of their individual pension savings accounts, regardless of which entity manages the assets (the National Bank of the Republic of Kazakhstan and/or an Investment Portfolio Manager (IPM) selected by the contributor).
The UAPF provides accessible services related to pension asset management, offering 24/7 access to statements that fully reflect citizens' accumulated savings and earned investment income via the personal account section of the enpf.kz website or the UAPF mobile app.
Information regarding the investment activities of each manager is continuously updated on the enpf.kz website under the "Statistics and Analytics" section—specifically, "Investment Management of Pension Assets."
Additionally, a dedicated online platform (invest.enpf.kz) operates for UAPF contributors; this modern digital resource enables users to compare the asset management performance of all managers (the National Bank of the Republic of Kazakhstan and IPMs). Invest.enpf.kz provides access to return-on-investment data, allows for the comparison of asset managers and their portfolios over selected timeframes, and facilitates informed investment decision-making.
ANNOUNCEMENT
US$76.11 million has been allocated to Kazakhstanis
under the National Fund for Children program
Between February 1, 2024, and September 1, 2026, a total of 365,553 citizens received targeted savings (TS) payouts under the National Fund for Children program, amounting to approximately US$76.11 million.
From the beginning of 2026 through September 1, 170,156 citizens received TS payouts totaling US$44.84 million. Of this number, 119,279 Kazakhstanis received over US$31.00 million for housing improvements, while 50,877 received US$13.83 million for education expenses.
The funds were transferred to authorized operators for subsequent crediting to the applicants' bank accounts. Recipients have the right to use either the full amount or a portion of it. Any unclaimed funds remain in the targeted savings account (TSA) for 10 years. After this period, the unused balance is transferred to the beneficiary's individual pension savings account, where it is recorded as voluntary pension contributions.
The most popular option for improving housing conditions was topping up housing construction savings accounts for further accumulation: payments totaling US$30.51 million were made to 117,712 recipients. Additionally, US$183.65 thousand was paid to 788 young Kazakhstanis for down payments on mortgage loans to purchase homes, while US$102.17 thousand was paid to 437 Kazakhstanis for the outright purchase of housing via civil-law transactions (final settlement).
Regarding the use of targeted savings for education, the largest share of funds was allocated to pay for educational services provided by institutions within the Republic of Kazakhstan—either in installments (per academic period or school year) or as a single lump-sum payment (covering the entire course of study); 47,584 citizens received a total of US$12.96 million under this category.
The following services were also in demand: topping up educational savings accounts under the relevant agreements—funds totaling US$587.56 thousand were transferred to 2,309 recipients; additionally, US$220.44 thousand was disbursed to 861 citizens to cover educational services provided by foreign educational institutions, either in installments (per academic period or academic year) or as a lump-sum payment (for the entire duration of study).
It should be noted that the accrual of targeted requirements ceases upon the death of a participant or the entry into legal force of a court decision declaring them deceased. To claim targeted entitlements /TS following the death of a participant or recipient, heirs may apply to the Unified Accumulative Pension Fund (UAPF) in accordance with the procedure 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 citizens receiving the funds.
Detailed information on TS payouts for housing improvement and/or education expenses, broken down by authorized operators and regions, is available on the enpf.kz website.
It is worth noting that, based on the results for 2025, a payment of $130.71 per child was credited to Kazakhstani children; for 2024, the amount was $129.38; and for 2023, it was $100.52.
Funds from the National Fund are credited annually to children under the age of 18 in the form of targeted allocations. Under the law, the amounts credited to young Kazakhstanis remain part of the National Fund’s assets and continue to be invested. Thanks to this ongoing investment, the value of each child's targeted requirements grows annually through the generated investment income.
As a result, the total accumulated value of all targeted requirements (including the investment income added each year) for a child participating in the program:
- - three years, amounted to 370 dollars 56 cents;
- two years, amounted to 263 dollars 93 cents;
- one year, amounted to 130 dollars 71 cents.
Parents and other legal representatives can verify a child's participation in the program using the child's IIN (Individual Identification Number) via the kids.enpf.kz website, the personal account section of the eGov.kz e-government portal, as well as the eGov Mobile app and the mobile apps of certain second-tier banks.
If information regarding the targeted allocations accrued to children for the 2025 reporting year is not displayed, it is necessary to update the documents within the mobile apps by following this path:
The absence of information regarding the accrual of targeted requirements for children who have reached or will reach the age of 18 this year in the legal representative's personal account is due to the fact that these entitlements have acquired "TS" status; consequently, access to information about them is granted directly to the TS recipient (the individual who has reached or will reach the age of 18 in 2026). These individuals must independently access information about their TS via their personal accounts on the UAPF or e-government websites so that, upon turning 18, they can contact an authorized operator to open a US dollar bank account and submit an online application for the TS payout to improve housing conditions and/or pay for education.
Currently, the authorized operators are:
Statistics regarding minors participating in the targeted entitlements program, adult TS recipients, and the use of TS funds for housing and/or education are available on the enpf.kz website.
You can review the program terms and obtain instructions and answers to your questions on the kids.enpf.kz website. You can also view video commentary and instructions on the topic on the БЖЗҚЕНПФ YouTube channel:
video commentary by Zh.B. Kurmanov, the Chairman of the Executive Board of UAPF JSC:
https://www.youtube.com/watch?app=desktop&v=30CdPWl6dv0
Video commentary by M.T. Sharipov, Managing Director of UAPF JSC:
https://www.youtube.com/watch?v=APg2vATmMk0
"Q&A" video commentary on the National Fund for Children program:
https://www.youtube.com/watch?v=4cKr1VCAvUk
https://www.youtube.com/watch?v=mrV0y37Gjnk
Instructions for the National Fund for Children website:
https://www.youtube.com/watch?v=VgP3dmMwAHc
https://www.youtube.com/watch?v=jyC2c-HgqpQ
Instructions on the implementation of the National Fund for Children program:
https://www.youtube.com/watch?v=bqeT41rWecA
https://www.youtube.com/watch?v=pNBSS1VHdWU
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)
On September 11, 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.
Announcement
UAPF invites you to its Open Day
On September 11 2026, UAPF will hold an offline Open Day on the topic: “Participation of Contributors in Managing Their Pension Assets and the invest.enpf.kz Portal for Independent Access to Information on Investment Portfolio Managers.” The venue will be held at: Серебрянск city, Веденеев street 14
The purpose of the event is to familiarize contributors and beneficiaries with the opportunities for independently managing their pension savings and using the invest.enpf.kz portal.
During the event, participants will be explained the options for transferring their entire pension savings to an investment portfolio manager (IPM) and will be told about the UAPF investment portal (invest.enpf.kz), where they can independently obtain information about such companies. In addition, responsible employees of the regional branches will answer other relevant questions and provide individual consultations to participants.
As a reminder, the Open Day will be held in person on the 11:00, 14:00 September 2026 at 11.
UAPF JSC welcomes its contributors, beneficiaries, and everyone else to the Open Day!
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ANNOUNCEMENT
UAPF JSC reminds about the importance of timely registration of pensions
The UAPF reminds that individuals with pension savings in the UAPF, formed through compulsory pension contributions and/or compulsory occupational pension contributions, who have reached the generally established retirement age, as well as individuals with disabilities of the first and second groups, if the disability is permanent, are entitled to receive pension benefits from the UAPF according to the established schedule. As a reminder, the old-age pension is available to individuals who have reached the generally established retirement age: men upon reaching 63 years of age, and women upon reaching 61 years of age in 2026. Pension benefits from the UAPF are paid until the pension savings are depleted. To receive pension benefits from the UAPF upon reaching retirement age, beneficiaries must promptly contact the local Public Service Center (PSC) at their place of residence. Documents and applications can be submitted to the PSC 10 days before the beneficiary reaches retirement age. We strongly recommend adhering to this deadline, as it is especially important for receiving a state pension, which requires verification of work experience based on the documents submitted. The pension is assigned from the date of application. It is important to note that if an application for pension payments is submitted before reaching retirement age, the date of application is considered the date of reaching retirement age. If an application is submitted after reaching retirement age, the date of application is considered the date of registration of the application with the Government for Citizens State Corporation. In addition, please note that future pensioners (potential beneficiaries) whose phone numbers are registered in the egov mobile citizen database will receive an SMS notification from number 1414 two months before reaching retirement age, informing them of the opportunity to contact the nearest branch of the State Corporation in a timely manner to receive pension payment services, with a link to the list of documents on the egov.kz website. This means that government agencies are sending out the relevant notifications to ensure pension benefits are processed within the prescribed timeframe, as benefits are not assigned for the missed period. Meanwhile, for individuals who have reached retirement age and who have pension savings in the UAPF but have not applied for their benefit, the UAPF conducts an annual verification, jointly with the State Corporation, to determine whether these citizens have assigned old-age pension benefits and the state basic pension benefit from budgetary funds. Based on the results of this verification, the UAPF makes payments proactively, i.e., without an application. Furthermore, starting in March 2026, a similar, non-application pension benefit paymentt procedure has been introduced through voluntary pension contributions (VPC) for individuals who have reached retirement age and who have pension savings in the UAPF through VPC, but who have not previously applied to the UAPF for payment due to reaching the age of fifty or disability. The non-application pension benefit payment procedure through VPC (if any) provides for: · automatic assignment of UAPF pension payments through the VPC when applying to the State Corporation in the prescribed manner with applications for a pension from the state budget and payments through compulsory pension contributions and/or compulsory occupational pension contributions in connection with reaching retirement age; · making payments through the VPC as part of a proactive service. To receive a disability payment upon reaching age 50 through the VPC, please contact UAPF offices or through your personal account on the UAPF website (enpf.kz) or the UAPF mobile app using an electronic digital signature.
Please note that UAPF offers on-site services for individuals with disabilities. A preliminary consultation is provided, including verification of eligibility for services remotely, without an on-site visit.
The enpf.kz website provides a list of required documents depending on the type of pension benefit, the method of submission, document requirements, application forms and sample forms, and a sample power of attorney. In the "Electronic Services" section, you can pre-screen documents submitted for pension benefits from UAPF. |
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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)
ANNOUNCEMENT
From September 7, 2026, UAPF contributors received more options for managing their pension savings
On September 7, 2026, amendments to the Social Code of the Republic of Kazakhstan came into force, expanding the options for contributors to manage their pension savings[1]. According to these amendments, the amount of pension savings transferred to a private investment portfolio manager (IPM) for trust management can now be up to 100% of the funds available in the contributor's (beneficiary's) individual pension savings account, including compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC), and voluntary pension contributions (VPC).
At this, CPC and VPC contributors, as well as individuals for whom COPC and VPC contributions are transferred, can independently determine the amount of their savings transferred to trust management, select one or more IPMs, and one or more investment portfolios in accordance with their financial goals.
Pursuant to with the law, IPMs can create up to three investment portfolios: conservative, moderate, and high-risk. These portfolios vary in risk level, expected return, and investment terms. The ability to choose different investment portfolios is enshrined in Article 37-1 of the Social Code of the Republic of Kazakhstan. Requirements for their formation are determined by the authorized body for regulation, control, and supervision of the financial market and financial organizations.
Full information on the procedure for transferring pension savings to investment portfolio trust managers and investment opportunities is available on the UAPF website and on the invest.enpf.kz platform.
Thus, the pension system is gradually transforming from a model where contributors play a passive role to one that assumes conscious participation in managing their own long-term retirement savings. The consistent expansion of investment strategy options and the increased availability of information on pension asset management are creating conditions for more active participation by contributors in decisions related to the formation of their future retirement income.
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)
[1] Law of the Republic of Kazakhstan dated July 7, 2026 No. 334-VIII "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improving Social Legislation"
ANNOUNCEMENT
UAPF reminds about the planned termination of the agreement on trust management of pension assets with Halyk Global Markets JSC
Unified Accumulative Pension Fund JSC (hereinafter referred to as UAPF or the Fund) reminds that it will no longer accept new applications from contributors to transfer pension assets to the investment portfolio manager, Halyk Global Markets JSC (hereinafter referred to as IPM), effective January 1, 2026. This decision was made following the receipt of a notice on December 31, 2025, of the planned termination, effective January 1, 2027, at the initiative of this IPM, of the Pension Asset Trust Management Agreement No. 17/6/18-02-21/P dated February 18, 2021 (hereinafter referred to as the Agreement).
At the same time, all pension savings previously transferred to IPM will continue to be managed by Halyk Global Markets JSC under the current terms until they are transferred to the management of the National Bank of the Republic of Kazakhstan. According to the current Rules, the IPM is obligated to fully fulfill its obligations under the Agreement until its termination, including compliance with the approved investment strategy, asset safety requirements, and reporting requirements.
After the management period ends, the UAPF returns the pension assets held by the IPM in trust in full, in cash, to the National Bank of the Republic of Kazakhstan (hereinafter, the NBRK). The IPM will fully reimburse any negative balance that may arise. The calculation and timing of the IPM's reimbursement of the negative balance are regulated by Resolution No. 43 of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 7, 2023.
We remind you that contributors have the right (no earlier than one year from the date of transfer of pension savings to the trust management of the IPM) to transfer pension savings to the trust management of the NBRK or another IPM.
According to statistics, since the beginning of 2026, 441 pension savings transfers totaling 765.5 million tenge have been made from Halyk Global Markets JSC to other IPMs. During the same period, 881 transfers totaling 1.3 billion tenge were returned to the NBRK's management. Moreover, each IPM contributor could make more than one transfer of their pension savings to other IPMs or to the NBRK's management.
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)
ANNOUNCEMENT
Pension assets are working for the future:
Investment results as of August 1, 2026
Investment income for contributors is generated through the management of pension assets by the National Bank of Kazakhstan (NBRK) and investment portfolio managers (IPMs).
Based on the NBRK's investment activities in managing pension assets formed through compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and voluntary pension contributions (VPCs), the accrued investment income for the last 12 months from August 2025 to July 2026 amounted to approximately 1.81 trillion tenge, with a return of 7.13% for this period.
For pension assets formed through employer’s compulsory pension contributions (ECPCs), accrued investment income as of August 1, 2026, over the last 12 months amounted to 153.93 billion tenge, with a return of 19.12% for this period. It's important to note that the return on pension assets over specific short-term periods is not an indicator of their management effectiveness. An objective analysis of investment income is best performed over a longer period.
The accumulated investment return since the inception of the funded pension system in 1998 as of August 1, 2026, was 1,111.11%, with inflation for the entire period at 1,001.29%.
As of August 1, 2026, the net investment income earned by the NBRK since April 1, 2014 (following the consolidation of pension assets into the UAPF) exceeded 14.68 trillion tenge. Taking into account benefit payments made, its share of the total pension savings of contributors (beneficiaries) amounts to 41.1%, demonstrating the significant role of investment activity in the structure of citizens' savings.
As a reminder, contributors have the right to transfer a portion of their pension assets (currently up to 50% of pension savings from the CPC, COPC, and up to 100% of pension savings from 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 accounting system for pension assets 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, the financial instruments in which UAPF pension assets are invested, and investment results are published on the official UAPF website (www.enpf.kz) in the "Statistics and Analytics/Investment Management of Pension Assets" section, on the invest.enpf.kz portal, and in the Fund's information materials.
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)
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).