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“Unified Accumulative Pension Fund” Joint Stock Company (UAPF, the Fund) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPMs) on its website enpf.kz in the section “Statistics and Analytics – Investment Management of Pension Assets”.
The total volume of pension assets under the management of the NBRK and IPMs as of April 1, 2026 amounted to KZT 26,811.26 billion. As of that date, the pension assets of the UAPF under the trust management of the NBRK, formed from mandatory pension contributions (MPC), mandatory occupational pension contributions (MOPC), and voluntary pension contributions (VPC), amounted to approximately KZT 25,760.59 billion[1]. The volume of pension assets formed from employer mandatory pension contributions (EMPC) under the trust management of the NBRK amounted to KZT 948.86 billion.
Pension assets under the management of IPMs amounted to KZT 101.81 billion.
Investment Portfolio of Pension Assets under the Management of the NBRK
The National Bank, acting as the trustee manager of UAPF pension assets, implements a balanced investment policy by investing in various types of financial instruments and diversifying the portfolio by currencies, countries, sectors, and issuers.
According to the information provided by the National Bank, the main investment allocations of pension assets formed from mandatory pension contributions, mandatory occupational pension contributions, and voluntary pension contributions as of April 1, 2026 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 42.74%, bonds of quasi-governmental companies – 9.26%, bonds of second-tier banks of the Republic of Kazakhstan – 2.58%, equities and depositary receipts of Kazakhstani issuers – 2.42%, deposits with the NBRK – 2.09%, government securities of foreign countries – 1.42%, and international financial organizations (IFOs) – 1.14%.
A total of 35.23% of assets is invested within the framework of index management. This approach involves constructing an investment portfolio aligned with a benchmark portfolio, which represents a set of securities reflecting the strategic objectives of the investor. The return on the benchmark portfolio serves as a measure for evaluating management performance. Benchmark portfolios are based on indices developed and tracked by leading global financial institutions or by the NBRK. Index-based asset management is carried out by the NBRK both independently and with the involvement of foreign asset management companies in specific areas, including sub-portfolios of bonds from developed and emerging markets, as well as corporate bonds and equities.
The investment portfolio by currency denomination of financial instruments acquired using MPC, MOPC, and VPC as of April 1, 2026 is as follows: investments in the national currency account for 61.09%, while investments in US dollars account for 38.91% of the pension assets portfolio.
As a result of investment activities, income in the form of interest on securities, including income from placed deposits and reverse repo transactions, amounted to KZT 549.32 billion, income from market revaluation of securities amounted to KZT 94.12 billion, and other income amounted to KZT 0.48 billion. The market revaluation of securities invested in foreign currency, as well as assets under external management, including exchange rate revaluation effects, resulted in a negative value.
The accrued investment income for the last 12 months from April 2025 to March 2026 amounted to approximately KZT 2.49 trillion, with a return of 10.74% over this period.
The investment directions of Employer Mandatory Pension Contributions (EMPC) as of April 1, 2026 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 93.84%, deposits with the NBRK – 6.15%, and cash on investment accounts – 0.01%.
The investment portfolio formed from EMPC includes only financial instruments denominated in the national currency. Income in the form of interest on securities, including income from placed deposits and reverse repo transactions, amounted to KZT 30.65 billion. Market revaluation of securities contributed KZT 3.45 billion to contributors’ returns.
The accrued investment income for the last 12 months from April 2025 to March 2026 amounted to approximately KZT 104.22 billion, with a return of 18.52% over the period.
A detailed structure of the investment portfolio of financial instruments under the management of the NBRK, including issuers, as well as an overview of investment activities, is available on the official website of UAPF. Information on the portfolio structure of pension assets formed from EMPC is also available on enpf.kz.
Investment Portfolio Managers
The total amount of pension assets under the management of Investment Portfolio Managers (IPMs) amounts to KZT 101.81 billion.
As of April 1, 2026, pension assets under the trust management of “Alatau City Invest” JSC amounted to KZT 16.33 billion.
The company’s main investments include: units of Exchange Traded Funds (ETF) – 24.63%, shares and depositary receipts of Kazakhstani issuers – 16.80%, bonds of second-tier banks of the Republic of Kazakhstan – 12.49%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 10.00%, corporate bonds of Kazakhstani issuers – 9.64%, repo transactions – 6.48%, corporate bonds of foreign issuers – 5.29%, international financial organizations (IFO) – 3.33%, and government securities of foreign countries – 1.90%.
It should be noted that 56.12% of the portfolio is denominated in tenge, 42.86% in US dollars, and 1.02% in other currencies.
The return on pension assets for the last 12 months from April 2025 to March 2026 amounted to 10.62%.
A detailed structure of the investment portfolio of financial instruments under the management of “Alatau City Invest” JSC, including issuers, is available on the official website of UAPF.
As of April 1, 2026, pension assets of the UAPF under the trust management of “Halyk Global Markets” JSC amounted to KZT 7.55 billion.
The main investment allocations in the portfolio are as follows: equity instruments of foreign issuers (ETF units) – 22.93%, bonds of second-tier banks of the Republic of Kazakhstan – 16.53%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 11.44%, NBRK notes – 15.96%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 11.68%, corporate bonds of Kazakhstani organizations – 6.79%, equities and depositary receipts issued by organizations of the Republic of Kazakhstan – 4.15%, government securities issued by central governments of foreign states – 2.53%, and reverse repo transactions (up to 90 calendar days) – 2.07%.
It should be noted that 63.95% of the portfolio is denominated in tenge, while 36.05% is denominated in US dollars.
The return on pension assets for the last 12 months from April 2025 to March 2026 amounted to 10.54%.
A detailed structure of the investment portfolio of financial instruments under the management of “Halyk Global Markets” JSC, including issuers, is available on the official website of UAPF.
As of April 1, 2026, pension assets of the UAPF under the trust management of “BCC Invest” JSC amounted to KZT 13.08 billion.
The main investment allocations include: bonds of second-tier banks of the Republic of Kazakhstan – 23.54%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 17.71%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 14.12%, repo transactions – 11.17%, corporate bonds of Kazakhstani issuers – 9.62%, corporate bonds of foreign issuers – 6.25%, government securities of foreign countries – 5.45%, and equities and depositary receipts of Kazakhstani issuers – 5.93%.
Investments in the national currency accounted for 66.59% of the portfolio, while investments in US dollars accounted for 33.41%.
The return on pension assets for the last 12 months from April 2025 to March 2026 amounted to 9.01%.
A detailed structure of the investment portfolio of financial instruments under the management of “BCC Invest” JSC, including issuers, is available on the official website of UAPF.
As of April 1, 2026, pension assets of the UAPF under the trust management of “Centras Securities” JSC amounted to approximately KZT 7.19 billion.
Investments in bonds of quasi-governmental organizations of the Republic of Kazakhstan accounted for 21.35%, repo transactions – 16.62%, bonds of second-tier banks of the Republic of Kazakhstan – 14.45%, corporate bonds of Kazakhstani issuers – 14.29%, corporate bonds of foreign issuers – 9.10%, U.S. government securities – 5.98%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 4.93%, equities and depositary receipts of Kazakhstani issuers – 4.26%, and equities and depositary receipts of foreign issuers – 2.08%.
Investments in the national currency accounted for 70.71% of the portfolio, while investments in US dollars accounted for 29.29%.
The return on pension assets for the last 12 months from April 2025 to March 2026 amounted to 17.80%.
A detailed structure of the investment portfolio of financial instruments under the management of “Centras Securities” JSC, including issuers, is available on the official website of UAPF.
As of April 1, 2026, pension assets of the UAPF under the trust management of “Subsidiary of Halyk Bank of Kazakhstan “Halyk Finance” JSC amounted to KZT 57.66 billion.
The main investment allocations in the portfolio structure are as follows: reverse repo transactions (up to 90 calendar days) – 17.23%, bonds of second-tier banks of the Republic of Kazakhstan – 14.96%, NBRK notes – 12.62%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 11.81%, units of Exchange Traded Funds (ETFs) – 8.08%, international financial organizations (IFOs) – 6.95%, corporate bonds of Kazakhstani issuers – 6.74%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 5.36%, equities and depositary receipts of Kazakhstani issuers – 4.33%, and corporate bonds of foreign issuers – 3.28%.
Investments in instruments denominated in the national currency accounted for 68.70% of the portfolio, while investments in US dollars accounted for 31.30%.
The return on pension assets for the last 12 months from April 2025 to March 2026 amounted to 10.98%.
A detailed structure of the investment portfolio of financial instruments under the management of “Subsidiary of Halyk Bank of Kazakhstan “Halyk Finance” JSC, including issuers, is available on the official website of UAPF.
Since July 1, 2023, contributors are entitled to transfer up to 50% of their pension savings formed from mandatory pension contributions and mandatory occupational pension contributions to trust management with investment portfolio managers (IPMs), without taking into account the minimum sufficiency threshold, by independently selecting such a management company. Contributors who have voluntary pension savings may transfer up to 100% of these savings to IPMs.
Since January 1, 2026, a system for evaluating the performance of Investment Portfolio Managers (IPMs) based on composite indices (Ki) has been implemented. A composite index is a type of benchmark that includes indices of national and global stock markets, ensuring an objective assessment of IPM performance while taking into account global economic trends and capital market conditions. Starting from 2026, IPMs carry out trust management of pension assets under a new approach that provides for the selection of one of three investment portfolios differing in risk level, return, and investment horizon. If the return on pension assets falls below the established minimum (composite benchmark), the IPM is required to compensate for the negative difference using its own capital. Thus, private asset managers are responsible for ensuring the preservation of savings through their own capital. It should be noted that since 2021, when the option to transfer pension savings to IPMs was introduced, all management companies have complied with the established regulatory requirements; therefore, no cases of compensation of the established difference have arisen.
Pension savings under the trust management of the National Bank of the Republic of Kazakhstan are protected by a state guarantee of preservation not lower than the inflation rate at the time of eligibility for pension benefits.
It should also be noted that the UAPF has launched a unified information online platform for the investment management of citizens’ pension assets – invest.enpf.kz. The platform consolidates all key information on Investment Portfolio Managers (IPMs) in a single digital space and ensures a systematic approach to providing data on investment activities.
[1] excluding funds held in pension contribution and benefit payment accounts
On April 28, 2026, the UAPF invites everyone to its traditional Open Day online meeting at (insert time).
The event topic is: “The UAPF Investment Portal – information on pension assets.”
At the meeting, you will learn:
- how the platform works;
- how the pension asset investment system works;
- how to independently analyze investment indicators and compare different strategies;
- what to look for when choosing a manager;
- how to use the invest.enpf.kz portal to analyze your options;
- what real tools contributors have to influence their future pension.
In addition to the main agenda, participants will be able to receive qualified advice on all issues related to the funded pension system.
Registration is required to participate in the event.
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Event-совещание/ Event- жиналыс/ Event meeting: |
Мероприятие «День открытых дверей» АО «ЕНПФ»/ «Ашық есік күнінің» |
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Адрес совещания для регистрации/ Тіркелу үшін оқиға мекенжайы/Meeting address for registration: |
https://enpf.webex.com/weblink/register/r0cda11895a157fc6e053f764bb517a01 |
https://enpf.webex.com/weblink/register/r923afe99b844791bf2f155e0f4c700b9 |
https://enpf.webex.com/weblink/register/rd21ffe86b43a982317d5828ac80dbc64 |
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Дата и время/ Күні мен уақыты/Date and time: |
10:00 - 11:00 вторник, 28 апреля 2026 г. (UTC+05:00) Астана |
14:00 – 15:00 сейсенбі, 28 сәуір 2026 ж. (UTC+05:00) Астана |
15:30 – 17:30 вторник, 28 апреля 2026 г. (UTC+05:00) Астана |
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Номер event-совещания/ Event- жиналыс нөмірі/ Event meeting number: |
2513 932 2493 |
2514 533 0434 |
2511 277 0543 |
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Пароль event-совещания/ Event- жиналыс паролі/ Event meeting password: |
145324 |
457322 |
773976 |
On April 28, 2026, UAPF invites everyone to its traditional online meeting, Open Day, where Fund specialists will provide a detailed overview of the new investment portal, invest.enpf.kz, and the opportunities it offers contributors.
Pension savings are not only a fund for the future but also a financial resource that can be effectively managed. UAPF contributors have the opportunity to influence the return on their savings by transferring a portion of their savings to investment portfolio managers (IPMs): up to 50% through compulsory and compulsory occupational pension contributions, and up to 100% through voluntary pension contributions. IPMs invest pension funds in stocks, bonds, currencies, and other financial instruments specified in the investment policy, with the goal of generating income.
To make these processes as clear as possible, a new investment portal has been created. It helps contributors better navigate investment activities and make informed decisions about managing their pension savings.
At the meeting, you will learn:
- how the platform works;
- how the pension asset investment system works;
- how to independently analyze investment indicators and compare different strategies;
- what to look for when choosing a manager;
- how to use the invest.enpf.kz portal to analyze your options;
- what real tools contributors have to influence their future pension.
In a single digital space, users can access basic concepts and explanations on investment topics, key information about investment portfolio trustees, pension asset allocation structures, investment strategies (criteria), financial indicators, and other information in Kazakh and Russian, allowing contributors to develop a personal profile of the trustee and their investment activities.
Portal users can easily compare the returns, portfolio structure, and management results of the IPM and the NBRK, track performance indicators, and thereby gain a deeper understanding of pension asset investment mechanisms. This tool is especially important for young contributors, who can gain valuable investment experience, participate in choosing a more profitable investment strategy, and influence the management of their pension savings.
The event will be held in an interactive format, allowing participants to ask questions and receive clarifications from Fund specialists, as well as individual consultations. This format is particularly convenient, as it allows users to connect from anywhere in the world and receive up-to-date information directly from experts. It's worth noting that the UAPF places significant emphasis on improving the financial and legal literacy of Kazakhstan's population. In 2025 alone, more than 38,000 informational meetings were held, reaching approximately 800,000 people, and approximately 400,000 inquiries were processed.
The latest Open Day continues this work, offering participants practical tools for understanding and managing their pension savings. We hope this event will be useful for both savers and journalists involved in covering topics related to Kazakhstan's funded pension system.
Registration is required to participate in the event.
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Event-совещание/ Event- жиналыс/ Event meeting: |
Мероприятие «День открытых дверей» АО «ЕНПФ»/ «Ашық есік күнінің» |
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Адрес совещания для регистрации/ Тіркелу үшін оқиға мекенжайы/Meeting address for registration: |
https://enpf.webex.com/weblink/register/r0cda11895a157fc6e053f764bb517a01 |
https://enpf.webex.com/weblink/register/r923afe99b844791bf2f155e0f4c700b9 |
https://enpf.webex.com/weblink/register/rd21ffe86b43a982317d5828ac80dbc64 |
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Дата и время/ Күні мен уақыты/Date and time: |
10:00 - 11:00 вторник, 28 апреля 2026 г. (UTC+05:00) Астана |
14:00 – 15:00 сейсенбі, 28 сәуір 2026 ж. (UTC+05:00) Астана |
15:30 – 17:30 вторник, 28 апреля 2026 г. (UTC+05:00) Астана |
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Номер event-совещания/ Event- жиналыс нөмірі/ Event meeting number: |
2513 932 2493 |
2514 533 0434 |
2511 277 0543 |
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Пароль event-совещания/ Event- жиналыс паролі/ Event meeting password: |
145324 |
457322 |
773976 |
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«День открытых дверей» в АО «ЕНПФ» - изучаем возможности инвестирования своих пенсионных накоплений В рамках информационно-разъяснительной работы среди населения 11 и 13 декабря 2024 года АО «ЕНПФ» проведет «День открытых дверей» на тему: «Инвестиционные стратегии УИП. Рассмотрение актуальных вопросов вкладчиков».
Во время проведения Дня открытых дверей вкладчикам ЕНПФ представится уникальная возможность получить информацию об управлении пенсионными активами непосредственно от представителей управляющих инвестиционным портфелем (УИП). Каждый УИП презентует свою стратегию инвестирования и ответит на вопросы участников мероприятия. Специалисты ЕНПФ подскажут, где найти информацию об УИП и как перевести им накопления, если вкладчик сделал свой выбор. Как известно, с января 2021 года вкладчики ЕНПФ получили возможность передавать свои пенсионные накопления частным инвестиционным компаниям – УИП. Изначально можно было передать только накопления, превышающие порог минимальной достаточности или оставшиеся на пенсионном счете после заключения договора пенсионного аннуитета со страховой компанией. Однако с 1 июля 2023 года инвестиционные возможности расширились: теперь вкладчики ЕНПФ могут передать до 50% своих сбережений за счет обязательных и обязательных профессиональных пенсионных взносов, а также 100% добровольных взносов в доверительное управление частным компаниям. Встреча пройдет в онлайн-формате, что позволит принять участие в ней всем желающим. Надеемся, она будет полезна всем – как вкладчикам, так и журналистам, задействованным в освещении тем, касающихся накопительной пенсионной системы Казахстана. Для участия в мероприятии необходима регистрация. Просим Вас пройти по ссылке (вписать ссылку каждому филиалу отдельно). Номер event-совещания: (вписывает сам филиал) Пароль event-совещания: (вписывает сам филиал)
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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)
As of April 1, 2026, since the program's launch (February 1, 2024), 273,371 applications have been processed for a total of over USD46.83 million, which was transferred to authorized operators for subsequent crediting to applicants' bank accounts. The majority of applications were processed for the purpose of improving housing conditions - 171,696 applications for a total of USD29.40 million. For the purpose of paying for education, 101,675 applications were processed for a total of USD17.43 million. Recipients of target savings (TS) have the right to use the funds in full or in part, while the unused balance is retained in the target savings account (TSA).
The most popular housing improvement program was improving of housing construction savings for further savings (167,776 applications completed, totaling USD28.79 million). Funds were also used as down payments for mortgage loans to purchase housing (1,345 applications, totaling USD214,390), and for the purpose of acquiring housing through civil law transactions (final settlements), totaling 938 applications, totaling USD144,470.
Within the framework of the use of targeted savings for education, the largest volume of funds was allocated for the payment of educational services of educational organizations located in the territory of the Republic of Kazakhstan, in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (93,586 applications were fulfilled for a total of approximately USD16.32 million). The following areas were also in demand: replenishment of an educational savings deposit under an agreement on an educational savings deposit (5,590 applications were fulfilled for a total of over USD748.76 thousand), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (2,018 applications were fulfilled for a total of USD294.58 thousand).
Detailed information on TS payments for the purpose of improving housing conditions and/or paying for education, broken down by authorized operators and regions, can be found on the website enpf.kz.
Let us recall that based on the results of 2025, Kazakhstani children received the next payment in the amount of 130.71 US dollars per child, for 2024 - 129.38 US dollars, and for 2023 - 100.52 US dollars.
Children under 18 receive annual payments from the National Fund as targeted benefits. According to law, the amounts accrued to young Kazakhstanis remain part of the National Fund's assets and continue to be invested. Through continued investment, each child's targeted benefit amount increases annually through the investment income received.
As a result, the total accumulated target requirement (including the annually accrued investment income) for a child participating in the program:
- three years, USD370.56;
- two years, USD263.93;
- one year, USD130.71.
Parents and other legal representatives can check the child's participation in the program for children under 18 using their individual identification number (IIN) on the kids.enpf.kz website, in their personal account on the eGov.kz e-government portal, and in the eGov Mobile and some second-tier bank mobile apps.
If information about target benefits accrued to children for the 2025 reporting year is not displayed, you must update the documents in the mobile apps by following this path:
- in the eGov Mobile app: "Digital Documents" - "Family" - "Update Document List" - "National Fund Payments";
- in the mobile apps of second-tier banks, such as Kaspi.kz: "Gosuslugi" - "All Documents" - "Update Document List" - "National Fund Payments."
The absence of information on the accrual of target benefits for children who have reached or will reach 18 years of age this year in the legal representative's personal account is due to the fact that target benefits have acquired the status of TS, and therefore access to information about them is provided directly to the TS recipient (a citizen who has reached or will reach 18 years of age in 2026). These individuals must independently obtain information about their TS through their personal account on the ENPF or e-government websites. Upon reaching 18 years of age, they can contact an authorized operator to open a US dollar bank account and submit an online application for TS payment to improve their housing conditions and/or pay for education.
Currently, the authorized operators are:
- Otbasy Bank JSC (for housing and education),
- Halyk Bank JSC (for education),
- Bank CenterCredit JSC (for education).
Statistics on minor children eligible for targeted assistance and adult recipients of the TS, as well as on the use of the TS for housing and/or education, can be found on the enpf.kz website.
You can review the program's terms, get instructions, and get answers to your questions on the website kids.enpf.kz. You can also view video commentary and instructions on the topic on the БЖЗҚЕНПФ YouTube channel:video commentary of Chairman of the Executive Board of UAPF JSC Kurmanov Zh.B.:
https://www.youtube.com/watch?app=desktop&v=30CdPWl6dv0 video commentary of Managing Director of UAPF JSC М.Т. Sharipov:
https://www.youtube.com/watch?v=APg2vATmMk0video commentary "Question and Answer" 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-HgqpQInstructions for the implementation of the National Fund for Children program:
https://www.youtube.com/watch?v=bqeT41rWecA
https://www.youtube.com/watch?v=pNBSS1VHdWU
The enpf.kz website presents a report on the management of pension assets of the National Bank of the Republic of Kazakhstan and the IPM as of March 1, 2026.
UAPF JSC (UAPF, the Fund) presents a report on pension asset management by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPMs) on the enpf.kz website in the "Statistics and Analytics - Pension Asset Investment Management" section.
The total volume of pension assets managed by the NBRK and IPMs as of March 1, 2026, amounted to 26,851.19 billion tenge. As of this date, UAPF's pension assets held in trust by the NBRK, formed through compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and voluntary pension contributions (VPCs), amounted to approximately 25,874.71 billion tenge. The volume of pension assets formed through employer’s compulsory pension contributions (ECPCs) held in trust by the NBRK amounted to 877.09 billion tenge.
Pension assets under IPM management amounted to 99.39 billion tenge.
Investment portfolio of pension assets
managed by the National Bank of the Republic of Kazakhstan
The National Bank, as the trustee of the UAPF pension assets, pursues a balanced investment policy: investing in various types of financial instruments, differentiating the portfolio by currencies, countries, sectors and issuers.
According to the information provided by the National Bank, the main areas of investment of pension assets formed through CPC, COPC, VPC, as of March 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 41.92%, bonds of quasi-public companies - 9.19%, deposits of the National Bank of the Republic of Kazakhstan - 2.93%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 2.59%, bonds of second-tier banks of the Republic of Kazakhstan - 2.37%, government securities of foreign states - 2.06%, microfinance organizations - 1.17%.
36.21% of assets are under index management, which involves forming an investment portfolio relative to a benchmark portfolio, a set of securities reflecting the investor's strategic interests. The benchmark portfolio's performance serves as a metric for assessing management effectiveness. The benchmark portfolio is based on indices developed and monitored by leading global financial companies or the National Bank of the Republic of Kazakhstan. Index management of assets is carried out both by the National Bank of the Republic of Kazakhstan itself and with the involvement of foreign management companies, covering the developed market bond sub-portfolio, the emerging market bond sub-portfolio, the corporate bond sub-portfolio, and the stock sub-portfolio.
The investment portfolio, broken down by currencies in which financial instruments acquired through CPC, COPC, and VPC are denominated, as of March 1, 2026, is as follows: investments in national currency account for 59.63%, while investments in US dollars account for 40.36% of the pension asset portfolio.
As a result of investments, interest income on securities, including deposits and reverse repo transactions, amounted to 359.93 billion tenge, income from the revaluation of securities amounted to 211.27 billion tenge, income from assets under external management amounted to 15.08 billion tenge, and other income amounted to 0.56 billion tenge. The revaluation of securities invested in foreign currency, excluding assets under external management, taking into account exchange rate revaluation, was negative.
Accrued investment income for the past 12 months from March 2025 to February 2026 amounted to approximately 2.66 trillion tenge, with a return of 11.39% for this period.
ECPC investment areas as of March 1, 2026, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 86.06%, repo transactions – 8.57%, deposits of the National Bank of the Republic of Kazakhstan – 5.36%, cash in investment accounts – 0.01%.
The investment portfolio through ECPC includes only financial instruments denominated in national currency. Interest income on securities, including deposits and reverse repo transactions, amounted to 19.48 billion tenge. The market revaluation of securities brought investors 1.48 billion tenge.
The accrued investment income for the ECPC over the last 12 months from March 2025 to February 2026 amounted to approximately 72.84 billion tenge, with a yield of -10.63% for this period.
A detailed breakdown of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan, including issuers, and an overview of investment activities are available on the UAPF's official website. Information on the portfolio structure of pension assets formed through the ECPC is also available on the enpf.kz website.
Investment portfolio managers
The total volume of pension assets under IPM management is 99.39 billion tenge.
As of March 1, 2026, pension assets under the trust management of Alatau City Invest JSC amounted to 16.52 billion tenge.
The company's main investments: Exchange Traded Funds (ETF) units – 24.09%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 12.34%, bonds of second-tier banks of the Republic of Kazakhstan – 12.26%, corporate bonds of issuers of the Republic of Kazakhstan – 9.80%, bonds of quasi-public organizations of the Republic of Kazakhstan – 9.62%, repo – 7.16%, corporate bonds of foreign issuers – 5.13%, microfinance organizations – 4.51%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 3.22%, government securities of foreign states – 2.02%.
It should be noted that 55.41% of the portfolio is held in tenge, 43.52% in US dollars, and 1.06% in other currencies.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 12.90%.
A detailed breakdown of the investment portfolio of financial instruments managed by Alatau City Invest JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, pension assets under trust management by Halyk Global Markets JSC amounted to 7.88 billion tenge.
The main investments in the portfolio structure are as follows: equity instruments of foreign issuers (ETF units) – 26.64%, bonds of second-tier banks of the Republic of Kazakhstan – 14.97%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 13.52%, notes of the National Bank of the Republic of Kazakhstan – 12.05%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 10.78%, reverse repos (up to 90 calendar days) – 6.72%, corporate bonds of organizations of the Republic of Kazakhstan – 5.52%. Shares and depositary receipts issued by organizations of the Republic of Kazakhstan – 4.19%, government securities of foreign states – 5.03%.
Note that 64.38% of the portfolio is represented in tenge, 35.62% – in US dollars.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 11.49%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, UAPF pension assets held in trust by BCC Invest JSC amounted to 12.61 billion tenge.
Main investment areas: bonds of second-tier banks of the Republic of Kazakhstan – 21.50%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 16.44%, repo – 15.46%, bonds of quasi-public organizations of the Republic of Kazakhstan – 14.13%, corporate bonds of issuers-residents of the Republic of Kazakhstan – 10.12%, government securities of foreign states – 7.82%, corporate bonds of foreign issuers – 6.93%, shares and depositary receipts of issuers-residents of the Republic of Kazakhstan – 2.19%.
Investments in national currency accounted for 68.53% of the portfolio, in US dollars – 31.47%.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 10.82%.
A detailed breakdown of the investment portfolio of financial instruments managed by BCC Invest JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, UAPF pension assets held in trust by Centras Securities JSC amounted to approximately 6.4 billion tenge.
24.25% of the portfolio was invested in bonds of quasi-public organizations of the Republic of Kazakhstan, 16.21% in corporate bonds of issuers of the Republic of Kazakhstan, 15.52% in bonds of second-tier banks of the Republic of Kazakhstan, 9.02% in corporate bonds of foreign issuers, 8.65% in US government bonds, 8.06% in repos, 5.44% in government securities of the Ministry of Finance of the Republic of Kazakhstan, 3.77% in shares and depositary receipts of issuers resident in the Republic of Kazakhstan, and 2.56% in shares and depositary receipts of foreign issuers.
Investments in national currency constituted 66.68% of the portfolio, while those in US dollars accounted for 33.32%.
The return on pension assets over the past 12 months from March 2025 to February 2026 was 17.65%.
A detailed breakdown of the investment portfolio of financial instruments managed by Centras Securities JSC, including issuers, is available on the UAPF website.
As of March 1, 2026, pension assets held in trust by Halyk Finance, a subsidiary of Halyk Bank of Kazakhstan, amounted to 55.98 billion tenge.
The main investments in the portfolio structure are as follows: reverse repo (up to 90 calendar days) – 18.95%, government securities of the Ministry of Finance of the Republic of Kazakhstan – 15.13%, bonds of second-tier banks of the Republic of Kazakhstan – 14.54%, microfinance organizations – 12.24%, Exchange Traded Funds (ETF) units – 9.05%, corporate bonds of issuers of the Republic of Kazakhstan – 7.12%, corporate bonds of foreign issuers – 6.24%, notes of the National Bank of the Republic of Kazakhstan – 5.16%, bonds of quasi-public organizations of the Republic of Kazakhstan – 5.02%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 3.89%.
65.64% of the portfolio is invested in instruments in national currency, 34.36% in US dollars. The return on pension assets for the 12 months from March 2025 to February 2026 was 10.29%.
A detailed breakdown of the investment portfolio of financial instruments managed by Halyk Bank of Kazakhstan Subsidiary JSC "Halyk Finance," including issuers, is available on the UAPF website.
Starting July 1, 2023, contributors can transfer up to 50% of their pension savings through compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC), regardless of the minimum adequacy threshold, to an investment portfolio manager (IPM) of their choice. Contributors with voluntary pension savings can transfer 100% of them to IPMs.
Starting January 1, 2026, an IPM performance assessment system based on Ki composite indices was introduced. A composite index is a benchmark comprising national and global stock market indices, providing an objective assessment of IPM performance, taking into account global economic trends and capital market conditions. Starting in 2026, IPMs will conduct pension asset management activities based on a new approach, which involves choosing one of three investment portfolios with different levels of risk, return, and investment terms. If the return on pension assets falls below the established minimum (composite benchmark), the IPM must compensate for the negative difference from its own capital. Thus, private managers are responsible for ensuring the safety of savings using their own capital. It should be noted that since 2021, when it became possible to transfer pension savings to IPM management, all management companies have complied with the established standards, and therefore there has been no need to compensate for the established difference.
Savings held in trust by the National Bank of the Republic of Kazakhstan are protected by a state guarantee of safety no lower than the inflation rate upon eligibility for payments.
We also remind you that the UAPF has launched a unified online information platform for investment management of citizens' pension assets, invest.enpf.kz, which consolidates all key information about the IPM in a single digital space and provides a systematic approach to providing data on investment activities.
The concept of "pension adequacy"
An adequate pension income is the amount of benefits that allows a person to maintain their usual quality of life after retirement without experiencing significant financial constraints. One of the key indicators determining the adequacy of a pension system is the income replacement ratio (IRR), which measures the proportion of their previous salary that a retiree receives as a pension. According to ILO recommendations, a pension is considered adequate if the IRR is at least 40% of the lost earned income. Currently, in Kazakhstan, this ratio averages approximately 41%.
As a reminder, Kazakhstan currently operates a multi-pillar pension system consisting of a basic and solidarity pension (funded by the state), compulsory and voluntary pillars (funded by the contributor's personal pension savings and investment income, as well as employer contributions). At the same time, the state-funded solidarity pension, which only takes into account work experience up to January 1, 1998, is gradually being reduced. In the early 2040s, people without such work experience will begin to retire. These citizens will not receive a solidarity pension, meaning their pension amount will directly depend on the size of their savings.
To ensure an adequate pension, three factors are important:
- accumulation period;
- regularity of contributions;
- fullness of contributions.
Let's look at each step in order, using calculations.
The period of accumulation formation
The earlier a contributor joins the pension system, the longer their savings period, and the greater the amount they will accumulate and, consequently, the greater the benefits from the funded component.
The table below provides a comparative calculation showing how the final pension amount may vary depending on the number of years the contributor contributes. The average monthly salary was taken into account..
|
Participation in FPS |
Amount of savings by retirement age, taking into account investment income (tenge) |
Amount of monthly benefit from the UAPF in the first year of receiving a pension (tenge) |
|
20 years |
17,687,113 |
95 ,805 |
|
30 years |
34,087,138 |
184,638 |
|
40 years |
57,422,226 |
311,037 |
|
|
|
|
* all amounts are given in 2026 prices.
Regularity and completeness of pension contributions
Equally important is the regularity of pension contributions. With regular employee pension contributions (CPC) (12 times a year) and employer compulsory pension contributions (ECPC) throughout a person's working life, a contributor with an average income can expect total pension benefits that will provide an IRR of at least the ILO minimum standard (40%).
Calculations of the total pension (based on personal pension savings and the basic pension) show that the regularity of contributions directly impacts the size of the future pension: the more frequently contributions are made, the higher the benefits and, consequently, the IRR.
|
Frequency of pension contributions (number of months per year for which pension contributions are paid) |
The amount of the first aggregate pension benefit, subject to payment of contributions from the average wage |
Aggregate IRR, subject to payment of contributions from the average wage |
|
6 |
251,595 |
29% |
|
8 |
318,509 |
32% |
|
12 |
452,338 |
35% |
* all amounts are given in 2026 prices.
Thus, with monthly compulsory pension contributions based on average wages, the combined IRR from the funded and basic components will be at least 35%. Contributors who retire during this period will not receive the joint contribution. This component is expected to be replaced by benefits from employer’s compulsory pension contributions (ECPC), thereby achieving an IRR of at least 40%, as required by global standards.
The accumulation period and regularity of contributions directly impact the amount of the basic pension component, which accrues upon reaching retirement age and depends on the length of service in the pension system. Beginning in 2023, over a five-year period, the minimum basic pension will be gradually increased annually to 70% of the subsistence minimum (for up to 10 years of service), the maximum to 118% of the subsistence minimum in 2026, and 120% of the subsistence minimum from 2027 (for a total service of ≥ 34 years). Service after 1998 is confirmed exclusively by regular mandatory pension contributions.
What else influences the increase or decrease of a pension?
Investment income makes a significant contribution to the overall pension amount. As of January 1, 2026, the average accumulated investment income accounted for 41.4% of contributors' total pension savings. An analysis of international practice shows that with full participation in the funded pension system, the share of investment income in individual pension savings can reach 70–80% by the time of retirement.
The earlier a contributor joins the pension system and the more regularly and fully they contribute, the greater the impact they will receive from the accumulated investment income. They can also participate in the investment management of their assets. Today, UAPF contributors have the right to choose to transfer up to 50% of their compulsory and up to 100% of their voluntary pension savings to investment portfolio managers (IPMs).
Kazakhstanis can make a significant contribution to increasing their pension savings through voluntary pension contributions. You can pay the VPC not only for yourself but also for your immediate family, including minor children. Legal entities can pay the VPC for their employees, including this option in their benefits package. The law provides for VPC tax incentives, the right to transfer the entire amount to the individual entrepreneur's management, and the opportunity to receive benefits much earlier than retirement age—as early as age 50.
Early withdrawals of savings can significantly reduce the expected income in retirement. The minimum sufficiency threshold, which remains in the pension account after withdrawals, is the minimum amount of pension savings required to ensure a monthly pension benefit no less than the minimum pension. This assumes that compulsory contributions will be made regularly in the future. In other words, the minimum sufficiency threshold is the minimum required to ensure the contributor, upon reaching retirement age, receives benefits, taking into account the minimum basic benefit, no less than the minimum pension.
For the convenience of depositors, the UAPF offers the ability to forecast and plan their desired pension using the "pension calculator" and "personal pension plan" services, which allow them to calculate the level of future benefits and adjust their savings strategy. These services are available on the UAPF website and mobile app.
Conclusion
Thus, retirement is long-term financial planning, and its effectiveness directly depends on the contributor's commitment and awareness. The sooner you begin actively increasing your pension assets, the higher your retirement income will be.
"Topical questions about the UPF"
- What is the online platform for investment management of pension assets introduced by UAPF?
The unified online information platform for investment management of citizens' pension assets, invest.enpf.kz, brings together all key information about investment portfolio managers (IPMs) in a single digital space and provides a systematic approach to providing data on investment activities.
- What is the purpose of this project?
The project aims to increase public awareness and foster a robust understanding of pension asset investment mechanisms by synchronizing the publication of pension asset return data and explaining the factors influencing investment results.
The Unified Internet Information Platform for Investment Management is a modern digital resource that provides contributors with the ability to analyze pension investments online.
- What information is available to contributors on invest.enpf.kz?
The invest.enpf.kz portal, available in both Kazakh and Russian, provides users with information on the pension savings system, securities, investment strategies (criteria), basic concepts, and the pension asset allocation structure, as well as the financial performance of each pension investment trust, data on its compliance with regulatory requirements, and other information allowing contributors to develop a personalized profile of the pension investment trust and its investment activities.
This online resource provides convenient and structured access to return information and allows for dynamic comparison of various data on pension asset portfolios managed by trustees (the National Bank of the Republic of Kazakhstan and the pension investment trust). Contributors receive tools for independently assessing investment portfolios and selecting a manager and their investment strategy tailored to their goals and expectations.
Thus, a unified online platform 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.
- What are the key features of the platform?
- Visibility and accessibility of information
All data is presented in a convenient and understandable format for a wide range of users, allowing contributors to see where and how their funds are being invested.
- Comparison of IPM return and indicators
The platform allows you to compare IPMs by key parameters: portfolio structure, return, the value of a conventional unit of pension assets, as well as financial indicators and investment performance.
- Informed choice of investment strategy
Contributor can independently study investment declarations and make a decision on transferring pension savings to the management of the selected IPM in accordance with its criteria for investment management of pension assets.
- Complete information control of the contributor
After completing the necessary analysis, users can access detailed information about their personal pension assets by navigating from the Portal to their personal account. If necessary, they can transfer up to 50% of compulsory pension contributions, compulsory occupational pension contributions, and up to 100% of voluntary pension contributions to the IPM trust management.
- What can a contributor do in their personal account?
In their personal account, contributors can, among other things:
- check the available amount for transfer/return to/from the IPM/National Bank of the Republic of Kazakhstan;
- review the terms and conditions for submitting an application to select (change) an IPM or to return pension savings held in trust by the IPM to the trust of the National Bank of the Republic of Kazakhstan;
- submit an application to select (change) an IPM or to return to the National Bank of the Republic of Kazakhstan and track its status;
- receive other available pension services.
Interview on the topic: https://youtu.be/IeSVLh3PL5k
Video instructions: https://youtu.be/ErYGLJhmx0Y
Online scammers have become more active
The Center for Forecasting Criminal Threats and Public Safety Risks of the Committee on Legal Statistics and Special Accounts of the Prosecutor General's Office warns citizens about the increase in online fraud to attract citizens to financial fraud on fake investment platforms using deepfake technologies, as well as fraudulent services to recover previously lost investments.
Previously, attackers used Kazatomprom's phishing sites, but today cybercriminals create fake investment platforms of second-tier banks, large construction firms and promote fraudulent platforms for owning citizens' money using the image, image or voice of famous personalities using deepfake technology.
At the same time, services for refunding funds to victims of unscrupulous brokers are actively advertised on social networks.
However, this is a secondary fraudulent scheme aimed at citizens who have lost funds as a result of investments.
Be careful!
It is recommended to store funds.:
- do not follow questionable links;
- do not transfer personal and bank data to third parties;
- careful verification of information about investment offers distributed through social networks, instant messengers and advertising, especially in cases where they promise a high and guaranteed income;
- in case of detection of signs of fraud, it is recommended to immediately contact law enforcement agencies and notify the bank.
Scammers play with faith. Don't let yourself be deceived.
Find out in which polling station you need to vote, using convenient digital services at the following links:
• Portal "Center for Electronic Services" — https://e-vko.gov.kz /
•Telegram bot — https://t.me/vote_vko_bot
•Digital East Mobile App — https://digitaleast.e-vko.kz/
The National Fund for Children
Topical Questions about the UAPF
- How can I verify that my child has become a participant in the "National Fund for Children" program?
To verify, visit kids.enpf.kz and enter your child's IIN in the "Participant Search" section. Then click "Check." You will then receive information indicating the year your child became a participant in the program, as well as the total amount of their accumulated target requirements.
- What is the difference between target requirements and target savings?
Target requirements are the Government's obligations to children who are citizens of Kazakhstan and under 18 years of age. Target requirements are formed annually from 50% of the National Fund's investment income. Target requirements are accrued and recorded in UAPF accounts, but the assets themselves continue to be invested as part of the National Fund's assets, and additional investment income is accrued on them annually.
Targeted savings are previously accumulated amounts of target requirements that are credited to the target savings accounts of Kazakhstani recipients in the year they reach their 18th birthday.
Therefore, upon reaching age 18, target requirements become target savings. They are accrued and stored in each program participant's target savings account in the UAPF, denominated in US dollars.
- After target savings are transferred from the National Fund to the UAPF, will they accrue investment income?
Target savings credited to target savings accounts in the UAPF are not invested in financial instruments. They are held in US dollars and are available for use by recipients of target savings or their heirs.
- Can children from the same family transfer their target savings to each other, such as by assigning lump-sum pension benefit payments for housing and medical treatment?
The assignment of target savings payments for the purpose of improving housing conditions or paying for education in favor of close relatives is not provided for by current legislation.
- My child has already opened an account in the UAPF and his target savings have been transferred there. Who can use them?
After reaching 18 years of age, your child will have the right to independently use their savings for two purposes: improving housing conditions or paying for education. To do this, they must submit an application to the Authorized Operators.
Currently, the Authorized Operators are:
Otbasy Bank JSC (for housing and education),
Halyk Bank of Kazakhstan JSC (for education),
Bank CenterCredit JSC (for education).
- Can parents check the savings?
Parents or legal guardians of a minor can view their child's savings on the kids.enpf.kz website, in the eGov mobile app, and in the apps of some banks. When the child turns 18, a targeted savings account will be opened for them in the UAPF, which only they, as the recipient of the targeted savings, will have access to.
- A child's UAPF account was opened and the targeted savings were transferred. However, one month before turning 18, the family changed their citizenship. What will happen to their targeted savings?
If a participant in the targeted claims or recipient of targeted savings loses their citizenship of the Republic of Kazakhstan before or after turning 18, they lose the right to receive payment of their targeted savings. Their targeted claims and targeted savings will be distributed among other participants in the established manner, and their targeted savings account will be closed.
- In the event of the death of a participant in the target requirements or recipient of target savings, what documents and where should the heir receive them to receive the inherited target savings?
In the event of the death of a participant in the "National Fund for Children" program, their target requirements or target savings are inherited in accordance with civil law. To receive them, the heirs must contact the UAPF. Funds are available only after the deceased's target savings have been credited to the target savings account. To receive payments, the heirs must open a US dollar bank account with an authorized bank.
The heirs can use the funds for any purpose, meaning the mandatory requirement for their intended use is waived.
A current list of required documents for processing payments in connection with the death of a person with target savings is posted on the UAPF website.
- Is it possible to use target savings in parts, rather than in full?
Targeted savings in a target savings account can be used an unlimited number of times within the limits of the available target savings, as designated, provided the recipient is 18 years of age or older and holds Kazakh citizenship.
- What should I do if information is released indicating that my child is not a citizen of the Republic of Kazakhstan?
If a child with the specified IIN, according to information in the State Database of Individuals, is not a citizen of the Republic of Kazakhstan, they are therefore not a participant in the "National Fund for Children" program and cannot have the target requirements.
To update the information in the State Database of Individuals, we recommend contacting the migration service at their place of residence.
After making the appropriate adjustments, the UAPF will add the child to the list of children eligible for target requirements or recipients of target savings, taking into account the missed period.
- In what currency will the accumulation and subsequent transfer of target savings to the recipient of the target savings be made?
According to Kazakhstan law, target requirements and target savings are recorded in the UAPF in US dollars. Upon payment, target savings are transferred and credited to the recipients' bank accounts opened with authorized US dollar operators.
- In which banks can I open a bank account to receive payments from the National Fund? Are there any criteria or requirements for banks participating in the National Fund for Children project?
The law does not impose any restrictions on second-tier banks, meaning any second-tier bank in Kazakhstan that has entered into a relevant agreement with the UAPF can participate in the program. Currently, the authorized operator banks are:
Otbasy Bank JSC (for housing and education),
Halyk Bank of Kazakhstan JSC (for education),
Bank CenterCredit JSC (for education).
- We moved to our historical homeland of Kazakhstan and have "qandas" status. Can our child participate in the "National Fund for Children" project?
A citizen of the Republic of Kazakhstan under 18 years of age is eligible to participate in the targeted requirements. After receiving Kazakhstan citizenship, your child will be eligible to participate in the "National Fund for Children" project.