Rasul Rysmambetov, financier and independent member of the Board of Directors of UAPF JSC: "If a person doesn't save for old age—if they are convinced that the state will somehow come up with something and provide 'free cucumbers and tomatoes'—that simply won't happen, unfortunately... We can only build up savings for ourselves."
UAPF JSC continues its series of expert discussions as part of the "Dialogues on the Pension System" project.
Who came up with the idea of pensions? What should be the core objectives of the UAPF? Is it right to allow contributors to withdraw their savings? Which of us is the "Ant," and which is the "Grasshopper" from the famous fable?
In today’s exclusive interview, Rasul Rysmambetov—a financier and Independent Director of the Board of Directors of UAPF JSC—draws on his personal experience to discuss the challenges facing future retirees in Kazakhstan and shares his views on their prospects..
Watch the interview on the БЖЗҚ ЕНПФ YouTube channel!
https://youtu.be/Dy76WU-qFrs?si=CocIIq7U4J0rv1SZ
Subscribe to the БЖЗҚ ЕНПФ YouTube channel for interesting and useful information about the funded pension system.
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 mandatory pension contributions, employer’s mandatory pension contributions, mandatory 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)
За январь-июль 2026 года в районе Улкен Нарын было выполнено объем строительных работ на 1 950,0 млн. тенге, индекс физического объема в сравнений с аналогичным периодом прошлого года составил 155,4 %.
За январь-июль текущего года привлечено инвестиции в основной капитал 9 819,1 млн. тенге. Индекс физического объема привлеченных инвестиций в сравнении к соответствующему периоду прошлого года на 122,4 %.
В текущем году введено в эксплуатацию 1 323 кв. м жилья, по сравнению с аналогичным периодом прошлого года индекс физического объема составил 100,8 %.
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.
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)
As of August 1, 2026, the pension savings of Kazakhstanis amounted to 28.35 trillion tenge, an increase of 3.50 trillion tenge (or 14.1%) over the past 12 months.
The bulk of pension savings come from compulsory pension contributions (CPCs). As of August 1, 2026, their volume reached 26.31 trillion tenge, an increase of 2.69 trillion tenge (or 11.4%) over the past 12 months.
The volume of pension savings formed through compulsory occupational pension contributions (COPCs) exceeded 751.56 billion tenge. This figure has grown by 6.6% over the past 12 months.
Savings formed through voluntary pension contributions (VPCs) continued to grow. As of August 1, 2026, their volume amounted to 10.41 billion tenge, an increase of 14.9% over the 12 months.
A significant increase in pension savings formed through employer’s compulsory pension contributions (ECPC), which have been deposited into the pension accounts of contributors (beneficiaries) since January 1, 2024, has also been noted. As of August 1, 2026, their volume amounted to 1,273.93 billion tenge, an increase of 2.5 times over the 12 months.
Incomes
The total savings volume is provided by pension contributions and investment income. In the first seven months of 2026, 2,127.27 billion tenge in contributions were received into individual and conditional pension accounts, an increase of 15.7% (or 289.09 billion tenge) compared to the same period last year.
Individual pension savings accounts (IPSAs) for the purpose of accounting for compulsory pension contributions (CPCs) received 1,630.80 billion tenge as of August 1, 2026 (an increase of 8.1% compared to the same period last year), 87.69 billion tenge in COPCs (an increase of 11.0%), and 1,251.28 million tenge in VPCs. ECPC since the beginning of the year as of August 1, 2026, amounted to 407.53 billion tenge.
Net investment income received by contributors since the beginning of the year as of August 1, 2026, amounted to 1,233.05 billion tenge.
Benefits and transfers
Benefits for all types of contributions and transfers to insurance companies from the UAPF for January-July 2026 reached 1,083.51 billion tenge.
The volume of old-age payments amounted to 170.95 billion tenge. The average monthly payment scheduled from the UAPF upon reaching retirement age was 38,993 tenge.
Lump-sum pension benefit payments (LSPBPs) for housing improvements and medical treatment from the beginning of 2026 as of August 1, 2026, amounted to 435.20 billion tenge, inheritance payments amounted to 63.06 billion tenge, payments related to departure for permanent residence outside the Republic of Kazakhstan amounted to 28.13 billion tenge, payments to persons with disabilities amounted to 2.05 billion tenge, and funeral payments amounted to 5.56 billion tenge. An amount of 378.56 billion tenge was transferred to insurance organizations.
IPSA number
The total number of pension accounts in the UAPF as of August 1, 2026, was 18.89 million (an increase of 1.12 million or 6.3% over the 12 months). The number of individual pension savings accounts of contributors (beneficiaries) in the UAPF as of August 1, 2026, was 12.84 million, of which 11.39 million were under the CPC, 789,480 under the COPC, and 463,690 under the VPC. It should be noted that the total number of accounts for recording the CPC (11.39 million) also includes accounts of beneficiaries who have permanently resided outside the country but have not applied for their savings, deceased contributors whose heirs have not formalized the inheritance of their pension savings, military personnel who transferred to full state pension provision in 2016, and other categories of contributors (beneficiaries) whose accounts, according to Kazakhstani law, should not receive contributions.
The number of notional pension accounts in the UAPF recording information on received CPC totaled 6.06 million.
All up-to-date information on pension asset statistics is available on the enpf.kz website in the "Statistics and Analytics" section.
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 UAPF is the single operator of Kazakhstan's funded pension system, ensuring the reliability and transparency of pension savings. Its primary objective is to accumulate citizens' pension savings and ensure their future benefits. The Fund's services help citizens not only accumulate the necessary funds for a decent retirement but also actively participate in financial planning for their future. The UAPF provides various digital services to Kazakhstanis and continues to develop them, adapting to customer needs. The 24/7 availability of the Fund's services on its website and mobile app is a key factor in increasing contributor interest.
From January 1, 2026, to July 31, 2026, the Fund provided 32.4 million services to the population. Of these, 20.7 million were provided electronically, and 11.0 million were provided automatically. Thus, the share of services provided automatically, electronically, and remotely amounted to 98.6% of the total. 454,400 services were provided in person, including 443,100 directly at the Fund's offices..
As a reminder, all pension accounts are opened automatically in the UAPF upon receipt of the first contribution. Target requirements are also automatically calculated for citizens of the Republic of Kazakhstan under 18 years of age, and target savings accounts (TSAs) are opened to record and pay out targeted savings to adult recipients of targeted savings under the National Fund for Children program.
During the reporting period, the total number of automatically opened individual pension savings accounts (IPSAs) for all types of individual pension contributions, as well as notional pension savings accounts (NPSAs) for recording employer’s compulsory pension contributions (ECPCs) transferred by employers from their own funds, and targeted savings accounts (TSAs, opened to record and pay out targeted savings to recipients of targeted savings under the National Fund for Children program) exceeded 1.1 million.
Receiving statements from IPSA, NPSA, and TSA remains the most popular service. Since the beginning of the year, 21.7 million statements have been issued for all account types, 19.3 million of which were issued electronically and 2.1 million automatically. UAPF reminds that receiving account information through your personal account is the most convenient, reliable, and efficient way to monitor your pension savings. The service operates online 24/7, allowing you to receive up-to-date information at any time and from anywhere. Account information is available not only through the ENPF mobile app and your personal account on the UAPF website, but also through the egov.kz portal or the e-government mobile app. This provides additional convenience for users who prefer to interact with government services through a unified platform. UAPF notes that, starting in 2025, the annual automatic mailing of statements will no longer be provided. However, it is still possible to receive information about the status of pension savings by mail by submitting a corresponding request to the UAPF address.
In addition to receiving statements in their personal account on the website and in the mobile app, contributors (beneficiaries) can use services such as making changes and additions to their details, obtaining a certificate of account availability, submitting an application for pension benefits in connection with the establishment of a disability of groups 1 or 2 indefinitely or in connection with reaching the age of fifty through voluntary pension contributions, tracking the status of a benefit application, transferring a portion of pension savings to an investment portfolio manager (IPM), projecting a future pension using a pension calculator, etc. Over the past period, 74,000 contributor applications for the transfer of a portion of pension savings to IPM trust management were accepted, the majority of which were in electronic format.
The UAPF reminds that its 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. On the invest.enpf.kz portal, users have access in Kazakh and Russian to information about the pension savings system, securities, investment strategies (criteria), basic concepts, and the pension asset allocation structure, as well as the financial performance of each IPM, data on the IPM's compliance with regulatory requirements, and other information allowing contributors to develop a profile of their IPM and its investment activities.
During the reporting period, 67,200 applications for changes to account details were received, 63,100 of which were submitted at the Fund's offices.
When applying for a service from UAPF specialists, contributors typically receive additional consultations and advice on savings management. As part of its outreach efforts, 34,700 roadside presentations were held, attended by 689,000 people. The number of materials published in the media based on UAPF announcements was 24,100.
The number of inquiries received from contributors and beneficiaries through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) was 255,800.
As a reminder, any company can request an on-site presentation and consultation on the funded pension system by simply calling the call center at 1418 or through the Fund's website or mobile app.
UAPF consulting services can be obtained through instant messengers (chat bot in WhatsApp and Viber at +7 777 000 14 18), call center at 1418 (free call within Kazakhstan), on the corporate website enpf.kz, as well as on the official UAPF pages on social networks Instagram, Facebook, VKontakte, Telegram, 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)
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).
On June 26, 2026, UAPF JSC invites everyone to participate in its next Open Day, titled "Digital Services of UAPF JSC. Protecting Personal Data from Fraudsters and Fake Intermediaries When Obtaining Fund Services."
During the meeting, UAPF specialists will discuss the Fund's modern digital services, which allow access to most pension services remotely and at any convenient time, as well as information security and fraud prevention.
At the meeting you will learn:
In addition, UAPF specialists will answer questions from participants and provide individual consultations on pension system issues.
We invite everyone to attend the Open Day to receive up-to-date and reliable information about UAPF's digital services, and learn how to protect your personal data and pension savings from fraud.
UAPF JSC welcomes its contributors, beneficiaries, and everyone else to the Open Day!
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 June 26, 2026, at (9:30, 11:00, 14:00), UAPF JSC will hold an online Open Day.
The event topic is "Digital Services of UAPF JSC. Protecting Personal Data from Fraudsters and Fake Intermediaries When Obtaining Fund Services."
During the meeting, UAPF specialists will discuss the Fund's modern digital services, which allow access to most pension services remotely and at any convenient time, as well as information security and fraud prevention.
In addition to the main agenda, participants will be able to receive expert advice on all questions about 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/re532be292a6e5a8abb5a8808d2e38c8b |
https://enpf.webex.com/weblink/register/reec18696df40f018ebd7d8b7b29a6ad2 |
https://enpf.webex.com/weblink/register/rcc2d1e23ebcc9f8eb85d72f61545b15d |
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Дата и время/ Күні мен уақыты/Date and time: |
09:30 - 10:30 пятница, 26 июня 2026 г. (UTC+05:00) Астана |
11:00 – 12:00 жұма, 26 маусым 2026 ж. (UTC+05:00) Астана |
14:00 – 15:00 пятница, 26 июня 2026 г. (UTC+05:00) Астана |
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Номер event-совещания/ Event- жиналыс нөмірі/ Event meeting number: |
2512 657 6440 |
2517 224 1764 |
2519 850 5069 |
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Пароль event-совещания/ Event- жиналыс паролі/ Event meeting password: |
126744 |
3453889 |
548832 |
UAPF JSC welcomes its contributors, beneficiaries, and everyone else to the Open Day!
In Kazakhstan, to ensure the adequacy of future pensions for citizens and bring the pension system in line with international standards, changes are planned to the Methodology for Calculating Minimum Adequacy Thresholds (MAT).
The purpose of revising the MAT calculation method (Methodology) is to increase the requirements for the minimum amount of pension savings necessary to ensure the adequacy of future funded pensions and to gradually increase the labor income replacement rate (IRR) of contributors through pension benefits at retirement age (taking into account minimum international standards).
Why was there a need for change?
According to the current Methodology, the MAT amounts are set annually based on calculations taking into account approved socio-economic indicators, projected calculations of future pension contributions depending on the minimum wage and investment returns.
However, the current Methodology has a number of shortcomings:
According to the current Methodology for determining MAT, it is assumed that if a portion of pension savings is withdrawn, the contributor will continue to regularly make compulsory pension contributions (CPCs) until retirement. In this case, the future funded pension will be approximately 50,000 tenge, which corresponds to the current subsistence minimum (SM). However, in practice, contributions may be received irregularly or not at all. In this case, the current MAT amounts will not provide the expected minimum payments, and the amount of future pension benefits will be lower than the SM. Moreover, even with regular contributions and ensuring the accumulation volume at the level of the current MAT amounts, the funded pension at the level of about 50 thousand tenge will amount to less than 15% of the current median salary[1].
What does the new Methodology propose?
The proposed new Methodology for Determining the MAT aims to provide citizens with a higher and more predictable level of pension benefits. According to the new approach, after withdrawing savings above the MAT, the future funded pension will be equal to at least 40% of the median salary (according to the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, in the fourth quarter of 2025, it was 339,912 tenge).
Moreover, in the proposed Methodology, threshold values will no longer depend on future contributions or annual projected changes in many macroeconomic indicators. MAT values will be determined based on long-term factors, including demographic tables of Kazakhstan's population, regularly updated by the United Nations (UN), taking into account national statistics. Accordingly, future pension amounts will be predictable for citizens and will gradually approach the target indicators of OECD countries.
The MAT amount, as currently, will depend on the contributor's age: the closer a person is to retirement age, the higher the MAT level must be to secure a future pension.
The classic formula for calculating the present value of a future pension benefit will be used to determine the MAT. In other words, the new formula determines the minimum savings amount, i.e., the MAT amount that must already be in the contributor's individual pension savings account (IPSA) to ensure the target pension. Furthermore, the impact of inflation and investment returns is taken into account when calculating future payments, meaning future benefits will grow in real terms, taking inflation into account.
Thus, the new Methodology for Determining MAT increases the requirements for the minimum amount of pension savings required to provide a future funded pension, ensuring an adequate replacement rate for a contributor's labor income through pension benefits. Furthermore, this Methodology will bring the MAT calculation system closer to international pension standards and reduce the risk of insufficient pension savings at retirement.
International Standards and Global Experience
As a reminder, according to Convention 102 of the International Labour Organization (ILO), the minimum acceptable level of pension provision is IRR of at least 40%. In European Union (EU) countries, the average minimum pension is approximately 60% of the minimum wage. In Organisation for Economic Co-operation and Development (OECD) countries, the average minimum wage is approximately 50% of the median wage.
International experience shows that the option of early withdrawal of pension savings has been used in a number of countries as an anti-crisis measure in strictly limited amounts in exceptional situations related to economic upheaval and the need to support the population, including during the COVID-19 pandemic.
It should be emphasized, however, that pension savings are primarily intended to provide income for citizens in old age. Therefore, regular withdrawal of pension funds before retirement can lead to a critical decline in the amount of savings and, consequently, to a reduction in the amount of future pension benefits. In the long term, this increases the risk of insufficient retirement income in old age.
Therefore, the option of using a portion of pension savings for alternative purposes remains, but approaches to determining the amount of funds available for withdrawal are being refined, taking into account the need to ensure citizens have an adequate and stable level of pension benefits in the future.
The calculation of the MAT under the new Methodology in Kazakhstan will be adapted to real conditions and aims to bring it closer to the pension provision practices of advanced countries. The updated methodology will allow for the determination of the minimum level of pension savings required to be retained in the Individual Pension Savings Account (IPSA), so that, if a portion of the savings is withdrawn, the future funded pension will not be lower than the target indicators and will provide a stable pension income for citizens at retirement age.
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] The median salary is an indicator that divides all salaries into two equal parts: 50% of employees receive less than this amount, and 50% receive more.