Kazakhstanis’ accrued investment income for the 12 months amounted to KZT2.28 trillion
Kazakhstanis’ accrued investment income for the 12 months amounted to KZT2.28 trillion
As a result of the National Bank of the Republic of Kazakhstan’s (NBRK) investment activities in pension asset management, as well as due to foreign exchange rate volatility and changes in the market value of financial instruments, the accrued investment income for the last 12 months from February 2025 to January 2026 amounted to approximately KZT2.28 trillion, with a return of 9.74% for this period.
It is important to note that the return on pension assets for individual short-term periods is not an indicator of their management effectiveness, as income in the form of interest on financial instruments and other transactions accrued over a short period of time does not always cover fluctuations in securities prices and exchange rates over a given period. Therefore, it is advisable to objectively analyze the amount of investment income over a longer period of time.
Over the medium and long term, a positive real return (exceeding cumulative inflation) on pension savings is ensured. The cumulative investment return since the inception of the funded pension system in 1998 as of February 1, 2026, was 1,173.15%, with inflation for the entire period at 952.32%.
As of February 1, 2026, net investment income accumulated since 2014 (following the consolidation of pension assets into the UAPF) amounted to KZT 13.99 trillion. Taking into account benefits paid, its share of the total pension savings of contributors (beneficiaries) is 41.5%, demonstrating the significant role of investment activity in the structure of citizens’ savings.
It should also be noted that contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings through compulsory pension contributions and up to 100% of pension savings through voluntary pension contributions) to a private investment portfolio manager (IPM) that meets the regulator’s requirements.
Compared to the more conservative management of the National Bank of the Republic of Kazakhstan, which is aimed at preserving pension assets and ensuring their positive long-term returns, the IPM’s investment declarations and regulatory requirements provide for broader investment opportunities for IPMs to increase the return on pension assets (although the risks associated with IPMs are also higher).
As a reminder, Kazakhstan has a unique guarantee for the safety of compulsory pension contributions and compulsory occupational pension contributions managed by the National Bank of the Republic of Kazakhstan, taking into account the inflation rate. In the event of a decrease in returns in a particular period, affecting the contributor’s accumulated returns upon the entitlement to benefits, compensation for the difference is guaranteed by the state.
The entire investment management and pension asset accounting system 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 and the financial instruments in which UAPF pension assets are invested is published on the official UAPF website (www.enpf.kz) in the “Statistics and Analytics/Investment Management of Pension Assets” 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)
