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    Akimat of the Uygur district

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    The state institution "Apparatus of akim of the Uygur region" provides organizational, legal, information-analytical, consultative and logistical support for the activities of the akimat and akim of the region, as well as the implementation of state policy in the field of information support and the provision of public services.

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    UAPF held an online seminar “School of Financial Journalism on the Issues of the Funded Pension System”

    ANNOUNCEMENT PRESS RELEASE UAPF held an online seminar “School of Financial Journalism on the Issues of the Funded Pension System” On November 7-8 of this year, the Unified Accumulative Pension Fund (UAPF), as part of active information and explanatory work among the population aimed at increasing financial literacy, as well as awareness of the pension system and changes in pension legislation, the formation of personal pension savings and the results of activities on managing pension assets, held another free online course of the school of financial journalism, which was attended by more than 100 journalists, bloggers and students from different regions of Kazakhstan. Over the course of two days, specialists in the field of the funded pension system held master classes in Kazakh and Russian. The course program included training modules on various topics. The Fund's experts spoke about pension system models in the world, the activities of the UAPF, investing pension assets and transferring savings to trust management, types of pension benefits and mechanisms for receiving them, clearly showed how to make an interesting material about the funded pension system and where you can find exclusive comments on the topic. They also answered questions from the event participants. UAPF JSC expresses gratitude to all the listeners who took part in the online seminar and hopes that the information received will be useful to them as itors, and will also help in creating relevant and interesting journalistic 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 ).

    Nov 18, 2024On-site

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    The number of Kazakhstanis regularly accumulating their pension savings is growing

    Every year, citizens in Kazakhstan are becoming more aware of their pension security, as is common in other countries. More and more people view their pension savings as their own long-term financial capital, which determines their well-being in old age. This is evidenced by the dynamic growth of savings, the expansion of the population's coverage by the funded pension system (FPS), the increase in the number of citizens regularly making pension contributions, and the increased regularity of their transfers. Growth of pension savings and open pension accounts of citizens As of July 1, 2026, Kazakhstani pension savings in the UAPF reached 28.09 trillion tenge, an increase of 4.08 trillion tenge, or 17.0%, year-on-year. One indicator of the development of the NPS is the steady growth in the number of pension accounts. As of July 1, 2026, 18.78 million pension accounts were opened in the UAPF, an increase of 1.11 million, or 6.3%, compared to the previous year. Of these, 12.80 million are individual pension savings accounts of contributors (beneficiaries), including 11.36 million for compulsory pension contributions (CPC), 786,270 for compulsory occupational pension contributions (COPC), and 462,400 for voluntary pension contributions (VPC). In addition, the UAPF maintains 5.97 million notional pension accounts, which track information on employer’s compulsory pension contributions (ECPCs). All account and savings information is transparent and accessible to citizens 24/7 via a personal statement, which can be obtained from the UAPF website or mobile app, as well as at regional offices. How to correctly assess the population's activity in paying pension contributions? When assessing citizen activity, it is important to consider the following. The total number of open CPC accounts (11.36 million) includes accounts to which contributions are no longer being received for objective reasons. These accounts include the following categories of citizens: - pension recipients who have reached retirement age and are exempt from further pension contribution payments even if they continue to work and have an income; - persons with permanent first and second group disabilities; - military personnel transferred to full state pension coverage since 2016; - other categories of contributors (beneficiaries) to whose accounts, in accordance with Kazakhstani law, contributions should not be received; - contributors who have permanently resided outside the country but have not claimed their savings; - deceased contributors whose heirs have not yet formalized the inheritance of their pension savings. Moreover, all citizens experience objective circumstances throughout their lives during which they do not have income from which pension contributions must be paid. Such periods include the following: - studying at educational institutions, - military service, - caring for children and relatives, - periods of job search and change, - work abroad, - breaks related to the seasonal nature of work, - work that requires irregular income throughout the calendar year, - periods associated with long-term treatment and rehabilitation. Therefore, in international practice, the generally accepted and most objective indicators of population participation in the FPS are the number of citizens receiving income and the corresponding number of active individual pension savings accounts that received at least one contribution during the year. In the first half of 2026 alone, their number increased from 7.20 millionto7.34 million accounts (an increase of 150,300). At the same time, the volume of pension savings in these accounts also increased. In the first half of 2026, it increased from 20.95 trillion tenge to22.24 trillion tenge,or by almost1.29 trillion tenge (6.2%). The majority of active accounts belong to citizens who are permanently employed and regularly pay the CPC. Their number increased from 6.77 million to 6.93 million over six months, and savings on them increased from 20.10 trillion to 21.07 trillion tenge. Regularity and completeness of payment of pension contributions Important factors in building adequate pension savings (in addition to the duration of participation in the FPS) are the regularity and completeness of contribution payments. In Kazakhstan, the average regularity of CPC payments per year has been steadily increasing: - for employees, this figure increased from 8.95 in 2024 to 8.98 contributions in 2025; - for the self-employed, from 7.36 to 7.53. Moreover, 80% of employees and 64% of the self-employed paid pension contributions 6 to 12 times a year in 2025. The average contribution amount in 2025 was 43,661 tenge among employees (which correlates with the payment of contributions from income at the level of the average wage in the republic), 23,225 tenge among the self-employed (which indicates the payment of contributions from income above the minimum wage, but below the median wage). Long-term trends also indicate a gradual increase in FPS coverage and CPC payment compliance. While the number of active CPC accounts was 6.07 million in 2015, by 2025 their number exceeded 7.20 million. The share of citizens paying contributions 6 to 12 times a year increased from 71% in 2015 to 78% in 2025. Accordingly, the share of those paying contributions sporadically (1 to 5 times a year) decreased from 29% to 22%. Dependence of pension contributions on the level of income of contributors Positive changes are observed in the structure of active individual CPC accounts based on contributor income levels. Over the course of 2025 (as of January 1, 2026), the share of accounts receiving contributions from incomes below the minimum wage (MW) decreased from 12% to 9% (the number of such accounts decreased from 838,300 to 652,400, or by 22.2%). These include contributors employed part-time or with shift work. At the same time, the number of accounts receiving contributions from higher incomes increased. By 2025, the share of active accounts with incomes ranging from the median to the average monthly salary[1] increased from 44% (as of January 1, 2025) to 45% (as of January 1, 2026), and the number of such active accounts increased from 3.17 million to 3.28 million. This trend reflects both the growth of official employment and income, as well as citizens' desire to accumulate savings by paying contributions from their income transparently and in full. By the end of 2025, coverage among employees reached 91%, demonstrating their near-complete coverage and participation in building their pension savings. Coverage is lower among self-employed workers, necessitating the implementation of a range of measures to integrate them into the pension system, taking into account best international practices. This is especially important since the basic pension amount also depends on length of service, which is determined based on the monthly contribution of the CPC to the UAPF. Thus, in today's environment, pension savings are becoming not only a mechanism for ensuring income after retirement, but also an important element of society's financial culture and the financial independence of its citizens. Citizens are increasingly monitoring their account balances, using UAPF electronic services, inquiring about investment income, and exploring pension asset management options. Citizen participation in building their own savings, regular contribution payments, and interest in savings management indicate the gradual emergence of long-term financial planning practices in Kazakhstan, where responsibility for future well-being is becoming a shared responsibility between the state, employers, and citizens themselves. 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 atwww.enpf.kz) [1] According to the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan for the third quarter of 2025, the average monthly salary was 429,368 tenge, the median salary was 302,584 tenge

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    Pension savings under your control: Expanding investment options for UAPF contributors

    Amendments to the Social Code of the Republic of Kazakhstan will come into effect on September 7, 2026. These amendments significantly expand the rights of UAPF contributors to independently choose strategies and portfolios for managing their pension savings. Contributors will now be able to transfer up to 100% of their savings to investment portfolio managers (IPMs) for trust management. These changes are aimed at increasing long-term returns from savings management by selecting IPMs with the most suitable investment strategy and performance history. Contributors of compulsory pension contributions (CPCs) and voluntary pension contributions (VPCs), as well as individuals for whom compulsory occupational pension contributions (COPs) and VPCs have been transferred, will be able to independently determine the amount of their savings transferred to trust management, select one or more IPMs, and one or more investment portfolios in line with their financial goals. More options to choose from According to the law, each IPM will have the right to offer investors up to three types of investment portfolios (conservative, moderate, and high-risk), varying in risk level, investment structure, and investment term. Having three portfolio types allows for tailoring investments to the individual age and interests of the investor, while the right to distribute savings among different IPMs minimizes exposure to fluctuations in their returns. The requirements for the formation of IPM investment portfolios are determined by the Agency for Regulation and Development of the Financial Market (ARDFM). All information on one platform For the convenience of contributors, UAPF has introduced a unified online information platform, invest.enpf.kz, which consolidates key information on pension asset investment management. The platform provides convenient and structured access to performance information and allows for dynamic comparison of various data across portfolios managed by all trustees (the National Bank of the Republic of Kazakhstan and the IPM) over a specified period. Investors can evaluate investment portfolios and independently select a manager and their investment strategy based on their interests. How to transfer savings to trust management? To transfer their pension savings, a contributor must select a management company from the register of investment management companies (IPMs) authorized to manage pension assets (detailed information is available on the UAPF website in the "Services - Transfer to Trust Management - Register of Investment Portfolio Managers" section) and submit an application. This can be done: in your personal account on the enpf.kz website (using an electronic digital signature); at any UAPF branch (upon presentation of an identity document). Step-by-step instructions (for transferring a portion of pension savings to an IPM / from one IPM to another IPM / returning savings from an IPM to the NBRK) are available at the following link: https://www.enpf.kz/ru/services/Invest/22218/. You can track the status of your application in your personal account on the website or in the UAPF mobile app (under the "Applications" tab). The application process is fully automated, and the UAPF transfers savings to the IPM's trust management within 30 calendar days of the application's receipt. However, pension savings can be transferred from one IPM to another, or returned to the management of the National Bank of the Republic of Kazakhstan (NBRK), no earlier than one year from the date of transfer of pension savings to the trust management of the investment portfolio manager. Pension savings protection mechanisms when managing IPM Expanding pension savings management options also implies a higher degree of responsibility for the contributor. The choice of an IPM is their own decision; the contributor evaluates the proposed strategy and portfolio structure, risk level, and asset management results. Legislation provides for a comprehensive system of savings protection: IPM financial liability – a system of composite indices used as a benchmark for return has been in effect since January 1, 2026. If the portfolio's return falls below the benchmark, the management company is obligated to compensate the contributor for the difference from its own capital; Independent custodian bank – all assets are stored with a custodian bank (an independent large bank), which oversees the targeted placement of assets in accordance with legal requirements. At the same time, assets continue to be recorded in the contributor's individual pension savings account (IPSA) in the UAPF and are segregated from the IPM's own assets. In the event of IPM bankruptcy, the pension assets of contributors cannot be used by the IPM; Investment restrictions and diversification – the regulator determines the list of instruments in which IPMs are permitted to invest. This includes government securities of Kazakhstan and foreign countries, equity and debt securities of non-government entities of Kazakhstan and foreign organizations, as well as deposits in second-tier banks and non-resident banks with the appropriate credit rating. High-risk digital and crypto assets are not included in this list, so investing pension savings in them is not permitted. Investment limits are also established by law. Each IPM determines its management strategy independently in its investment declaration, taking into account regulatory requirements; Requirements for management companies – only financially stable IPMs that meet the regulator’s requirements for capital, experience in managing client assets, and the presence of a major shareholder or a non-resident shareholder with a rating of at least “BBB” are allowed to manage pension assets. The register of IPMs admitted to managing pension assets is published on the websites of the ARRFR and UAPF. Currently, six companies are admitted to management: Alatau City Invest JSC, BCC Invest JSC, Halyk Global Markets JSC [1], Halyk Finance JSC, Centras Securities JSC, and Tansar Capital JSC. If an IPM is excluded from the register, pension savings are returned to the management of the NBRK. 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 atwww.enpf.kz) [1] Halyk Global Markets JSC has sent a notice of termination of the trust management agreement effective 2027. Therefore, the UAPF will no longer accept new applications from contributors to transfer pension assets to its management effective January 1, 2026.

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    ANNOUNCEMENT More than 98% of services provided by the UAPF to the population since the beginning of the year have been carried out in digital format

    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 payment. 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 client 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 June 30, 2026, the Fund provided 28.4 million services to the public. Of these, 17.4 million were provided electronically, and 10.4 million were automated. Thus, the share of automated, electronic, and remote services amounted to 98.6% of the total. A total of 384,700 services were provided in person, including 374,500 directly at the Fund's offices. As a reminder, all pension accounts are opened in the UAPF automatically upon receipt of the first contribution. Targeted requirements are also automatically accrued to citizens of the Republic of Kazakhstan under the age of 18, and targeted 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 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 targeted savings to recipients of targeted savings under the National Fund for Children program) exceeded 1.0 million. Getting statements from IPSAs, NPSAs, and TSAs remains the most popular service. Since the beginning of the year, 18.1 million statements have been issued for all account types, 16.1 million of which were electronic and 1.7 million automatically. The UAPF reminds that accessing account status information through your personal account is the most convenient, reliable, and timely way to monitor your pension savings. The service operates online 24/7, allowing you to access up-to-date information at any time and from anywhere. Account status information is available not only through the UAPF 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 single platform. UAPF notes that, starting in 2025, the annual automatic mailing of statements will no longer be provided. However, receiving information on pension savings by mail is still possible by submitting a request to UAPF. In addition to receiving a statement in their personal account on the website and in the mobile application, contributors (beneficiaries) have the opportunity to use services such as making changes and additions to their details, obtaining a certificate of account availability, submitting an application for the appointment of pension payments 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 payment 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, 54,000 applications from contributors for the transfer of a portion of pension savings to the IPM trust management were accepted, most 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 investors to develop a profile of their IPM and its investment activities. During the reporting period, 56,900 applications for changes to account details were received, 53,400 of which were submitted at the Fund's offices. When applying for a service from UAPF specialists, investors typically receive additional consultations and advice on savings management. As part of its outreach efforts, 29,600 roadside presentations were held, attended by 589,300 people. The number of materials published in the media based on UAPF announcements amounted to 20,200. The number of inquiries received from depositors and recipients through feedback channels (call center, website consultations, instant messaging, social media, and other communication channels) amounted to 226,500. 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 atwww.enpf.kz)

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    ANNOUNCEMENT More than 11.15 trillion tenge in investment income has been earned for UAPF contributors since 2014

    As of July 1, 2026, the net investment income earned by the NBRK since April 1, 2014 (following the consolidation of pension assets into the UAPF) amounted to over 11.15 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 41.4%, confirming the significant contribution of investment income to increasing citizens' pension savings. If we consider the results of investment activities over the past 12 months, then based on the results of managing the pension assets of the NBRK, formed through compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) and voluntary pension contributions (VPC), the amount of accrued investment income over the past 12 months from July 2025 to June 2026 amounted to approximately 2.51 trillion tenge, the return for this period was 10.29%. For pension assets formed through employer's compulsory pension contributions (ECPC), accrued investment income over the past 12 months as of July 1, 2026, amounted to 122.77 billion tenge, with a return of 16.84% 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 from financial instruments and other transactions accrued over a short period does not always cover fluctuations in securities prices and exchange rates over a given period. Therefore, an objective analysis of investment income is advisable over a longer period. The accumulated investment return since the inception of the funded pension system in 1998 as of July 1, 2026, was 1,109.05%, with inflation for the entire period at 995.04%. As a reminder, contributors have the right to transfer a portion of their pension assets (currently up to 50% of pension savings through CPC, COPC, and up to 100% of pension savings through the 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 Ki (12) portfolio, which is suitable for all investors, regardless of age. The minimum return is calculated over the past 12 months; the Ki (36) portfolio, which is designed for those with at least three years left until retirement. The minimum return is calculated over a 36-month period; the Ki (60) portfolio, which is designed for contributors with a long-term horizon (more than 13 years until retirement). The minimum return is determined over a 60-month period. 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, as well as on investment results, is published on the official UAPF website (www.enpf.kz) in the section “Statistics and Analytics/Investment Management of Pension Assets,” 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 atwww.enpf.kz)

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    CURRENT QUESTIONS ABOUT UAPF

    What will happen to citizens' pension savings after the amendments to the Social Code come into force? Is their safety guaranteed? How is this ensured? Article 217 of the Social Code stipulates that, effective January 1, 2027, "the State guaranteesbeneficiaries the safety of compulsory pension contributions and compulsory occupational pension contributions to the Unified Accumulative Pension Fund in the amount of actually paid compulsory pension contributions and compulsory occupational pension contributions." The state guarantees the safety of pension assets by regulating the activities of the Unified Accumulative Pension Fund and private investment portfolio managers (IPMs), establishing investment requirements for both the National Bank of the Republic of Kazakhstan (NBRK) and IPMs, requirements for diversification and risk mitigation when investing pension assets, and other regulatory standards. Therefore, the funded pension system and pension provision for Kazakhstanis as a whole remain under the regulation, control, and responsibility of the state. Who manages pension assets? Pension asset investments are handled by the National Bank of the Republic of Kazakhstan (NBRK), and since 2021, by investment portfolio managers (IPMs) holding the appropriate license and meeting the requirements of the authorized body. The primary objective of this type of trust management of pension savings is to invest in various financial instruments and generate income. Pension asset managers—the NBRK and IPMs—have their own pension asset investment strategies and independently determine the structure of their investment portfolios within the framework of their investment declarations. The current IPM registry includes six private companies that Kazakhstanis can entrust with the management of their pension savings: Alatau City Invest JSC, BCC Invest JSC, Centras Securities JSC, Halyk Finance JSC, Halyk Global Markets JSC, and Tansar Capital JSC. You can find information about investment portfolio managers and study their investment declarations on the website www.enpf.kz in the “Services” section - “Register of Investment Portfolio Managers”, as well as through the online information platform invest.enpf.kz. Legislative changes provide for the possibility of transferring up to 100% of pension savings accumulated through compulsory pension contributions and compulsory occupational pension contributionsto the management of an investment portfolio manager (IPM). How will this mechanism work? Article 40 of the Social Code grants depositors the right to independently decide whether to transfer their pension savings to the management of the Compulsory Pension Contributions (CPC) and/or maintain them under the management of the National Bank. In September 2026, legislative changes will also come into force, expanding depositors' investment options. Currently, depositors can transfer up to 50% of compulsory pension contributions and compulsory occupational pension contributions, and up to 100% of voluntary pension savings, to the CPC. Starting in the fall, they will be able to transfer both voluntary pension savings and savings formed from compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC) in full to the CPC. The contributor has the right to independently select one or more IPMs, as well as various investment portfolios—that is, investment strategies for managing pension assets offered by the IPMs, which vary in risk level, expected return, and investment term. To transfer funds to an IPM trust, the contributor must submit an application form. This can be done in their personal account on the enpf.kz website, on the invest.enpf.kz online platform using an electronic digital signature, or at any UAPF branch. What are the benefits of transferring pension savings? How can contributors find complete information on pension asset management and track the performance of management companies? Transferring up to 100% of pension savings to IPM management opens up opportunities for depositors to grow their capital over the long term by choosing an IPM with a better performance history or a more aggressive strategy. The UAPF, 100% government-owned, is the unified infrastructure institution in the pension market. With contrtibutors exercising their right to transfer their savings to IPM management, the UAPF's institutional role has expanded. The UAPF is a unified 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). The UAPF provides accessible services related to pension asset management, fully reflecting information about citizens' savings in statements 24/7. In addition, an online information platform (invest.enpf.kz) has been launched for UAPF contributors as a modern digital resource that allows them to compare asset management results across all managers (the National Bank of the Republic of Kazakhstan and the IPM). Invest.enpf.kz provides access to performance information and allows for dynamic comparison of data across asset managers and their portfolios over a specified period. Using this platform, contributors can learn about: investment portfolio structure; return indicators for various periods; composition of investment instruments; comparative characteristics of various managers; investment statements and management strategies. Furthermore, information on investment activities is regularly published on the enpf.kz website and the invest.enpf.kz online platform and is updated on an ongoing basis. How will IPM liability be ensured when receiving pension savings into trust management? The contributor has the right to independently select the IPM and investment portfolio, i.e., the investment strategy for managing pension assets, which differ in risk level, expected return, and investment term. In turn, the IPM bears statutory responsibility for the fiduciary management of pension assets and, in the event of a negative difference between the nominal return earned by the IPM and the minimum return calculated in accordance with regulatory requirements, compensates for the negative difference from the IPM

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    Pension savings of Kazakhstanis reached KZT 28.09 trillion

    The volume of pension savings of Kazakhstanis in the UAPF reached KZT 28.09 trillion as of July 1, 2026, an increase of KZT 4.08 trillion, or 17.0%, over the past 12 months. Compulsory pension contributions (CPC) account for the largest share of pension savings. Their volume as of the reporting date amounted to KZT 26.15 trillion, an increase of KZT 3.30 trillion, or 14.4%, over the past 12 months. Pension savings formed through compulsory occupational pension contributions (COPC) amounted to KZT 756.08 billion, an increase of 10.7% over the past 12 months. Voluntary pension contributions (VPC) also continue to grow: as of July 1, 2026, they amounted to KZT 10.31 billion, representing an 18.1%increase over the 12 months. Positive momentum also continues for pension savings formed through employer’s compulsory pension contributions (ECPC), which have been transferred to contributors' (beneficiaries') pension accounts since January 1, 2024. As of July 1, 2026, their value reached KZT 1,175.22 billion, 2.5 times higher than last year. Income The total savings volume is provided by pension contributions and investment income. In the first six months of 2026, KZT1,811.42 billion in contributions were received into individual and conditional pension accounts, an increase of 15.0% (or KZT 235.96 billion) compared to the same period last year. Individual pension savings accounts (IPSAs) for the purpose of accounting for compulsory pension contributions (CPCs) received KZT 1,390.48 billion as of July 1, 2026 (an increase of 7.4% compared to the same period last year), 75.43 billion tenge in COPC IPSAs (an increase of 11.1%), and KZT 1.04 billion in VPCs. ECPC since the beginning of the year as of July 1, 2026, amounted to KZT 344.47 billion. Net investment income received by depositors since the beginning of the year as of July 1, 2026, exceeded KZT 1,151.22 billion. Benefits and transfers Benefit payments for all types of contributions and transfers to insurance organizations from the UAPF for January-May 2026 reached KZT932.09 billion. The volume of old-age payments amounted to KZT146.63 billion. The average monthly payment according to the schedule from the UAPF upon reaching retirement age was KZT38,979. Lump-sum pension benefit payments (LSPBP) for housing improvements and medical treatment from the beginning of 2026 as of July 1, 2026, amounted to KZT408.11 billion, inheritance payments amounted to KZT55.48 billion, payments related to departure for permanent residence outside the Republic of Kazakhstan amounted to KZT22.59 billion, payments to persons with disabilities amounted to KZT1.77 billion, and funeral payments amounted to KZT4.73 billion. A sum of KZT292.78 billion was transferred to insurance organizations. Number of IPSAs The total number of pension accounts in the UAPF as of July 1, 2026, was 18.78 million (an increase of 1.11 million or 6.3% over the 12 months). The number of individual pension account contributors (recipients) in the UAPF as of July 1, 2026, was 12.80 million, of which 11.36 million were of CPC, 786.27 thousand were of COPC, and 462.40 thousand were of VPC. It should be noted that the total number of accounts for CPC recording (11.36 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 should not receive contributions under Kazakhstani law. The number of notional pension accounts in the UAPF recording information on received ECPC totaled 5.97 million. All up-to-date statistical data on pension assets 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 atwww.enpf.kz)

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