U UAPF on the use of pension savings
Over the past five and a half years, more than 5.8 trillion tenge of pension savings have been used to improve housing conditions and pay for medical treatment.
The most significant withdrawals occurred in 2021 – approximately 2.6 trillion tenge. While there was a decrease in 2022-2023, the volume of withdrawals has increased in recent years, exceeding 1 trillion tenge in 2025.
As a reminder, the Head of State emphasized that the main goal of the pension system is pension provision, and "our goal is not to give away all savings now, leaving people without a decent pension in old age."
Year |
Transferred by the UAPF to authorized operators for crediting to special accounts of applicants for the purposes of: | |
Improve housing conditions (amount, million tenge) |
Pay for medical treatment (amount, million tenge) | |
2021 |
2,468,085 |
126,542 |
2022 |
703,232 |
192,391 |
2023 |
170,905 |
100,386 |
2024 |
396,683 |
173,875 |
2025 |
824,360 |
391,733 |
From 01.01.2026 to 31.05.26 (as of 01.06.2026) |
318,206 |
333 |
Throughout these years, the amounts withdrawn significantly exceeded the amounts allocated to the immediate objective of providing pensions to citizens.
Furthermore, in some years, withdrawals exceeded incoming contributions.
The withdrawal of savings from investment also leads to an increase in lost investment income. In the long term, this will lead to a significant reduction in savings at retirement age.
It should be noted that in Kazakhstan, the share of accumulated investment income in contributors' pension savings is growing and currently stands at approximately 40%, while in international practice, it typically exceeds 80%.
In developed countries, pension assets are a source of investment and sustainable economic growth. In advanced countries, accumulated pension assets exceed 100% of GDP; in Kazakhstan, pension assets currently account for approximately 16% of GDP.
Globally, the primary objective of the funded pension system is to ensure future pension benefits. Therefore, it is important to preserve pension savings for the benefit of citizens' future pensions and their further growth through long-term investments in Kazakhstan and international markets.
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 )