Accumulated Net Investment Income of Kazakhstanis
Reaches 14.64 Trillion Tenge
As of September 1, 2025, the net investment income accumulated since 2014—following the consolidation of pension assets into the Unified Accumulative Pension Fund (UAPF)—has reached 14.64 trillion tenge. Accounting for payouts already made, this amount represents 40.6% of the total pension savings held by Kazakhstanis as of that date. Consequently, investment income plays a significant role in the accumulation of citizens' retirement savings. Since 2014, there has been a marked improvement in the efficiency of pension fund investments, which has contributed to substantial growth in the total volume of savings held by contributors (and beneficiaries).
It should be noted that pension savings in Kazakhstan serve as a strategic long-term investment instrument, designed to ensure the financial stability of citizens during their retirement years. The implementation of a flexible investment policy, combined with the diversification of investment portfolios by asset management companies, fosters steady, long-term growth in investment income.
At the same time, evaluating the returns on pension assets over short-term periods does not provide a complete picture of management efficiency. This is because income generated from financial instruments and other operations over a brief timeframe may not always offset fluctuations in the value of securities or currency exchange rates during that same period. Therefore, an objective analysis of investment income should ideally cover a period of at least one year. Given the current macroeconomic environment, the return on pension assets managed by the National Bank of the Republic of Kazakhstan (NBRK)—comprising mandatory, mandatory occupational, and voluntary contributions—amounted to approximately 1.58 trillion tenge over the 12-month period from September 2025 to August 2026, representing a yield of 6.17%.
For pension assets derived from mandatory employer pension contributions, the investment income accrued over the same 12-month period totaled 158.51 billion tenge, yielding a return of 18.65%.
It should be noted that as of September 7, 2026, amendments to the Social Code of the Republic of Kazakhstan have come into effect, significantly expanding the rights of Unified Accumulative Pension Fund (UAPF) contributors to independently select strategies and portfolios for the management of their pension savings. Contributors may now entrust up to 100% of their savings to investment portfolio managers (IPMs). Starting in 2026, contributors can choose from three investment strategies offered by IPMs, which vary by risk level, expected return, and investment horizon. Each IPM manages assets according to a single, specific investment strategy. A composite benchmark has been established for each type of investment portfolio to serve as a standard for evaluating the returns generated by the IPM.
The entire system for the investment management and accounting of pension assets is transparent: every contributor can view their investment income through their personal account on the enpf.kz website or via the mobile application. Information regarding the investment management of the Unified Accumulative Pension Fund (UAPF) assets and the financial instruments in which these assets are invested is published on the official UAPF website (www.enpf.kz) under the section "Statistics and Analytics/Investment Management of Pension Assets," as well as on the portal invest.enpf.kz.
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