PENSION ASSET MANAGEMENT
KEY QUESTIONS REGARDING THE ENPF
1. Who manages pension assets?
Pension assets are managed by the National Bank of the Republic of Kazakhstan (NBRK) and, since 2021, by Investment Portfolio Managers (IPMs) that hold the appropriate license and meet the requirements set by the authorized regulatory body. The primary objective of this fiduciary management of pension savings is to invest in various financial instruments to generate income. Both the NBRK and the IPMs employ their own investment strategies and independently determine the structure of their investment portfolios within the framework of their respective investment declarations.
The current registry of IPMs includes six private companies to which Kazakhstani citizens may entrust 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. (Note: Halyk Global Markets JSC has notified the Unified Accumulative Pension Fund (ENPF) of the termination of its fiduciary management agreement, effective from 2027; consequently, as of January 1, 2026, the Fund will no longer accept applications to transfer pension savings to this company.)
Information regarding these IPMs, including their investment declarations, can be found on the website www.enpf.kz under the "Services" section—specifically, the "Registry of Investment Portfolio Managers"—as well as through the online platform invest.enpf.kz. 2. Legislative amendments provide for the option to transfer up to 100% of pension savings—accumulated through mandatory pension contributions and mandatory professional pension contributions—to an investment portfolio manager (IPM). Who is eligible to take advantage of this, and how does the mechanism work?
All contributors to the Unified Accumulative Pension Fund (UAPF) are eligible to transfer up to 100% of their savings to private investment portfolio managers (IPMs). These provisions came into effect on September 7, 2026.
Information regarding IPMs and their investment declarations can be found on the website www.enpf.kz under the "Services" section—specifically, the "Register of Investment Portfolio Managers"—as well as through the online platform invest.enpf.kz.
In the near future, an IPM will be able to offer contributors up to three types of investment portfolios (conservative, moderate, and aggressive/high-risk), which differ in terms of risk level, expected return, and investment horizon.
The procedures for structuring investment portfolios of pension assets will be established by the authorized body responsible for the regulation, control, and supervision of the financial market and financial organizations.
3) Is it possible to distribute savings among multiple investment portfolio managers?
A contributor may select one or more IPMs. To better inform the public, the UAPF has launched a dedicated online platform, invest.enpf.kz. This modern digital resource allows contributors to compare data on various pension asset portfolios managed by different entities (the National Bank of the Republic of Kazakhstan and private IPMs) all in one place. The platform provides contributors with tools to independently evaluate investment portfolios, as well as to select an IPM and an investment strategy tailored to their personal goals and expectations. Furthermore, on the website invest.enpf.kz,
a contributor can not only review the investment declarations of an Investment Portfolio Manager (IPM) and analyze their financial performance, but also find information regarding any administrative measures, sanctions, or enforcement actions taken against the IPM by the regulator (the Agency for Regulation and Development of the Financial Market, or ARDFM), if applicable.
4) How the transfer of savings from the UAPF to an Investment Portfolio Manager (IPM) works
To transfer pension savings into trust management, a contributor must select an IPM and submit an application using a specific form. This can be done via the personal account section on the enpf.kz website or the invest.enpf.kz online platform—using an electronic digital signature—or in person at any UAPF branch.
Within their personal account, a contributor can, among other things:
• check the amount available for transfer to, or return from, an IPM or the National Bank of the Republic of Kazakhstan (NB RK);
• review the rules and terms for submitting an application to select (or change) an IPM, or to request the return of pension savings currently under the trust management of an IPM to the trust management of the NB RK;
• submit an application to select (or change) an IPM, or to request a return to the NB RK, and track its status;
• access other available pension-related services.
The status of an application to transfer pension savings into trust management can be monitored through the personal account on the website or via the UAPF mobile application.
The processes for submitting applications for transfer to an IPM, as well as their subsequent processing by the UAPF, are fully automated. The UAPF transfers pension assets to the trust management of an IPM within the timeframes established by regulatory legal acts. Furthermore, the transfer of pension savings under discretionary management from one investment portfolio manager (IPM) to another, or their return to the management of the National Bank of the Republic of Kazakhstan (NBRK), is permitted no earlier than one year from the date of the initial transfer.
5. Where can contributors find comprehensive information on the management of pension assets and track the performance of asset management companies?
The Unified Accumulative Pension Fund (UAPF) serves as the central record-keeping and information hub for all contributors, acting as the operator of their individual pension accounts, regardless of who manages the assets (the National Bank of the Republic of Kazakhstan (NBRK) and/or an asset management company (AMC) chosen by the contributor).
The UAPF provides accessible services related to pension asset management, offering 24/7 access to information on citizens' savings—including accrued investment income—via personal accounts on the website enpf.kz or through the UAPF mobile application.
Information regarding the investment activities of each manager is regularly updated on the enpf.kz website under the section "Statistics and Analytics" – "Investment Management of Pension Assets."
Furthermore, the UAPF offers a dedicated online platform (invest.enpf.kz)—a modern digital resource that allows contributors to compare the asset management performance of all available managers (the NBRK and various AMCs). The invest.enpf.kz platform provides access to data on investment returns, enables users to track performance trends over specific time periods, compare different asset managers and their portfolios, and make well-informed investment decisions.
