Kazakhstan to change pension asset management system starting January 1

Tengrinews.kz – The Agency for Regulation and Development of the Financial Market has approved a new resolution that will change Kazakhstan’s pension asset management system beginning January 1, according to the agency’s official website.
Under the new framework, the performance of asset management companies will be assessed based on composite indices (benchmarks) rather than weighted average results. These benchmarks will include indices from Kazakhstan’s stock market and major global exchanges, allowing for a more objective evaluation of investment performance in line with international trends.
Management companies will also be allowed to offer different investment strategies varying in risk level, return, and investment horizon.

“This will enable contributors to choose investment profiles that match their personal preferences and risk tolerance, as well as to diversify their pension assets by allocating them to different managers with distinct strategies,” the agency explained.

The range of financial instruments available for pension investments will be expanded, with specific investment limits set for each strategy. The new rules also give management companies the option to voluntarily return pension assets to the National Bank’s administration.
According to the agency, the reform aims to increase the long-term profitability of pension assets, enhance transparency and flexibility, and foster competition among private managers — ultimately leading to more efficient investment of pension savings.
Meanwhile, the Unified Accumulative Pension Fund (UAPF) reported steady income from pension assets. As of October 1, 2025, the return on pension assets managed by the National Bank over the past 12 months stood at 14.11 percent, exceeding the inflation rate of 12.9 percent. The total investment income accrued from October 2024 to September 2025 reached 3.11 trillion tenge.
The return on employer-funded mandatory pension contributions was 8.44 percent for the same period. Since the establishment of the accumulative pension system in 1998, cumulative investment returns have reached 1,063.15 percent, while total inflation over that period amounted to 920.56 percent.
As of October 1, 2025, the net investment income accumulated since the consolidation of pension assets into the UAPF in 2014 amounted to 13.62 trillion tenge.