Kazakhstanis may boost pension income by shifting savings to six private managers
This digest was compiled by AI from multiple sources — links to the originals are below.
Starting September 2026, Kazakhstanis will be able to transfer all mandatory pension savings to any of six licensed private investment portfolio managers, up from the current 50% cap. The change allows citizens to pursue potentially higher returns through diversified strategies, while the National Bank remains the default manager.
Pension Asset Management
Pension assets in Kazakhstan are currently managed by the National Bank and, since 2021, by licensed private portfolio managers (УИП) meeting regulatory requirements. Six joint-stock companies now hold УИП licenses: Alatau City Invest, BCC Invest, Сентрас Секьюритиз, Halyk Finance, Halyk Global Markets, and Tansar Capital. Their investment declarations and strategies, which differ in risk and return profiles, are published on the ENPF website and the invest.enpf.kz platform.
Transfer Expansion from September 2026
Article 40 of the Social Code permits depositors to decide on transferring savings to УИП. Currently, up to 50% of mandatory and mandatory occupational contributions can be moved, along with 100% of voluntary savings. From September 2026, legislative changes will allow full transfer of all mandatory and voluntary pension savings to one or more private managers. Investors may select different portfolios with varying risk levels and expected returns, and submit a digitally signed application via the ENPF website, its investment platform, or a branch office.
What's Next
The ENPF will update its online platform by September 2026 to reflect the new rules. It remains unclear how many depositors will opt for private management, given the inherent market risks and varying performance records of the investment firms.
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Kazakhstanis may boost pension income by shifting savings to six private managers
