NBK to transfer pension assets to private managers via competition

September 7, 2026 at 01:03 PM2 min

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The National Bank of Kazakhstan will transfer pension asset portfolios to private investment companies through a competitive process, Chairman Timur Suleimenov said. The new mechanism aims to boost returns after few savers used the existing option to assign up to 50% of savings to private managers. The system could launch by the end of 2027.

Key Facts

From September 7, 2026, Kazakh citizens can transfer 100% of their mandatory pension contributions to private management companies, up from 50% previously.
The National Bank plans to allocate pension asset portfolios to professional investment companies through a competitive tender, with performance reviewed monthly, quarterly, and annually.
As of September 1, 2026, UAPF assets returned 4.39% year-to-date, while inflation reached 5.7% over the same period.
Six private companies are currently licensed to manage pension assets: Alatau City Invest, BCC Invest, Halyk Global Markets, Halyk Finance, Centras Securities, and Tansar Capital.
Halyk Global Markets will terminate its agreement with UAPF starting January 1, 2027.

New Transfer Mechanism

National Bank Chairman Timur Suleimenov announced a new approach to transferring pension assets to private managers. Currently, citizens may assign up to 50% of their pension savings to a company of their choice, but uptake has been very low. Under the new mechanism, the National Bank will allocate individual pension asset portfolios to professional investment companies through a competitive process. Managers will be evaluated monthly, quarterly, and annually; those with high returns will retain portfolios, while underperformers will lose assets to better-performing firms. The new system could be operational by the end of 2027.

Full Transfer Option

Starting September 7, 2026, Kazakh citizens can transfer 100% of their mandatory pension contributions to a private management company. Previously, savers could transfer only half of their pension savings to a private manager. The change gives savers the ability to compare private managers' historical returns and investment strategies before choosing one. The National Bank currently manages the majority of UAPF pension assets, while private companies invest the funds they receive in their chosen financial instruments. Some private managers have recently outperformed UAPF; as of September 1, UAPF assets returned 4.39% year-to-date versus inflation of 5.7%.

Licensed Managers

Six companies are currently licensed to manage pension assets: Alatau City Invest, BCC Invest, Halyk Global Markets, Halyk Finance, Centras Securities, and Tansar Capital. Halyk Global Markets announced it will terminate its agreement with UAPF starting January 1, 2027.