Kazakhstan lifts 50% cap on pension transfers to private managers from Sept 7

September 7, 2026 at 03:01 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan on September 7 removed the 50% ceiling on transferring pension savings to private investment managers, allowing ENPF contributors to allocate up to 100% of their funds. The change applies to mandatory, professional, and voluntary contributions, with contributors able to split assets across multiple companies. The reform takes effect even as only 62,000 of 12 million ENPF depositors have previously used private managers.

Key Facts

The 50% cap on transferring ENPF savings to private managers was removed on September 7, 2026, allowing up to 100% allocation.
Six companies are licensed to manage pension assets: Alatau City Invest, BCC Invest, Centras Securities, Halyk Finance, Halyk Global Markets, and Tansar Capital.
Centras Securities posted the highest annual return of 18.66% as of July 1, 2026.
Only 62,000 of 12 million ENPF contributors have ever transferred funds to private managers.
ENPF launched the invest.enpf.kz platform for comparing National Bank and private manager returns.

Regulatory Change

Amendments to Kazakhstan's Social Code took effect on September 7, 2026, eliminating the previous 50% limit on transferring pension savings to private investment managers. The new rules apply to mandatory, professional, and voluntary pension contributions, giving contributors full discretion over the share entrusted to private companies. Contributors may distribute their savings among several management companies with different investment strategies. The National Bank of Kazakhstan remains an option for those who prefer to keep their pension assets under state management.

Investment Options and Safeguards

Private managers offer three portfolios defined by the Social Code: conservative, moderate, and aggressive, each with a distinct risk-return profile. The ENPF launched the invest.enpf.kz platform to help contributors compare returns of the National Bank and private companies. If a private manager's return falls below a benchmark, the company must compensate the shortfall from its own capital. Pension assets are held by an independent custodian bank and cannot be seized even if the management company goes bankrupt. Investment of pension funds in cryptocurrency and digital assets is prohibited.

Market Participants and Depositor Sentiment

Six companies are licensed to manage pension assets: Alatau City Invest, BCC Invest, Centras Securities, Halyk Finance, Halyk Global Markets, and Tansar Capital. Centras Securities reported the highest annual return of 18.66% as of July 1, 2026. Only 62,000 of 12 million ENPF contributors have ever transferred funds to private managers, according to Atameken Business. Financier Talant Kaliyeva cautioned that returns significantly above the segment average may indicate riskier projects with potential for loss.