Kazakhstan allows full transfer of pension savings to private managers from September 7

September 7, 2026 at 09:35 AM2 min

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Kazakhstan from September 7 allows pension savers to transfer up to 100% of their mandatory pension savings to private investment managers, up from a previous 50% cap. Six companies are currently authorized to manage pension assets, though Halyk Global Markets will terminate its agreement with the UAPF from January 1, 2027. The National Bank will select managers through a competitive process and evaluate their performance monthly.

Key Facts

From September 7, 2026, Kazakhstan allows pension savers to transfer up to 100% of their mandatory pension savings to private investment managers, removing the previous 50% limit.
Six companies are currently authorized 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 the UAPF from January 1, 2027, and no new applications for transferring pension assets to the company will be accepted.
From 2027, the state will stop compensating UAPF savers for the difference between inflation and pension savings returns, removing the previous guarantee.
The largest mandatory pension account in Kazakhstan holds 387,547,976 tenge, according to the UAPF.

New Transfer Rules

Starting September 7, 2026, Kazakhstan allows pension savers to transfer up to 100% of their mandatory pension savings to private investment managers, up from the previous 50% limit introduced on July 1, 2023. The change removes the restriction that limited transfers to 50% of savings formed from mandatory pension contributions. The National Bank will act as the main manager, dividing portfolios and selecting financially strong and professional local management companies through a competitive process. Companies' performance will be evaluated monthly, and assets will remain with managers that show good returns, while underperforming managers will have funds transferred to other companies.

Authorized Management Companies

Six companies are currently authorized 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 the UAPF from January 1, 2027, and no new applications for transferring pension assets to the company will be accepted. If the company is removed from the register, savers' funds will be returned to the management of the National Bank.

State Guarantee Removal

From 2027, the state will stop paying UAPF savers the difference between inflation and pension savings returns, removing the previous guarantee that compensated savers when returns fell below inflation. The largest mandatory pension account in Kazakhstan holds 387,547,976 tenge, according to the UAPF.