International experience shows that countries use various mechanisms to protect pension savings depending on the specifics of their national pension system. In most countries, the protection of pension system participants' rights is ensured by mechanisms such as insurance against the risk of default on pension payment obligations, state oversight of pension funds and management companies, and the establishment of requirements for their financial stability and risk management systems. Consequently, the primary focus is on creating a robust regulatory system, effective oversight, and the distribution of responsibilities between the state, funds, and management companies.In the United States, defined benefit (DB) corporate pension plans are protected by the federal insurance system through the Pension Benefit Guaranty Corporation (PBGC)[1], which ensures that employees' pension obligations under the corporate pension plan are met (up to statutory limits) in the event of the employer's default on the employee's retirement savings. In the United Kingdom, the Pension Protection Fund (PPF)[2] performs similar functions. Similar mechanisms exist in Germany. However, these insurance systems only apply to defined benefit (DB) corporate pension plans and do not apply to defined contribution (DC) pension plans. Some countries provide mechanisms to ensure a minimum return on pension savings. These can be set either in absolute nominal terms (e.g., Belgium, Switzerland, Malaysia, Singapore) or in relative terms, i.e., compared to a certain benchmark, such as the average return (in Latin American countries). In Belgium and Switzerland, legislation sets a minimum nominal rate of return on mandatory occupational pension funds, which is used to calculate the employer's obligations under its employee's pension plans. In several Latin American countries (Chile, Colombia, El Salvador), the minimum return is determined relative to the average return among the corresponding types of pension funds. If the pension fund manager (AFP) fails to meet the minimum return, the difference is covered by established reserves (guarantee reserve). A number of Asian countries also have minimum return requirements for pension savings. In Malaysia, the Employees' Pension Fund (EPF) guarantees a nominal return on pension savings of at least 2.5% per annum. In Singapore, the Central Provident Fund (CPF) provides a minimum nominal return of 2.5% to 4% per annum (depending on the account type). In virtually all OECD countries, the activities of pension funds and management companies are subject to risk-based government oversight, accompanied by strict requirements for capital adequacy, reserve formation, risk management systems, and compliance with professional investment standards for client assets. Thus, as funded pension systems develop, the emphasis is increasingly shifting to effective regulation, risk-based supervision, and expanding the rights and investment opportunities of contributors. Kazakhstan's pension system is also developing in this direction. As a reminder, legislative changes provide for expanded opportunities for citizens to manage their pension savings. Contributors will be able to independently select one or more management companies offering various investment strategies and portfolios and entrust them with the management of up to 100% of their savings. With expanding investment opportunities and the implementation of measures to improve pension provision, approaches to preserving pension savings are also changing. Effective January 1, 2027, the state guarantee will be to ensure the preservation of compulsory pension contributions and compulsory occupational pension contributions to the Unified Accumulative Pension Fund (UAPF) in the amount of actual contributions. The state's primary obligations, however, focus on maintaining the adequacy of the state component of pensions (basic and solidarity pensions).  UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)   [1] Who we are | Pension Benefit Guaranty Corporation[2] https://www.ppf.co.uk/?utmSource : https://www.gov.kz/memleket/entities/abay-urzhar/press/news/details/1263049?lang=ru

Mira Kairesheva has been approved for the position of Independent Director, Member of the Board of Directors of JSC Islamic Bank ADCB (Protocol No. 53/БВУ/T dated July 14, 2026)Yelnur Sailaukul has been approved for the position of Member of the Management Board - Head of Risk Management of Freedom Bank Kazakhstan JSC (Protocol No. 54/БВУ/Т dated July 17, 2026)Source : https://www.gov.kz/memleket/entities/ardfm/press/news/details/1263039?lang=ru

When selling a property, it is important to consider the period of ownership.Dear taxpayers, we remind you that since January 1, 2026, the minimum period of ownership of real estate has changed, which is taken into account when determining obligations to pay individual income tax (IIT) on property income.If the property was purchased on January 1, 2026, the minimum period of ownership is 2 years. When selling such property earlier than the specified period, an individual has an obligation to pay personal income tax on the increase in value if the object is sold at a price higher than the cost of its acquisition.Please note that the tax is calculated not from the entire sale amount, but only from the positive difference between the purchase price and the sale price of the property.We recommend that you take into account the current tax legislation when planning real estate transactions in order to avoid violations of tax obligations.Source : https://www.gov.kz/memleket/entities/kgd-sko/press/news/details/1262979?lang=ru

In connection with the questions received regarding the cancellation of the state guarantee for recipients of pension payments regarding the safety of their pension savings in the amount of actually paid compulsory pension contributions (CPC), compulsory occupational pension contributions (COPC) taking into account the level of accumulated inflation, the UAPF comments as follows.The state guarantees and regulates.Article 217 of the Social Code of the Republic of Kazakhstan provides that, from January 1, 2027, “The State guarantees to recipients of pension payments the safety of compulsory pension contributions, compulsory occupational pension contributions in the unified accumulative pension fund in the amount of compulsory pension contributions, compulsory occupational pension contributions actually made.”The state guarantees the safety of pension assets by regulating the activities of the UAPF and private investment portfolio managers (IPMs), establishing investment requirements for the National Bank of the Republic of Kazakhstan (NBRK) and IPMs, requirements for diversification and risk mitigation when investing pension assets, and other regulatory standards.NBRK manages pension assets with goals aimed at preserving pension savings and achieving long-term real returns.The IPM bears statutory responsibility for the trust management of pension assets and, in the event of a negative difference between the nominal return received by the IPM and the minimum return value calculated in accordance with the regulator’s requirements, compensates for the negative difference from the IPM’s own capital.The state provides multi-level control.The pension asset investment management system remains under multi-level government control.- The National Fund Management Council (NFMC), chaired by the Head of State, determines the main directions of investment policy, considers proposals to improve management efficiency, and reviews annual reports on the UAPF's activities in terms of pension asset management.- The government approves a list of financial instruments permitted for acquisition using pension assets held in trust by NBRK.- To ensure the safety of pension savings and the achievement of long-term real returns, NBRK develops and approves the UAPF investment declaration and manages pension assets.At the same time, the Social Code of the Republic of Kazakhstan establishes the principle of solidarity and collective responsibility of the state, employers, and citizens in the social security system, including pension provision, as is accepted in international practice.Participation of contributors in the management of pension assets.Article 40 of the Social Code of the Republic of Kazakhstan grants contributors the right to independently decide whether to transfer their pension savings to the management of a IPM and/or maintain them under the management of NBRK.In September 2026, legislative changes will also come into force, expanding contributors' investment options. While contributors can currently transfer up to 50% of their compulsory and compulsory occupational savings and up to 100% of their voluntary savings to IPM management, starting in the fall, they will be able to transfer both voluntary pension savings and savings formed through compulsory pension contributions (CPCs) and compulsory occupational pension contributions (COPCs) to IPM management in full.Contributors have the right to independently select one or more IPMs, as well as various investment portfolios — that is, investment strategies for managing pension assets offered by IPMs, which vary in risk level, expected return, and investment term.To assess the effectiveness of the investment management of pension funds, composite indices (benchmarks) tracked by leading global financial companies, such as MSCI and Bloomberg, as well as indices of Kazakhstan Stock Exchange JSC, are used. IPMs guarantee a set level of investment return, and if the return falls below the market benchmark, the IPM is obligated to compensate for the difference from its own capital. Therefore, investors have the right to independently choose different investment asset managers and different investment strategies (portfolios) for their pension savings. Under market-based approaches to pension asset management, the legal and economic rationale for a state guarantee of inflation loses its significance.Ensuring transparency in pension asset management. UAPF, 100% owned by the government, is the single infrastructure institution in the pension market. With contributors exercising their right to transfer their savings to the management of investment portfolio managers (IPMs), the institutional role of the UAPF has expanded. UAPF is a unified accounting and information center for all contributors, operating their individual pension savings accounts regardless of who manages the assets (NBRK and/or the IPM, at the contributor’s discretion).UAPF provides accessible services related to pension asset management, fully reflecting information on individuals' savings in statements 24/7. Furthermore, an online information platform (invest.enpf.kz) has been launched for UAPF contributors as a modern digital resource that allows them to compare asset management results across all managers (NBRK and the IPM). Invest.enpf.kz provides access to performance information and allows for dynamic comparison of data across asset managers and their portfolios over a specified period. Thus, the funded pension system and pension provision for Kazakhstanis as a whole remain under the regulation, control, and responsibility of the state. At the same time, the role of other participants—employees and employers—in the formation of pension savings increases, in line with international practice.For reference. Over the 28 years of its existence, Kazakhstan's funded pension system has demonstrated stability and sustainability. Pension assets amount to approximately 28 trillion tenge. The volume of pension benefits from the UAPF is constantly increasing: in 2024, it exceeded 1 trillion tenge, in 2025 – 1.5 trillion tenge, and over the first five months of 2026, pension benefits amounted to approximately 917 billion tenge.The share of investment income in total savings exceeds 40%. Over the long term, investment returns significantly exceed accrued inflation. Since the inception of the funded pension system in 1998, as of June 1, 2026, the cumulative return was 1,095.39%, with inflation for the entire period at 986.70%.Source : https://www.gov.kz/memleket/entities/abay-kurchatov/press/news/details/1262937?lang=ru

 International experience shows that countries use various mechanisms to protect pension savings depending on the specifics of their national pension system.In most countries, the protection of pension system participants' rights is ensured by mechanisms such as insurance against the risk of default on pension payment obligations, state oversight of pension funds and management companies, and the establishment of requirements for their financial stability and risk management systems. Consequently, the primary focus is on creating a robust regulatory system, effective oversight, and the distribution of responsibilities between the state, funds, and management companies.In the United States, defined benefit (DB) corporate pension plans are protected by the federal insurance system through the Pension Benefit Guaranty Corporation (PBGC)[1], which ensures that employees' pension obligations under the corporate pension plan are met (up to statutory limits) in the event of the employer's default on the employee's retirement savings.In the United Kingdom, the Pension Protection Fund (PPF)[2] performs similar functions. Similar mechanisms exist in Germany. However, these insurance systems only apply to defined benefit (DB) corporate pension plans and do not apply to defined contribution (DC) pension plans.Some countries provide mechanisms to ensure a minimum return on pension savings. These can be set either in absolute nominal terms (e.g., Belgium, Switzerland, Malaysia, Singapore) or in relative terms, i.e., compared to a certain benchmark, such as the average return (in Latin American countries). In Belgium and Switzerland, legislation sets a minimum nominal rate of return on mandatory occupational pension funds, which is used to calculate the employer's obligations under its employee's pension plans.In several Latin American countries (Chile, Colombia, El Salvador), the minimum return is determined relative to the average return among the corresponding types of pension funds. If the pension fund manager (AFP) fails to meet the minimum return, the difference is covered by established reserves (guarantee reserve).A number of Asian countries also have minimum return requirements for pension savings. In Malaysia, the Employees' Pension Fund (EPF) guarantees a nominal return on pension savings of at least 2.5% per annum. In Singapore, the Central Provident Fund (CPF) provides a minimum nominal return of 2.5% to 4% per annum (depending on the account type).In virtually all OECD countries, the activities of pension funds and management companies are subject to risk-based government oversight, accompanied by strict requirements for capital adequacy, reserve formation, risk management systems, and compliance with professional investment standards for client assets.Thus, as funded pension systems develop, the emphasis is increasingly shifting to effective regulation, risk-based supervision, and expanding the rights and investment opportunities of contributors.Kazakhstan's pension system is also developing in this direction. As a reminder, legislative changes provide for expanded opportunities for citizens to manage their pension savings. Contributors will be able to independently select one or more management companies offering various investment strategies and portfolios and entrust them with the management of up to 100% of their savings.With expanding investment opportunities and the implementation of measures to improve pension provision, approaches to preserving pension savings are also changing. Effective January 1, 2027, the state guarantee will be to ensure the preservation of compulsory pension contributions and compulsory occupational pension contributions to the Unified Accumulative Pension Fund (UAPF) in the amount of actual contributions. The state's primary obligations, however, focus on maintaining the adequacy of the state component of pensions (basic and solidarity pensions)UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)  Source : https://www.gov.kz/memleket/entities/abay-kurchatov/press/news/details/1262939?lang=ru