New opportunities for pension asset management:
result-oriented investments

Starting from January 1, 2026, an assessment system based on Ki composite indices will be introduced to ensure an objective assessment of the effectiveness of investment portfolio managers (IPMS), depending on the level of profitability and risk.
The composite index is a type of benchmark that includes indices of national and global stock markets, which provides an objective assessment of the results of the IPM, taking into account global economic trends, as well as capital market situations. Comparing the dynamics of these indices with the profitability of the portfolio of pension assets (PA) held in trust by the UIP will provide an opportunity to assess how much the management company follows market conditions - ahead or behind. A benchmark is a benchmark or benchmark that is used to compare the effectiveness and evaluate the performance of private managers.

To date, the UAPF has concluded PA trust management agreements with five UIPS. It should be noted that within the framework of the current approach, the UIP adheres to established standards, legal requirements and ensures profitability indicators not lower than the minimum level calculated on the basis of the average return on pension assets. There is a steady increase in the volume of pension funds transferred to the management of the UIP. As of December 1, 2025, the total amount of pension assets transferred to the management of the UIP amounted to about 107.3 billion tenge. At the same time, most of the assets of the IP are invested in bonds and government securities, which corresponds to a conservative investment strategy. The current approach leads to the fact that the UIP with the largest amount of pension assets under their management has the most significant impact on the formation of weighted average returns, and, as a result, to a certain extent limits the investment opportunities of managers.
The introduction of a management approach based on a recognized benchmark, which does not depend on the profitability of other IPMS and reflects the situation on global and local markets, will allow IPMS to rely on objective benchmarks and strive for the best results of investing pension assets.

New rules for forming investment strategies and expanding investment opportunities

Starting from January 1, 2026, UIPS will select a portfolio for investment strategies based on composite indices. The reference portfolio consists of a set of financial instruments reflecting the strategic interests of the investor. The profitability of the reference portfolio serves as a measure for evaluating the effectiveness of pension asset management. The composite benchmark includes indexes developed and tracked by the world's leading financial companies, as well as indexes of Kazakhstan Stock Exchange JSC in certain proportions, depending on the investment strategy.
Each IP, as before, will manage assets within the framework of a single investment strategy - there is no provision for IP to choose between several strategy options. However, IP investment strategies will vary in terms of the level of risk, expected return, and duration of investment. Based on this, the UIP will be able to offer depositors one of three investment portfolios in the implementation of trust management of pension assets.:
1. Portfolio Ki (12) for investors, regardless of the period before retirement. The minimum yield is determined based on the results of 12 months and must be at least 95% of the nominal yield of the corresponding composite index.
The reference portfolio for the investment portfolio Ki (12) is the following indices:
10% - KASE index ;
60% - KZGB_DPs index
10% - MSCI ACWI Index
20% - Bloomberg Global Index- Aggregate Total Return Index Value Hedged USD .

2. Portfolio Ki (36) for investors retiring no earlier than in 3 years. The minimum yield is calculated based on the results of 36 months and must be at least 90% of the nominal yield of the composite index.
The reference portfolio for the investment portfolio Ki (36) is the following indices:
20% - KASE index
20% - KZGB_DPs Index
40% - MSCI ACWI Index
20% - Bloomberg Global Index- Aggregate Total Return Index Value Hedged USD.

3. Portfolio Ki (60) for investors who have more than 13 years before retirement. The minimum yield is determined based on the results of 60 months and should not be lower than 85% of the nominal yield of the composite index.
The reference portfolio for the Ki (60) investment portfolio is the following indices:
20% - KASE Index
10% - KZGB_DPs Index
60% - MSCI ACWI Index
10% - Bloomberg Global Index- Aggregate Total Return Index Value Hedged USD.

In addition, from January 1, 2026, the list of financial instruments allowed to be acquired at the expense of the PA will be expanded and new risk standards will be established. Thus, depending on the chosen IP benchmark, the structure of the investment portfolio will differ by type of instruments and each IP will determine its investment goals depending on the ratio of risk and return.
Depositors will choose the strategy offered by a certain IPO, taking into account the acceptable level of risk for them and the established time limits for approaching retirement age. The transfer of part of the savings to the trust management of the UIP in accordance with the chosen strategy is a good opportunity to gain investment experience and analyze its results.

The mechanism of compensation of the negative difference

If the return on pension assets falls below the established minimum (composite benchmark), the IP must reimburse the amount of the negative difference from its own capital. The refund is made on the basis of a reconciliation report between the management company, the custodian bank and the UAPF.

Innovations in legislation also suggest the possibility of termination of contracts between the UAPF and the UIP on the basis of the following conditions:

• the PA trust management agreement may be terminated upon the expiration of one full calendar year from the date of conclusion of this agreement at the initiative of the IPU.;
• The IPM is obliged to notify the authorized body, the UAPF and the custodian bank responsible for accounting and custody of the PA, no later than one year before the date of termination of the agreement, as well as to place an appropriate announcement on the corporate website;
• within 5 business days after fulfilling its obligations, the UIP returns the PA to the UAPF custodial account with the National Bank of the Republic of Kazakhstan on the basis of the acceptance and transfer certificate.
These rules ensure transparency and safety of depositors' funds when changing trust managers.

Thus, the adopted innovations will allow:
• to increase the long-term profitability and safety of the PA;
• to develop a competitive environment among UIPS;
• Empower depositors and strengthen their trust in the funded pension system.

We remind you that an application for the transfer of a part of pension savings to the trust management of the UIP can be submitted in your personal account on the website www.enpf .kz either in the UAPF mobile application, as well as by contacting the UAPF office in person.

Source : https://www.gov.kz/memleket/entities/social-abay/press/news/details/1140215?lang=kk