Accrued investment income for Kazakhstanis

exceeded 307 billion tenge for the first three months of 2026.

Investment income for Kazakhstanis is generated through both pension asset management by the National Bank of Kazakhstan (NBRK) and private investment portfolio managers (IPMs).

As a result of the NBRK's investment activities in managing pension assets through mandatory pension contributions (MPCs), mandatory professional pension contributions (MPPCs), and voluntary pension contributions (VPCs), accrued investment income for the first three months of 2026 amounted to 271.4 billion tenge, while 34.1 billion tenge came from mandatory employer pension contributions (MPCs).

In turn, based on the results of the UIP's investment activities, the accrued investment income for 2026 as of April 1, 2026, amounted to 1.56 billion tenge.

As a reminder, the trustees implement a balanced investment policy, investing in various types of financial instruments across currencies, countries, sectors, and issuers. Investment income is generated from various sources: interest income on securities (deposits and other transactions), market and currency revaluation of financial instruments, assets under external management, etc. Thus, the amount of investment income depends on a number of factors: the dynamics of the market value of the instruments in the portfolio, exchange rate fluctuations, inflation, dividend payments, and other conditions. Returns can both increase and decrease over different periods, which affects the total amount of contributors' pension savings. The main reason for the decline in investment income since the beginning of this year on pension assets managed by the NBRK is the negative exchange rate revaluation of foreign currency assets due to the strengthening of the tenge against the US dollar – from 505.53 to 478.77 tenge per US dollar.

Despite financial market volatility, positive investment income and a real return on pension savings are being ensured in the medium and long term. The accumulated investment return since the inception of the funded pension system in 1998 as of April 1, 2026, was 1,184.74%, with inflation for the entire period at 970.03%.

As of April 1, 2026, the net investment income earned by the NBRK, accumulated since April 1, 2014 (after the consolidation of pension assets into the ENPF), amounted to 10.54 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (recipients) amounts to 40.7%, demonstrating the significant role of investment activity in the structure of citizens' savings.

It is important to note that the return on pension assets over individual short periods is not an indicator of their management effectiveness, as income from financial instruments and other transactions accrued over a short period does not always cover fluctuations in the value of securities and exchange rates during that period. Therefore, it is advisable to conduct an objective analysis of investment income over a longer period.

As a reminder, contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings from mandatory pension contributions and up to 100% of pension savings from voluntary pension contributions) to a private investment portfolio manager (PIM) that meets regulatory requirements.

Compared to the more conservative management of the National Bank of the Republic of Kazakhstan, which is aimed at preserving pension assets and ensuring their positive long-term returns, the investment declarations of the ENPF and the regulator's requirements provide for broader investment opportunities for the ENPF to increase the return on pension assets (however, the risks in the ENPF are also higher).

The entire investment management and accounting system for pension assets is transparent: each investor can view their investment income in their personal account on the enpf.kz website or in the mobile app.

Information on the investment management of ENPF pension assets and the financial instruments in which ENPF pension assets are invested is published on the official ENPF website (www.enpf.kz) in the "Statistics and Analytics/Investment Management of Pension Assets" section, as well as on the invest.enpf.kz portal.

Source : https://www.gov.kz/memleket/entities/social-abay/press/news/details/1227129?lang=ru