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

Based on the NBRK's investment activities in managing pension assets formed through mandatory pension contributions (MPCs), mandatory professional pension contributions (MPPCs), and voluntary pension contributions (VPCs), the accrued investment income for the past 12 months from May 2025 to April 2026 amounted to approximately 2.00 trillion tenge, with a return of 8.57% for this period. For pension assets formed through mandatory employer pension contributions (MPECs), accrued investment income as of May 1, 2026, over the past 12 months amounted to 108.19 billion tenge, with a return of 17.49%.

As a reminder, trustees adhere to a balanced investment policy, investing pension assets in various types of financial instruments across currencies, countries, economic sectors, and issuers. Investment income is generated from various sources: fees on securities, deposits, and other transactions, market and currency revaluations of financial instruments, assets under external management, etc. The amount of investment income depends on a variety of factors, including changes in the market value of financial instruments, exchange rate fluctuations, inflation, dividend payments, and other market conditions. Therefore, returns may increase or decrease over different periods, which, in turn, affects the total amount of pension savings for contributors. The main reason for the decrease in investment income since the beginning of this year is the negative exchange rate revaluation of foreign currency assets due to the appreciation of the tenge against the US dollar from 505.53 to 462.91 tenge per US dollar.

Despite financial market volatility, positive investment income and a real return on pension savings are ensured in the medium and long term. The accumulated investment return since the inception of the funded pension system in 1998 as of May 1, 2026, was 1,060.20%, with inflation for the entire period at 979.41%.

As of May 1, 2026, the net investment income earned by the NBRK since April 1, 2014 (after the consolidation of pension assets into the UAPF) amounted to 10.21 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (recipients) is 39.7%, 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 specific short-term 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, investors 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 (PIPM) that meets the regulator's requirements.

Compared to the more conservative management of the National Bank of the Republic of Kazakhstan, aimed at preserving pension assets and ensuring their positive long-term returns, the investment declarations of the PIP and the regulator's requirements provide for broader investment opportunities for PIPs to increase the return on pension assets (although the risks in PIPs 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 in the "Statistics and Analytics/Investment Management of Pension Assets" section, as well as on the portal.

Source : https://www.gov.kz/memleket/entities/abay-kurchatov/press/news/details/1231410?lang=ru