As of October 1, 2025, the return on pension assets held in trust by the National Bank of the Republic of Kazakhstan and formed through compulsory, compulsory occupational, and voluntary contributions over the past 12 months was 14.11%, with an inflation rate of 12.90%. Accrued investment income for the period from October 2024 to September 2025 reached 3.11 trillion tenge.

The return on pension assets from employer’s compulsory pension contributions (ECPC) over the past 12 months was 8.44%. 

It is important to note that the return on pension assets over short periods does not reflect the actual effectiveness of their management. This is because, over a short period, income from financial instruments and other transactions is not always able to offset fluctuations in securities prices and exchange rates. Therefore, it is advisable to objectively evaluate investment results over a period of at least one year. 

Thus, a positive real return (exceeding cumulative inflation) on pension savings is ensured in the medium and long term. Thus, the cumulative investment return since the inception of the funded pension system in 1998 as of October 1, 2025, was 1,063.15%, with inflation for the entire period at 920.56%.

 As of October 1, 2025, net investment income accumulated since 2014 (following the consolidation of pension assets into the UAPF) amounted to 13.62 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 42.8%, demonstrating the significant role of investment activity in the structure of citizens' savings.

We would also like to remind you that Kazakhstan has a unique guarantee for the safety of compulsory pension contributions, taking into account the inflation rate. In the event of a decrease in returns in a particular period, affecting the contributor's accumulated returns upon the entitlement to benefits, compensation for the difference is guaranteed by the state.

The entire system of investment management and accounting of pension assets is transparent: each contributor 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 UAPF pension assets and the financial instruments in which UAPF pension assets are invested is published on the official UAPF website (www.enpf.kz) in the "Statistics and Analytics/Investment Management of Pension Assets" section.