Net investment income accumulated since 2014, following the consolidation of pension assets in the UAPF, exceeded 13.43 trillion tenge as of December 1, 2025. Taking into account payments made, its share of the total pension savings of Kazakhstanis as of that date is 41.5%. Thus, investment income plays a significant role in the formation of citizens' pension savings. Since 2014, there has been a significant increase in the efficiency of pension fund investment, contributing to a significant increase in the total savings of contributors (beneficiaries).

It should be emphasized that pension savings in Kazakhstan represent a strategic long-term investment tool aimed at ensuring the financial stability of citizens in retirement. The implementation of a flexible investment policy and asset diversification ensure sustainable positive dynamics in the long term. 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 over a given period. Therefore, it is advisable to conduct an objective analysis of investment income over a period of at least one year.

Against the backdrop of dynamically changing macroeconomic conditions, the return on pension assets managed by the NBRK, formed through compulsory, compulsory occupational, and voluntary contributions, distributed to contributor (beneficiary) accounts, amounted to 9.69% for the 12 months ending December 1, 2025. Accrued investment income for the period from December 2024 to November 2025 amounted to approximately 2.23 trillion tenge.

The return on pension assets for the same period, generated through mandatory employer pension contributions, amounted to 8.07%.

In the medium and long term, a positive real return on pension savings (exceeding cumulative inflation) is ensured. Thus, the accumulated investment return from the inception of the funded pension system in 1998 to December 1, 2025, was 1054.45%, with inflation for the entire period at 933.55%.

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

The entire investment management and accounting system for 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.