Based on the results of the National Bank of the Republic of Kazakhstan's (NBRK) pension asset management investment activities, taking into account exchange rate fluctuations and changes in the market value of financial instruments, the accrued investment income for the past 12 months (from March 2025 to February 2026) amounted to approximately 2.66 trillion tenge. The return for this period reached 11.39%.

It should be noted that the return on pension assets over short periods of time is not an indicator of management effectiveness. This is because income in the form of interest on financial instruments and other transactions accrued over a short period of time 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 assessment of investment income over a longer time horizon.

In the medium and long term, a positive real return (exceeding cumulative inflation) on pension savings is ensured. The accumulated investment return since the foundation of the funded pension system in 1998 as of March 1, 2026, with a cumulative total, amounted to 1,192.30%, with inflation for the entire period being 953.36%.

As of March 1, 2026, net investment income accumulated since 2014 (following the consolidation of pension assets into the UAPF) amounted to 10.83 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 41.7%, demonstrating the significant role of investment activity in the structure of citizens' savings.

As a reminder, contributors have the right to transfer a portion of their pension assets (up to 50% of pension savings through compulsory pension contributions and up to 100% of pension savings through voluntary pension contributions) to a private investment portfolio manager (IPM) that meets the regulator's 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 IPM's investment declarations and regulatory requirements provide for broader investment opportunities for IPMs to increase the return on pension assets (although the risks associated with IPMs are also higher).

As a reminder, Kazakhstan has a unique guarantee for the safety of compulsory pension contributions and compulsory occupational pension contributions managed by the National Bank of the Republic of Kazakhstan, 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 investment management and pension asset accounting system 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 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.