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 generated through compulsory pension contributions (CPCs), compulsory occupational pension contributions (COPCs), and voluntary pension contributions (VPCs), the accrued investment income for the last 12 months from June 2025 to May 2026 amounted to approximately 2.71 trillion tenge, with a return of 11.46% for this period.

For pension assets formed through employer's compulsory pension contributions (ECPC), accrued investment income over the past 12 months as of June 1, 2026, amounted to 115.29 billion tenge, with a return of 17.12% for this period.

It is important to note that the return on pension assets for 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 over a given period. Therefore, an objective analysis of investment income is advisable over a longer period.

The accrued investment return since the inception of the funded pension system in 1998 as of June 1, 2026, cumulatively, was 1,095.39%, with inflation for the entire period at 986.70%.

As of June 1, 2026, the net investment income earned by the NBRK since April 1, 2014 (following the consolidation of pension assets into the UAPF) amounted to 10.94 trillion tenge. Taking into account payments made, its share of the total pension savings of contributors (beneficiaries) is 41.2%, 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 CPC, COPC, and up to 100% of pension savings through VPC) to a private investment portfolio manager (IPM) that meets the regulator's requirements.

Investors can choose one of three investment portfolios within which the IPM operates:

• the Ki (12) portfolio, which is suitable for all contributors, regardless of age. The minimum return is calculated over the past 12 months;

• the Ki (36) portfolio, which is designed for those with at least three years left until retirement. The minimum return is calculated over a 36-month period;
• the Ki (60) portfolio, which is designed for contributors with a long-term horizon (more than 13 years until retirement). The minimum return is determined over a 60-month period. 

The entire investment management and pension asset accounting system 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 on the financial instruments in which UAPF pension assets are invested is published on the official UAPF website (www.enpf.kz) in the section “Statistics and Analytics/Investment Management of Pension Assets,” and also on the portal invest.enpf.kz