Part of pension savings formed through the new mandatory employer pension contribution has generated an investment return of 19.12% against inflation of 10.2% over the past year, reports infohub.kz.
Pension savings of Kazakh citizens held in the Unified Accumulative Pension Fund (UAPF) are constantly invested by managers to generate investment income. According to the UAPF, as of August 1, 2026, the majority of funds formed from mandatory, mandatory professional, and voluntary pension contributions (MPC, MPPC, and VPC) are managed by the National Bank of Kazakhstan – 26.933 trillion tenge. Since the beginning of the year, the yield on pension assets from its investment activities was 4.39%, and over the year – 7.13%. Inflation over the same period was 5.7% since the beginning of the year and 10.2% for the year.
Particularly notable were the results from investing the mandatory employer pension contribution (MEPC), which is held in conditional accounts of citizens and will form new payments in the future. The MEPC is also invested by the National Bank – it currently manages 1.273 trillion tenge. The yield since the beginning of the year was 10.84%, and over the year – 19.12%, almost twice the increase in prices over the same period.
It should be noted that the MEPC is invested only in tenge, which has significantly strengthened over the past year.
Kazakh citizens can also transfer part of their pension savings to portfolio managers (PMs). Recall that since September 7, they can entrust all their assets in the UAPF to them. Their results as of August 1, 2026 are as follows:
JSC "Subsidiary of the People's Bank of Kazakhstan "Halyk Finance" (under management – 71.88 billion tenge) brought a return of 6.34% since the beginning of the year, and 9.34% over the year; JSC "Alatau City Invest" (under management – 21.67 billion tenge) brought a return of 5.55% since the beginning of the year, and 10.99% over the year; JSC "Centras Securities" (under management – 18.92 billion tenge) brought a return of 9.72% since the beginning of the year, and 15.63% over the year – this is the highest result among PMs; JSC "BCC Invest" (under management – 17.74 billion tenge) brought a return of 6.24% since the beginning of the year, and 9.35% over the year; JSC "Halyk Global Markets" (under management – 6.72 billion tenge) brought a return of 6.11% since the beginning of the year, and 10.56% over the year; JSC "Tansar Capital" (under management – 568.2 million tenge) since April 8, 2026 has brought a return of 1.13%.
Recall that Tansar Capital is a new manager, while Halyk Global Markets, on the contrary, no longer accepts new pension savings and will stop managing old ones from 2027 – they will be transferred to the National Bank.
Thus, the National Bank showed the lowest yield from managing MPC, MPPC, and VPC, and the highest from the new mandatory employer pension contribution. Only half of the PMs also beat inflation.