All private managers of the Unified Accumulative Pension Fund (UAPF) investment portfolio posted returns above Kazakhstan's current inflation rate in August, the website infohub.kz reports.

The funds Kazakhs hold in UAPF accounts do not sit idle — they are invested in various financial instruments and generate additional income. Responsibility for returns rests with the National Bank of the Republic of Kazakhstan and six private investment portfolio managers (IPMs).

The National Bank of Kazakhstan is the main manager of pension assets. According to UAPF data, as of September 1 it managed around 26.95 trillion tenge, formed from mandatory and voluntary pension contributions. Returns since the start of the year stood at 4.2%, and 6.17% over the year.

The National Bank also manages savings formed from the mandatory employer pension contribution (MEPC). The total amount in these accounts reached 1.35 trillion tenge. Returns since the start of the year came to 11.78%, and 18.65% over the year. That is significantly higher than the country's annual inflation rate (9.8%).

Private companies manage more than 151.2 billion tenge. As of September 1, they posted the following results:

Alatau City Invest — 24.1 billion tenge under management. Since the start of the year the IPM posted a return of 8.25%, and 13.91% over the year;

Halyk Finance — manages assets worth 77.6 billion tenge. Since the start of the year it delivered a return of 9.06%, and 11.82% over the year;

Centras Securities — manages 22.6 billion tenge. Since the start of the year it reached a return of 12.18%, and 17.05% over the year;

Halyk Global Markets — holds assets worth 6.6 billion tenge in its portfolio. Returns since the start of the year came to 7.55%, and 11.3% over the year;

BCC Invest — manages assets worth 19.6 billion tenge. Since the start of the year returns came to 8.09%, and 10.95% over the year;

Tansar Capital — manages assets worth 743.7 million tenge. This IPM has been operating since April 8, 2026, and has delivered a return of 2.43% over that period.

Thus, the bulk of savings managed by the National Bank produced the smallest returns, while funds from employer contributions grew the most. At the same time, all private managers performed successfully and managed to beat inflation.

Recall that since September 7 Kazakhs have been able to transfer all 100% of their savings to private companies. Whether to do so is a personal choice, not an obligation. Citizens can decide for themselves whom to transfer money to, how much, and whether it is worth doing at all.

And whether savings can be returned from an IPM back under the management of the National Bank, we explained here.