Since September 7, 2026, Kazakhstanis have been able to transfer all their pension savings to private asset management companies (UAPs). The money remains in the Unified Accumulative Pension Fund (UAPF), but it is managed by a private company rather than the National Bank. The plan is to enable each UAP to form different investment portfolios: conservative, moderate and risky, the website infohub.kz reports.
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market has adopted a resolution that expands the powers of managers and gives citizens the right to choose which portfolio to move their funds into.
Previously, each manager formed only one portfolio and a single asset management strategy for UAPF assets that applied to all contributors. The new rules remove these restrictions.
The conservative portfolio is available to all contributors regardless of age. It focuses mainly on bonds, which are generally less prone to sharp price swings than stocks. The manager's performance is assessed at the end of each year: for this portfolio, the minimum return must be at least 90% of the return of the established market benchmark. The share of foreign currency investments cannot exceed 40%.
The moderate portfolio is intended for contributors who have more than three years left until retirement age. Unlike the conservative one, it combines stocks and bonds. Stocks offer the prospect of higher returns over the long term, while bonds help reduce the portfolio's overall risks. Performance will be assessed over a three-year period, the minimum return must be at least 85% of the established market benchmark, and the share of foreign currency is capped at 70%.
The risky portfolio is designed for contributors who have more than 13 years left until retirement. It focuses mainly on stocks, so potential returns may be higher, but asset values will also fluctuate more. This strategy suits a longer investment horizon: temporary market downturns can be offset by subsequent growth in asset values. The manager's performance will be assessed over five years, the minimum return must be at least 80% of the established market benchmark, and the share of foreign currency investments can reach 80%.
Each portfolio therefore has its own strengths and weaknesses. Every citizen will be able to choose several portfolios at once, in one or more UAPs. However, they are not obliged to do so: if they wish, they can leave all their savings under the management of the National Bank of the Republic of Kazakhstan.
It is important to remember that a portfolio can be changed with the same manager, or switched to another manager, only once a year. If a contributor no longer meets the age requirement for the chosen strategy, the UAPF will automatically transfer their savings to another suitable portfolio. If no suitable portfolio exists, they will be notified in advance so that they can choose another manager or return the money to the National Bank.
Meanwhile, many Kazakhstanis have already decided to move their money to UAPs. In September and October, the most common amounts transferred were around 1–3 million tenge.