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Kazakhstan's pension savings have seen a significant boost، with investment income totaling over 2.1 trillion tenge in the last 12 months. This substantial return highlights the performance of the nation's pension fund assets.

Pension Fund Performance

Between May 2025 and April 2026، pension assets accumulated from mandatory، occupational، and voluntary contributions earned approximately 2 trillion tenge in investment income. This period saw a notable profitability rate of 8.57%.

Employer Contributions Add to Gains

Further bolstering these returns، pension assets formed from mandatory employer contributions received an additional 108.19 billion tenge in investment income. The profitability for this segment over the same 12-month period reached an impressive 17.49%.

Overall Investment Income

Cumulatively، the total investment income calculated over the past year surpassed 2.1 trillion tenge، demonstrating a strong performance for contributors.

How Investment Income is Generated

The National Bank of Kazakhstan and private asset managers are responsible for managing the pension fund's assets. Investment income is derived from various sources، including interest on securities and deposits، dividends، and market and currency revaluations of financial instruments.

Impact of Currency Fluctuations

The fund noted that the strengthening of the tenge against the US dollar since the beginning of 2026 has impacted the investment income. The national currency's exchange rate shifted from 505.53 to 462.91 tenge، leading to a negative revaluation of some currency assets.

Long-Term Outlook Remains Positive

Despite short-term market volatility and currency fluctuations، pension savings continue to show positive real returns in the long run. Since the establishment of the cumulative pension system in 1998، the total investment return has reached 1060.2%، while cumulative inflation over the same period stands at 979.41%.

National Bank's Contribution

Since April 2014، when pension assets were consolidated into the Unified Pension Savings Fund (UPF)، the National Bank's net investment income has amounted to 10.21 trillion tenge. This represents 39.7% of the total volume of contributors' pension savings.

Assessing Performance

The UPF emphasizes that evaluating the effectiveness of pension asset management over short periods can be misleading due to market conditions، currency exchange rate fluctuations، and changes in the value of financial instruments. Long-term indicators provide a more objective picture of performance.

Previously، it was reported that the methodology for calculating the minimum sufficiency threshold for pension savings in Kazakhstan would change. The relevant decree was signed by Prime Minister Olzhas Bektenov، with new sufficiency thresholds expected to be adopted around the beginning of June.

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