In the first four months of 2026, the total pension assets of the Unified Accumulative Pension Fund (ENPF) decreased by 171 billion tenge (or 0.7%), dropping to 25.72 trillion tenge as of May 1. This was reported by Qazaqyia.kz citing Kursiv Media.
The reduction in the overall portfolio is accompanied by management losses: in January–April, the fund recorded a decrease in net investment income of 2.4 billion tenge.
Nominal pension savings (liabilities to depositors) continue to grow. Since the beginning of 2026, they have increased by 499 billion tenge (+2%), reaching 25.71 trillion tenge. However, the inflow of money from monthly contributions is completely offset by two key factors: outpacing growth of payments and negative revaluation of investments.
As of May 1, 2026, the fund's net investment income decreased by minus 2.4 billion tenge. Such a result for a third of the year indicates that portfolio managers were unable to generate returns sufficient to cover current losses on individual financial instruments.
Pressure on the fund's liquidity continues to be exerted by large-scale withdrawals by the population. Total pension payments over four months increased by 522.7 billion tenge (+5.4%), reaching 10.17 trillion tenge.
In the structure of capital outflow, early withdrawals form a significant share. For improving housing conditions, Kazakhstanis directed a total of 4.83 trillion tenge (an increase of 205.0 billion tenge over four months). For medical treatment, 1 trillion tenge was withdrawn (an increase of 0.6 billion tenge). Transfers of pension savings to insurance organizations under pension annuity contracts jumped by 12.6%, reaching 1.42 trillion tenge.
Earlier it was reported that Kazakhstanis were massively withdrawing pension savings before the increase in thresholds. In June 2026, the ENPF approved an increase in the minimum sufficiency thresholds by almost 79% due to the introduction of a new calculation methodology.