The transfer of pension savings of Kazakhstanis to private companies for management has noticeably intensified in June. This was reported by Qazaqyia.kz citing the Telegram channel DATA HUB and calculations based on data from the Unified Accumulative Pension Fund (UAPF).
During the month, the fund executed 11,900 applications for transferring funds to investment portfolio managers — 2.1 times more than in May, when 5,700 applications were executed.
The total amount of transfers increased 3.2 times — from 4.4 billion to 14 billion tenge. Both indicators reached their maximum values since January 1, 2021, when Kazakhstan introduced the possibility of transferring pension savings from the management of the National Bank to private managers.
DATA HUB noted that in June, the information background around pension savings was particularly saturated. On June 6, new thresholds of minimum sufficiency for using pension savings to improve housing conditions and treatment became known. Depending on the age of the depositor, they were increased by 79% or more.
In addition, Kazakhstanis will be allowed to transfer all pension savings to private management. However, this norm will actually come into effect only in September.
An increase in activity in transferring funds to investment portfolio managers was also observed in January 2026. This coincided with changes in the regulation of management companies.
Now, the return on assets of a management company is supposed to be compared with a certain market indicator depending on the chosen investment strategy. If the return is lower than the established benchmark, the manager must compensate for the negative difference from its own capital.
At the same time, the volume of pension assets under management of private companies still significantly lags behind the funds managed by the National Bank. According to DATA HUB data as of June 1, the most relevant in available statistics, the corresponding figures were 110 billion and 26.4 billion tenge.
Currently, six private companies manage pension assets. Five of them have shown higher returns over the past 12 months than the National Bank, whose result was 11.46% with inflation at 10.4%.
Tansar Capital has not yet published annual results, as it only started operations on April 8, 2026.
These are assets formed from mandatory pension contributions, mandatory professional pension contributions, and voluntary pension contributions.
Earlier, Kursiv wrote that the Ministry of Labor explained the refusal of the state guarantee on pension savings by expanding the opportunities for depositors. The ministry believes that Kazakhstanis can now independently choose a management company and investment strategy, so compensation for the difference between the return on savings and inflation has lost its previous significance.