Kazakhstanis who transfer their pension savings to private management companies can now independently choose their investment portfolio. This was reported by the Agency for Regulation and Development of the Financial Market. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

Three types of investment portfolios

Contributors can choose an investment strategy depending on their age and risk appetite. A total of three portfolios are offered:

  • 01**Conservative portfolio** – available to everyone regardless of age. The manager's performance is assessed annually.
  • 02**Moderate portfolio** – intended for citizens who have more than three years left until retirement age. Performance is assessed over three years.
  • 03**Risky portfolio** – intended for citizens who have more than 13 years left until retirement age. Potential returns are higher, but price fluctuations are also stronger. Performance is assessed over five years.

Benchmark indicators and minimum return

Each portfolio has its own benchmark – a composite market index of Kazakh and global stocks and bonds. The manager's performance is compared with this index. A minimum return level is also provided. It amounts to 90% of the benchmark return for the conservative portfolio, 85% for the moderate portfolio, and 80% for the risky portfolio, the agency explained.

If, based on the results of a certain period, the return is below the minimum level, the manager compensates the difference to contributors from its own capital. A limit is also set on the share of foreign currency investments for each portfolio. In the conservative portfolio it must not exceed 40%, in the moderate portfolio – 70%, and in the risky portfolio – 80%.

Distribution of savings and transfer procedure

Pension savings can be distributed among several management companies or among several portfolios of one manager. To switch to another portfolio of the same manager, an application must be submitted through the website of the Unified Accumulative Pension Fund (UAPF). This cannot be done more than once a year.

If a contributor's age does not meet the requirements of the chosen portfolio, the UAPF will independently transfer their savings to the portfolio of the same manager that corresponds to their age. If no such portfolio exists, the contributor is given the opportunity to choose another manager or return their savings to the management of the National Bank. The UAPF notifies about this in advance, the agency stated.

A management company may close a portfolio. However, it must notify contributors about this one year in advance. At the same time, it must retain at least one portfolio under its management.

2026 changes and market indicators

Notably, from September 7, 2026, contributors can transfer up to 100% of their pension savings to the management of private investment portfolio managers (IPMs). Previously, this figure was 50%.

Currently, pension assets are managed by six private management companies:

  • 01Alatau City Invest JSC;
  • 02BCC Invest JSC;
  • 03Halyk Global Markets JSC;
  • 04Halyk Finance JSC;
  • 05Centras Securities JSC;
  • 06Tansar Capital JSC.

As of October 1, 2026, the volume of pension assets under their management amounted to 205.8 billion tenge. More than 208 thousand contributors have entrusted their savings to these companies.