Kazakhstan to allow full transfer of pension savings to private managers from September
This digest was compiled by AI from multiple sources — links to the originals are below.
From September 2026, Kazakhstan citizens will be allowed to transfer up to 100% of their pension savings to private asset management companies, removing the previous 50% cap. The Ministry of Labour and Social Protection announced the change, citing a new law signed on July 7, 2026. The state will continue to guarantee the safety of mandatory contributions held in the Unified Accumulative Pension Fund (UAPF).
New Law and Lifting of Caps
A new law signed on July 7, 2026, will take effect in September, removing the previous restriction that allowed depositors to transfer only up to 50% of their pension assets to private investment portfolio managers (UIP). According to the Ministry of Labour, citizens will now have full freedom to choose their investment strategy, from conservative to high-yield. Private managers must meet strict capital requirements of at least 1.9 billion tenge (440,000 MCI) and have relevant experience.
State Guarantees and Inflation Compensation
The state will continue to guarantee the safety of mandatory pension contributions (OPV) and mandatory professional pension contributions (OPPV) held in the UAPF, as per Article 217 of the Social Code. However, starting in 2027, the budget subprogram providing one-time inflation difference payments to retiring depositors will be optimized. The ministry stated that this step is driven by systemic reforms aimed at making the pension system more flexible and focused on long-term returns.
Role of National Bank and Private Managers
For conservative investors, the National Bank of Kazakhstan will remain the primary manager, with a legal obligation to ensure asset safety and pursue long-term real returns. The bank's strategic plan through 2028 targets exceeding inflation by up to 1 percentage point. Private UIPs are financially responsible for covering any negative returns from their own capital, as reported by Tengrinews and Zakon.kz.
What's Next
The new rules are set to take effect in September 2026, with depositors able to choose their managers starting then. It remains unclear how many depositors will opt for private management and whether the removal of the cap will lead to significant shifts in pension asset allocation.
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Kazakhstan to allow full transfer of pension savings to private managers from September
