PRESS RELEASES

A series of interviews dedicated to the 25th anniversary of the Kazakhstan’s funded pension system

A quarter of a century has passed since the implementation of the pension reform, which marked the gradual transition from state pension provision to a multi-component pension system.

On September 28, 2023, an international high-level round table "Prospects for the development of mandatory funded and mixed pension systems" will be held, organized by the Unified Accumulative Pension Fund in cooperation with the International Social Security Association (ISSA) as part of the calendar of events for the 25th anniversary of the funded pension system of the Republic of Kazakhstan.

Unified Accumulative Pension Fund JSC (UAPF) published the Annual Actuarial Report for 2022, which presents the main results of the complex actuarial calculations of the UAPF carried out during 2022 in the main areas for improving the pension system of Kazakhstan, provided for by the Concept for further modernization of the pension system of the Republic of Kazakhstan until 2030. The Concept is aimed at maintaining a multi-level model of pension provision with diversified sources of income for pensioners, ensuring the long-term sustainability of its distribution component, as well as maintaining and strengthening the mandatory funded component.

UAPF JSC informs that in connection with the completion of the transition to the Bank-Client remote banking system of the National Bank of the Republic of Kazakhstan from September 1, 2023, it is possible to transfer pension contributions only to the new details of the UAPF.

Being a high-tech financial institution with a personalized approach to the formation and planning of funded pensions, UAPF provides its contributors and beneficiaries with the opportunity to receive services in a format convenient for them. The priority is electronic services. Over 10 million (68.9%) transactions were carried out over 7 months of the current year in electronic format.

The net investment income accrued to the accounts of UAPF depositors for the period from January to July 2023 amounted to more than 760.9 billion KZT and exceeded the indicator of the same period last year by 259.8 billion KZT or 52%.

Investment portfolios of pension assets as of August 1, 2023. 

The volume of pension savings of Kazakhstanis as of August 1, 2023 amounted to 16.4 trillion KZT. Over the year, it grew by 2.7 trillion KZT or 20%.

2023 marks the 25^th anniversary of the founding of the accumulative pension system of Kazakhstan.

What has changed with the entry into force of the Social Code of the Republic of Kazakhstan?

Over 3.6 trillion tenge was transferred to special accounts of Kazakhstanis opened with banks-authorized operators, in accordance with 1.8 million applications for the purchase of housing and (or) medical treatment. As you know, pension savings can be used by citizens many times within the amount of pension savings in the UAPF available for withdrawal for housing, treatment or transfer to management companies.

Today, the UAPF is the single administrator and operator of all financial and information flows of the funded pension system of the Republic of Kazakhstan and is obliged to provide pension services to contributors (beneficiaries) in accordance with the requirements of the law.

Recently, scammers have been inventing new schemes of telephone deception, because phone calls are one of the most common ways to get confidential information from a confused person or force him to transfer money to a scammer's account.