Kazakhstanis' accrued investment income over the past 12 months exceeded 2.1 trillion tenge.

U UAPF on the use of pension savings Over the past five and a half years, more than 5.8 trillion tenge of pension savings have been used to improve housing conditions and pay for medical treatment. The most significant withdrawals occurred in 2021 – approximately 2.6 trillion tenge. While there was a decrease in 2022-2023, the volume of withdrawals has increased in recent years, exceeding 1 trillion tenge in 2025. As a reminder, the Head of State emphasized that the main goal of the pension system is pension provision, and "our goal is not to give away all savings now, leaving people without a decent pension in old age." Year Transferred by the UAPF to authorized operators for crediting to special accounts of applicants for the purposes of: Improve housing conditions (amount, million tenge) Pay for medical treatment (amount, million tenge) 2021 2,468,085 126,542 2022 703,232 192,391 2023 170,905 100,386 2024 396,683 173,875 2025 824,360 391,733 From 01.01.2026 to 31.05.26 (as of 01.06.2026) 318,206 333 Throughout these years, the amounts withdrawn significantly exceeded the amounts allocated to the immediate objective of providing pensions to citizens. Furthermore, in some years, withdrawals exceeded incoming contributions. The withdrawal of savings from investment also leads to an increase in lost investment income. In the long term, this will lead to a significant reduction in savings at retirement age. It should be noted that in Kazakhstan, the share of accumulated investment income in contributors' pension savings is growing and currently stands at approximately 40%, while in international practice, it typically exceeds 80%. In developed countries, pension assets are a source of investment and sustainable economic growth. In advanced countries, accumulated pension assets exceed 100% of GDP; in Kazakhstan, pension assets currently account for approximately 16% of GDP. Globally, the primary objective of the funded pension system is to ensure future pension benefits. Therefore, it is important to preserve pension savings for the benefit of citizens' future pensions and their further growth through long-term investments in Kazakhstan and international markets.

A new methodology for calculating minimum adequacy thresholds for pension savings has come into force In compliance with the requirements of Government Resolution No. 422 of the Republic of Kazakhstan dated May 21, 2026, the UAPF published minimum adequacy thresholds (MAT) for pension savings calculated for 2026, taking into account changes to the Calculation Methodology, in the media and on its own website. According to the new Methodology, MAT amounts are determined based on target indicators for future pension benefits and are calculated for each age of the contributor using a standard formula for calculating the present value of monthly benefits. The formula takes into account long-term demographic (national demographic tables) and financial (interest rates and indexation of benefits) factors to achieve stability and predictability in the amount of future payments for citizens. The present value formula for benefits is based on international practice for calculating the savings required for targeted benefits. The calculation results are less susceptible to change when macroeconomic forecasts are revised. However, the calculations still use socioeconomic indicators such as the minimum old-age pension and minimum wage, which are determined annually by the law on the republican budget. However, the formula does not take into account future pension contributions from the moment of withdrawal until reaching retirement age. This minimizes the risk that, after using part of the savings, the contributor will receive a low funded pension in the future. However, the right to use part of the pension savings for alternative purposes (housing and medical treatment) is retained. Pensioners whose pension is at least 40% of their lost income can use their savings; they can withdraw up to 50% of their savings for housing and medical treatment. Citizens who have entered into a pension annuity agreement, as well as pensioners who receive a state pension based on length of service, can fully use the remaining funds in their pension account. The ability to use savings above the minimum adequacy threshold remains, but approaches to determining the amount of funds available for withdrawal are being refined, taking into account the need to ensure citizens have adequate and stable pension benefits in the future. MATs have increased by 79% or more depending on the contributor's age: the closer to retirement, the higher the requirements for the future pension benefit, and the larger the amount required in the pension account. Therefore, MATs for people approaching retirement age more than double. This means that pension savings will remain in their accounts, will be further invested, and pension benefits will increase significantly. Under the previous Methodology, benefits after withdrawal would have amounted to approximately 15% of the median salary; under the new Methodology, they will be approximately 40% of the median salary. Thus, the new methodology for determining MAT is transparent and more predictable for contributors and is aimed at ensuring a stable pension income for citizens at retirement age in accordance with international standards.

National Fund for Children: Kazakhstanis used approximately $58 million for housing and education As of June 1, 2026, since the program's inception (February 1, 2024), 316,223 applications for targeted savings (TS) totaling approximately $57.88 million have been processed. These funds were transferred to authorized operators for subsequent deposit into applicants' bank accounts. Most applications were for housing improvements: 201,245 applications totaling $36.94 million were processed. Funds were used for education in accordance with 114,978 applications totaling $20.94 million . TS recipients can use the funds in full or in part. If a portion of the funds remains unclaimed, it can be held in a targeted savings account (TSC) for 10 years. After this period, the unused balance is transferred to the recipient's individual pension savings account to account for voluntary pension contributions. The most popular housing improvement program was replenishing housing construction savings for further accumulation (196,893 applications completed, totaling $36.23 million). Funds were also used as down payments for mortgage loans to purchase housing (1,498 applications, totaling $248,940), and for the purpose of acquiring housing through civil law transactions (final settlements), 1,028 applications, totaling $165,660. Within the TS program for education , the largest amount of funds was allocated to pay for educational services at educational institutions located in the Republic of Kazakhstan, either in installments (for each academic period or academic year) or in full (for the entire term of study) (106,315 applications, totaling approximately $19.68 million, were completed). The following areas were also in demand: replenishment of an educational savings deposit under an agreement on an educational savings deposit (5,947 applications were completed for a total of over 842.16 thousand US dollars), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (2,114 applications were completed for a total of 319.33 thousand US dollars). Detailed information on TS payments for improving housing conditions and/or paying for education, broken down by authorized operators and regions, can be found on the enpf.kz website. As a reminder, Kazakhstani children received the next payment of $130.71 per child in 2025, $129.38 per child in 2024, and $100.52 per child in 2023. Children under 18 receive annual accruals from the National Fund as targeted benefits. According to law, the accruals accrued to young Kazakhstanis remain part of the National Fund's assets and continue to be invested. Through continued investment, each child's targeted benefit amount increases annually through the investment income received . As a result, the total amount of all accumulated targeted benefits (including the additional annual accrual of investment income) for a child participating in the program: - Three years, $370.56 ; - Two years, $263.93 ; - One year, $130.71 . Parents and other legal representatives can check the child's participation in the program for children under 18 using their individual identification number (IIN) on the kids.enpf.kz website, in their personal account on the eGov.kz e-government portal, and in the eGov Mobile and some second-tier bank mobile apps. If information about target requirements accrued to children for the 2025 reporting year is not displayed, you must update the documents in the mobile apps by following this path: in the eGov Mobile app: "Digital Documents" - "Family" - "Update Document List" - "National Fund Payments"; in the mobile apps of second-tier banks, such as Kaspi.kz: "Gosuslugi" - "All Documents" - "Update Document List" - "National Fund Payments." The absence of information on the accrual of target requirements for children who have reached or will reach 18 years of age this year in the legal representative's personal account is due to the fact that target requirements have acquired the status of TS, and therefore access to information about them is provided directly to the TS recipient (a citizen who has reached or will reach 18 years of age in 2026). These individuals must independently obtain information about their TS through their personal account on the UAPF or e-government websites. Upon reaching 18 years of age, they can contact an authorized operator to open a US dollar bank account and submit an online application for TS payment to improve their housing conditions and/or pay for education. Currently, the authorized operators are: Otbasy Bank JSC (for housing and education), Halyk Bank JSC (for education), Bank CenterCredit JSC (for education). Statistics on minor children eligible for targeted loans and adult recipients of the TS, as well as on the use of the TS for housing and/or education, can be found on the enpf.kz website. You can learn more about the program, get instructions, and get answers to your questions on the website kids.enpf.kz. You can also watch video comments and instructions on the БЖЗҚЕНПФ YouTube channel: video commentary by the Chairman of the Executive Board of UAPF JSC Zh.B. Kurmanov: https://www.youtube.com/watch?app=desktop&v=30CdPWl6dv0 video commentary by Managing Director of UAPF JSC M.T. Sharipov: https://www.youtube.com/watch?v=APg2vATmMk0 Video commentary "Question and Answer" on the National Fund for Children program: https://www.youtube.com/watch?v=4cKr1VCAvUk https://www.youtube.com/watch?v=mrV0y37Gjnk Instructions for the National Fund for Children website: https://www.youtube.com/watch?v=VgP3dmMwAHc https://www.youtube.com/watch?v=jyC2c-HgqpQ Instructions for the implementation of the National Fund for Children program: https://www.youtube.com/watch?v=bqeT41rWecA https://www.youtube.com/watch?v=pNBSS1VHdWU

The volume of pension savings of Kazakhstanis amounted to 26.74 trillion tenge. The volume of pension savings of Kazakhstanis as of May 1, 2026, amounted to 26.74 trillion tenge , an increase of 3.64 trillion tenge (or 15.8%) over the 12 months. Pension savings from compulsory pension contributions (CPC) as of May 1, 2026, amounted to 24.97 trillion tenge . Their annual increase was 3.09 trillion tenge (or 14.1%). The amount of pension savings from compulsory occupational pension contributions (COPC) amounted to 731.99 billion tenge , an increase of 10.6% over the 12 months. Voluntary pension contributions (VPC) showed an annual increase of 16.4%, reaching 9.76 billion tenge as of May 1, 2026. The amount of savings from employer’s compulsory pension contributions (ECPC), which have been deposited into contributors' (beneficiaries') pension accounts since January 1, 2024, is also increasing. As of May 1, 2026, it amounted to 1,023.59 billion tenge , a 2.7-fold increase compared to the same period last year. Incomes The total savings volume is provided by pension contributions and investment income. In the first four months of 2026, 1 ,184.98 billion tenge in contributions were received into individual and notional pension savings accounts, an increase of 14.6% (or 150.79 billion tenge) compared to the same period last year. As of May 1, 2026, 914.11 billion tenge were received into individual pension savings accounts (IPSAs) using the CPC system (a 7.2% increase compared to the same period last year), 51.04 billion tenge were received into COPC (a 9.8% increase), and 640.89 million tenge were received as VPC. Contributions from the ECPC system for the year totaled 219.19 billion tenge. Net investment income received in contributors' accounts as of May 1, 2026, amounted to 41.61 billion tenge. Benefits and transfers Pension benefit payments of all types of contributions and transfers to insurance companies from the UAPF for January-April 2026 amounted to 522.73 billion tenge . The volume of old-age payments amounted to 97.98 billion tenge. The average monthly scheduled benefit from the UAPF upon reaching retirement age was 38,952 tenge. Lump-sum pension benefit payments (LSPBP) for housing improvements and medical treatment since the beginning of 2026 amounted to 205.62 billion tenge, inheritance payments amounted to 41.25 billion tenge, payments related to permanent residence outside the Republic of Kazakhstan amounted to 14.21 billion tenge, payments to persons with disabilities amounted to 1.22 billion tenge, and funeral payments amounted to 3.23 billion tenge. A total of 159.22 billion tenge was transferred to insurance companies. IPSA number The total number of pension accounts in the UAPF as of May 1, 2026, was 18.62 million (an increase of 1.10 million units or 6.3% over the 12 months). The number of individual pension savings account of contributors (beneficiaries) in the UAPF as of May 1, 2026, was 12.78 million , of which 11.33 million were under the CPC, 778,060 were under the COPC, and 474,070 were under the VPC. It should be noted that the total number of CPC accounts (11.33 million units) also includes accounts of beneficiaries who have permanently resided outside the country but have not applied for their savings, deceased contributors whose heirs have not formalized the inheritance of their pension savings, military personnel who transferred to full state pension provision in 2016, and other categories of contributors (beneficiaries) whose accounts should not receive contributions under Kazakhstani law. The number of notional pension savings accounts in the UAPF that record information on received ECPCs amounted to 5.84 million units . All up-to-date information on pension asset statistics is available on the enpf.kz website in the "Statistics and Analytics" section.

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