Astana, 4 November, . Savers who hand their pension savings to private managers will be able to choose their own investment strategy — conservative, moderate or aggressive — the Agency for Regulation and Development of the Financial Market said.
The conservative portfolio, mostly bonds, is open to everyone, and the manager’s result is assessed every year. The moderate one, mixing shares and bonds, is for those more than three years from retirement, assessed over three years. The aggressive one, mostly shares, is for those more than 13 years from retirement, assessed over five years. Each portfolio has a benchmark — an index of Kazakh and global shares and bonds — and a minimum return of 90%, 85% and 80% of the benchmark; if a manager falls short, it must make up the difference to savers from its own capital. The share of foreign-currency investments is capped at 40%, 70% and 80%.
Switching portfolios with the same manager is allowed once a year through the UAPF website. Resolution No. 155 was adopted on 30 October and takes effect ten days after publication. Six companies currently manage pension money, with 205.8 billion tenge belonging to more than 208,000 savers.
What it means: Instead of one common portfolio for everyone, savers will be able to match risk to their age, and managers will answer for a minimum result with their own money.
Who benefits: Younger savers who can take risks for higher returns, and managers who will start competing on strategy; how returns change in practice will only be clear after several years.
Background: Since 7 September 2026 savers have been able to hand up to 100% of their pension savings to private managers instead of the previous 50%.
