At the 14th Congress of Financiers of Kazakhstan, Nurzhan Tursynkhanov, deputy chairman of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, outlined pension reforms targeting a 20–30% private management share by 2030. The reforms form part of the 2026–2030 Capital Market Development Program and seek to improve stock market liquidity by expanding the role of professional asset managers.

One strand expands contributors’ choice of managers and investment strategies, building on recently adopted rules allowing managers to offer up to three portfolios based on age and risk appetite. Pension assets under private management have risen to KZT 268.1 billion from KZT 88.5 billion at the start of 2026. They nevertheless represent only about 1% of total pension assets, which exceed KZT 27 trillion, with almost 99% managed by the National Bank of Kazakhstan.

The second strand is planned mandate management. The National Bank will competitively select professional managers to oversee portions of the pension portfolio under mandates specifying eligible assets, risk limits and return targets. Assets will remain under National Bank control, with regular monitoring of managers. Transfers will be phased, starting with government securities, and contributors will not need to choose a manager or transfer their savings themselves.

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