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Three private companies delivered returns on pension savings above the inflation rate of 6.9% in the first nine months of 2026. They were “Centras Securities”, BCC Invest and Halyk Finance, according to figures from the Unified Accumulative Pension Fund (UAPF) (informburo.kz). Assets managed by the National Bank returned 2.91%. The measurement period matters when comparing results: Tansar Capital only began managing assets in April.
Which managers delivered the highest returns
Of the five companies reporting results since the start of the year, “Centras Securities” led with 11.87%. BCC Invest followed with 7.59%, then Halyk Finance with 7.41%.
Returns on pension assets for the first nine months of 2026 were as follows:
| Pension savings manager | Return |
|---|---|
| “Centras Securities” | 11.87% |
| BCC Invest | 7.59% |
| Halyk Finance | 7.41% |
| Halyk Global Markets | 5.82% |
| Alatau City Invest | 5.69% |
| National Bank | 2.91% |
These figures allow a comparison of managers’ results over the same period. However, nine months of data do not yet show the final return for the whole of 2026.
Whose pension savings outpaced rising prices
Cumulative inflation over the same period was 6.9%. “Centras Securities”, BCC Invest and Halyk Finance exceeded that level. Their returns outpaced price rises, making them the only three companies to deliver positive real returns.
Halyk Global Markets and Alatau City Invest also posted positive returns. However, their figures of 5.82% and 5.69% were below inflation. This means the investment income earned on savings over this period did not cover the rise in prices.
How much savings managed by the National Bank earned
The National Bank manages the UAPF’s pension assets. These savings returned 2.91% from the start of the year, against inflation of 6.9%. This was below the returns of all five private companies in the table.
The UAPF attributes the losses in investment income to foreign currency revaluation. The fund also stresses that results over individual short periods do not indicate how effectively pension assets are managed.
Why Tansar Capital’s result needs to be considered separately
Tansar Capital began managing pension assets on 8 April 2026. Its return since taking over management was 0%.
The company has a different starting point: its figure covers the period from April, while the other managers’ results run from the start of the year. Comparing these figures directly without specifying the dates is therefore misleading.
Why the period used to calculate returns matters
Private managers’ returns fell compared with the previous month. This shows that results change from one report to the next. The UAPF’s position on short periods also matters when interpreting this comparison.
The data provide two benchmarks: the return on assets managed by the National Bank and cumulative inflation. The five private companies in the table exceeded the first benchmark, and three exceeded the second. If you are considering transferring pension savings to private managers, bear this distinction in mind when comparing results.
Put simply, three companies beat inflation over the first nine months. To assess how well your savings have been managed, first check the period used to calculate returns, then compare those returns with the rise in prices.
