All 4 IPMs that have concluded trust management agreements with UAPF JSC told the Council members about their companies and the main areas of pension asset management. Recall that the amount of savings transferred to date to the IPMs is about KZT9 billion. 
The main message of all speeches by representatives of investment portfolio management companies was that pension assets are long-term investments and it is advisable to analyze the results of investment activities for a period of at least three to five years. The current turbulence in the financial and economic markets is short-lived, but at the same time it requires a response. So, according to the Deputy Chairman of the Board of BCC Invest JSC Viktor Kyshpanakov, in today's conditions it is very important to preserve the savings of contributors. For this reason, BCC Invest JSC decided not to invest in assets that may contain geopolitical risks. Thus, even taking into account the high yield offered, it was not originally planned to invest in the instruments of the countries now participating in the conflict.
Talgat Kamarov, Chairman of the Board of Centras Securities JSC, emphasized that in such a difficult time for all investment managers such a meeting, as a platform for the exchange of experience, should play a positive role. He also noted that the current situation with a low level of profitability is a reaction of investors to ongoing events, but in the long term, IPM should provide investors with a return that exceeds the rate of inflation.
Vitaliy Khon, Deputy Chairman of the Board of Halyk Global Markets JSC, spoke next. According to him, the investment strategy for managing the company's pension assets is to provide contributors with an annual return by reducing currency risks and maintaining a real positive value of assets. Also, a representative of Halyk Global Markets JSC spoke in detail about the principles of selecting financial instruments and the challenges that management companies face when managing pension assets, naming, for example, the imperfection of legal acts in terms of independent asset valuation, management costs compared to the size of assets under management and limited choice of custodian bank.
Chairman of the Board of Jusan Invest JSC Maxim Kabanov noted that now it is very important to tell people all the information about finance and investment in a simple language: “In fact, the financial market is quite complex and when we talk about it, 90% of citizens do not understand all the subtleties. We are now trying to convey to people that investing in your pension assets is important and has a huge world experience behind it.” Maxim Kabanov gave examples of long-term investment instruments, comparing the cumulative return of the model portfolio and the cumulative change in prices for primary and secondary housing, noting the long-term benefit of the first type of investment.
Discussing the speeches of IPM representatives, the Council members recommended to adhere to a single methodology for assessing pension assets in a portfolio managed by the National Bank of the Republic of Kazakhstan and IPM, or to note different approaches to assessing financial instruments in reporting. 
In addition, Council members proposed to expand investment opportunities for a wider range of UAPF contributors at the choice of IPM, not limited to the minimum sufficiency threshold. Regarding this initiative, the Chairman of the Board of UAPF JSC Zhanat Kurmanov said that, unlike housing and medical treatment, when pension funds are withdrawn from the pension system, when transferred to IPM, the money remains in the system and their designated purpose is preserved. In this regard, together with the financial market on the AFC site, a proposal is being considered to change the conditions for transferring part of IPM's pension savings without reference to minimum sufficiency thresholds. At the same time, it may also be correct if in the future the calculation of sufficiency thresholds is based on the value of pension annuities.
Kamilya Fazylova, Director of the Strategic Development Department of UAPF JSC, reported to the Council on the development strategy of UAPF JSC for the next 5 years. She said that the new Corporate Development Strategy for 2022-2026, approved by the decision of the Board of Directors, was published on the corporate website enpf.kz. The previous Corporate Strategy was approved in 2017. It laid down the goals and objectives of the UAPF for the period up to 2021, which were fully implemented. 
The new strategy provides that the UAPF will continue its development as a high-tech financial institution with a personalized approach to the formation and planning of funded pensions.
The corporate development strategy for 2022-2026 is based on the principles of social policy in accordance with the State Strategy "Kazakhstan-2050", the Concept for further modernization of the pension system of the Republic of Kazakhstan until 2030, the Concept for the development of financial technologies and innovations for 2020-2025. 
According to its strategy, the UAPF defines its mission as "Reliable accounting of pension savings and provision of quality pension services available to every contributor". The fulfillment of this mission is based on such values as human-centeredness and customer orientation, commitment to quality, manufacturability, reliability, responsibility, transparency and openness. According to Fazylova, the achievement of the Fund's goals and tasks in the next five years should give a result, first of all, for contributors and beneficiaries, since it is their satisfaction with our work, receiving reliable, affordable and high-tech services that is the main sign of the quality of UAPF work.
All meeting materials, including IPM presentations, are presented on the enpf.kz website in the "Public Council" section - "Minutes of meetings, presentations".

The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor (beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)