The Republic of Kazakhstan was the first among other CIS countries that reformed its pension system. The main principle of this reform consisted in the gradual transition from the distribution scheme based upon solidarity of generations to the accumulative one providing for individual pension savings accumulated in accumulative pension funds.

At the first stage the main role consisting in stimulating the development of the new accumulative pension scheme was played by the State Accumulative Pension Fund, an institution that was specially established by the Decree of the Government in September 1997. The State Accumulative Pension Fund became a kind of a launching pad for reforming the pension system in Kazakhstan: it became the first accumulative fund in Kazakhstan, received the first pension contribution and was the first to obtain the right for independent management of the pension assets.

During ten years from 1998 till 2002, GNPF possessed the special “default fund” status, which allowed including in the number of its depositors those who had not made his (her) choice independently for any reason. In such a way the task how to involve the maximum part of population in participation in the accumulative pension scheme, forming the depositors base of the accumulative pension system. But that same status had not allow GNPF to operate as a valid and competitive participant of the pension market up to 2003 like non-governmental accumulative pension funds.

Two years later in 2005 the Fund changed its official name JSC “State Accumulative Pension Fund” for JSC “«GNPF» Accumulative Pension Fund” where the abbreviation does not preserve its previous meaning. GNPF fulfilled its historical mission on ensuring confidence of the population in the new pension system and laying down the foundations of the pension market and competitive environment.

Today GNPF is one of the largest pension funds of Kazakhstan taking the leading positions in many financial highlights.

Historical dates:

• May 12, 1997 Development and adoption of the Concept for reforming the pension system in Kazakhstan, approved by the Decree of the Government of the Republic of Kazakhstan, providing for the establishment of CJSC “State Accumulative Pension Fund”

• June 20, 1997 the Law of the Republic of Kazakhstan «On Provision of Pensions in the Republic of Kazakhstan”

• September 24, 1997 Decree of the Government of RK «On Establishment of the Closed Joint-stock Company «State Accumulative Pension Fund»

• 1998 — 2002 GNPF operates in the «Default Fund» mode: compulsory pension contributions are transferred by employers to GNPF, unless otherwise elected by the employee.

• 1998 intensive development of the Fund’s regional representative offices network

• January 19, 1998 the first pension contribution in the history of the Kazakhstan accumulative pension system was received

• August 11, 1999 GNPF was the first in the history of the Kazakhstan accumulative pension system to obtain the license for the independent management of pension assets.

• In 2003 GNPF acquired equal rights with non-governmental accumulative pension funds. Investment restrictions and the “default fund” status were removed.

• In October 2004 the National Bank of the Republic of Kazakhstan became a shareholder in GNPF along with the Government of the Republic of Kazakhstan.

• In 2005 the IT Companies Association of Kazakhstan, the Financiers’ Association of Kazakhstan supported by the Incorporeal Rights Committee of the Ministry of Justice of RK certified GNPF as the «Territory free from the illegal software»

• From February 1, 2005 JSC «State Accumulative Pension Fund» changed its name for JSC “Accumulative Pension Fund “GNPF”

• In November 2005 года in Brussels (Belgium) GNPF was warded with «EuroMarket Award» for its contribution to the development of the pension sector (management of capital) of the Republic of Kazakhstan

• On November 25, 2005 the Memorandum of the Intent of the European Bank for Reconstruction and Development to become a shareholder of GNPF

• From January 2006, being governed by savers’ interests, GNPF has become the first and the only among all pension funds to reduce the commissions payable to 0,0475 %

• On May 31, 2007 the European Bank for Reconstruction and Development became a shareholder of GNPF

• In July 2007 the Fund was successfully audited for recertification of the quality management system for compliance with the ISO 9001: 2000 Standard requirements

• In August 2007 the Kazakhstan Stock Exchange (KASE) acknowledged GNPF as the Leader of the Equity Market among non-banking brokerage and/or dealer organizations as per results for the year 2006

1997 — 1999: Serik Zhusupovich Suleimenov, Director General

1999 — 2000: Erik Akhmetkhanovich Sultankulov, Director General

2000 — 2002: Serik Zhusupovich Suleimenov, Director General

2002 — 2006: Zhanat Bostanovich Kurmanov, Director General

2006 — up to now: Algazy Sergaziyevich Sekenov, Chairman of the Board