Abstract:
This research work investigates the Unified Accumulative Pension Fund (UAPF) of Kazakhstan,
examining its structure and performance, and comparing them with two prominent global pension funds,
namely, Norway’s Government Pension Fund Global (GPFG) and Japan’s Government Pension
Investment Fund (GPIF). The study sheds light on existing inefficiencies in the UAPF's portfolio asset
allocation and investment practices, addressing concerns regarding its complex organizational structure
and management decisions. By analyzing public perception and international best practices, the research
aims to enhance understanding of pension fund operations and identify potential areas for improvement
in the UAPF's operations and policies.
Through a mixed-method approach, which integrates quantitative analysis and qualitative
assessment, the study compares key performance indicators, investment strategies, and risk profiles of the
UAPF, GPFG, and GPIF. It examines how each fund’s investment strategy aligns with long-term
sustainability and stability goals. Furthermore, the dissertation explores performance strategy frameworks
governing the UAPF and explores possibilities for revision to enhance fund performance and
transparency.
The findings of this research contribute to the body of knowledge on pension fund management
and offer insights into global best practices in portfolio asset allocation and investment strategies.
Ultimately, the study aims to provide recommendations for optimizing the UAPF's portfolio asset
allocation and investment strategies to ensure the provision of sustainable and stable retirement benefits
for the citizens of Kazakhstan.
