Investment Policy of Kazakhstan’s Funded Pension System: Legal Aspects and Reform Directions

This article considers legal aspects of the investment policy of the funded pension system of the Republic of Kazakhstan, as well as the main directions of its reforming in modern conditions. The relevance of the topic is conditioned by the need to improve the efficiency of pension assets management, to ensure transparency of investment activities and reliability of the system of protection of pension savings of citizens. The article sets the task of analysing the current legislation regulating the investment of pension funds, identifying existing problems and legal risks, as well as developing proposals for their elimination. The aim of the research is to study the legal framework regulating the investment policy of the Unified Accumulative Pension Fund (UCPF), to assess its compliance with the principles of sustainable development, and to develop areas for improving legal regulation. The research methods used are comparative legal analysis, system approach, logical, and formal-legal methods. Special attention is paid to the international experience of regulating the investment activity of pension funds and the possibility of its adaptation to the Kazakhstan legal system. The analysis identified key problems, including insufficient diversification of assets, limited transparency of investment decisions, and the need to strengthen institutional control. The paper concludes with proposals for investment policy reforms aimed at improving the efficiency, sustainability and legal protection of the funded pension system.