Maslova: Longevity risk threatens Kazakhstan's pension system

The biggest challenge facing Kazakhstan's pension system today is the risk of people living longer than expected, said Olga Maslova, Executive Director for Retail Sales at Nomad Life Kazakhstan, Report informs.

Speaking during panel discussions at the 11th Azerbaijan International Insurance Forum (AIIF-2026), Maslova highlighted the issue of longevity risk: "In 1998, average life expectancy in Kazakhstan was 65–66 years. Today it is 76 years. We cannot predict what it will be in 10–15 years."

She noted that another risk is the insufficiency of funds accumulated in pension accounts, as many citizens withdraw pension assets for real estate purchases or medical expenses.

The director also pointed to inflation as a persistent challenge: "Each year, our pension fund does not fully offset inflation. In some years, investment returns fall below the inflation rate. However, in the long term – over 5 to 15 years – growth is observed."

She added that not all workers accumulate enough savings for a decent pension, since many are employed informally. "Envelope wages remain common in small businesses, and some employers artificially lower salaries to minimize social contributions," Maslova explained.