Abstract
Improving Kazakhstan’s pension system is a strategic task that ensures financial stability and social protection for citizens. Effective and secure investment of the assets of the Unified Accumulative Pension Fund is of particular importance in this process, as the stability of the economy and the security of future payments depend on it. However, problems remain in this area due to insufficient maturity of legal regulation, low transparency and management efficiency.The aim of the study is to identify legal problems and contradictions in the regulation of pension asset investment, as well as to propose effective mechanisms based on international experience. The study analyses the regulatory framework, state control mechanisms, investment policy principles, as well as recommendations from international organisations and the experience of countries with developed pension systems. The study was conducted in three areas: analysis of the legal basis for investment, comparative study of international experience, and legal assessment of transparency, accountability, and risk management. Comparative legal, systemic-structural, and empirical methods were used. The results showed inconsistencies in legislation, weak independent oversight and limited accountability. The predominance of investments in government securities reduces diversification and asset returns. The recommendations of the study are aimed at improving legal regulation, increasing transparency and efficiency in the management of pension assets, which contributes to strengthening public confidence and the sustainability of Kazakhstan’s pension system.