Abstract
The article discusses the current problems and prospects for the development of legal regulation of investment of pension assets in the national economy of the Republic of Kazakhstan. One of the main institutions of the pension system, the Unified Accumulative Pension Fund (UAPF), plays an important role in ensuring the country's economic financial stability and in the formation of long–term investment resources. However, the issues of effective management of pension assets and the legal regulation of their investment areas remain relevant. The purpose of the study is to analyze the current state of national legislation on pension asset investment and identify areas for improving legal mechanisms. The article analyzes the legal basis for the placement of pension assets, the structure of the investment portfolio, the risk management system and regulations governing the activities of the UAPF. In addition, based on international experience, the possibilities of stimulating economic growth by allocating pension assets to priority sectors of the national economy are being considered. The relevance of the study lies in the fact that, in modern conditions, as the volume of pension savings increases annually, their effective investment becomes a decisive factor in diversifying the economy and developing the financial market. In this sense, clarity, openness, and the effectiveness of legal regulatory mechanisms are the most important conditions for ensuring the state's social and economic stability. The article's results propose improvements to the legal framework for investing pension assets, reducing risks, and increasing financial transparency. Thus, the study's results will contribute to the sustainable development of Kazakhstan's pension system and to the long-term growth of the national economy.