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Finance · Regulation

Uzbekistan Pension Reform: What the Draft Decree Changes for Funded Pensions

Under a draft decree open for discussion on regulation.adliya.uz until 30 September 2026, the funded pension moves from Xalq Bank to the Pension Fund from 2027, and voluntary contributions from people whose average monthly salary is below the threshold will receive a state top-up of up to 50%. On 25 September 2026 Pension Fund head Murodbek Atadzhanov said there are plans to hand the savings over to investment managers.

· 4 min read · Sogdium Editorial
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In brief: Pension reform in Uzbekistan: under a draft presidential decree that the Ministry of Economy and Finance put out for discussion on regulation.adliya.uz on 15 September 2026 (until 30 September 2026), the funded pension moves from JSC Xalq Bank to the Pension Fund from 1 January 2027, and voluntary contributions of 5% of salary from people earning below 15 base pension calculation amounts receive a state top-up of up to 50%. On 25 September 2026 Murodbek Atadzhanov, executive director of the Off-Budget Pension Fund under the Ministry of Economy and Finance, told a press conference that the savings are to be handed over to investment managers selected through a tender (Spot, 25 September 2026). As of 28 September 2026 the document is a draft under discussion.

Funded pension: what the draft decree changes

Under the draft (text available only in Uzbek; provisions translated from Uzbek):

  • State top-up (para. 3(a)(i)), from 1 January 2027. For citizens with an average monthly salary below 15 base pension calculation amounts who voluntarily contribute 5% of their salary, the budget adds up to 50% of the amount contributed, on a differentiated basis. 15 amounts equal 7,560,000 soums at the base amount of 504,000 soums in force since 1 July 2026 (PF-115 of 23 June 2026, para. 3(a); editorial calculation as of 28 September 2026).
  • Contribution from the social tax (para. 3(a)(ii)), from 1 January 2027. On the part of the salary above 15 amounts, 1% is paid to the funded account out of the social tax; 2% from 2033 and 3% from 2040.
  • Investment (paras. 3(a)(iii)–(iv)), from 1 January 2027. Citizens get the opportunity to take part in placing the funds in investment and financial instruments; annual income is credited to the account.
  • Early use (para. 3(b)), from 1 January 2030. For treatment of a serious illness and for a mortgage down payment.
  • Ownership (para. 4(b)). The funds, including top-ups and investment income, are the citizen's personal property with the right of inheritance.
  • Age of withdrawal (para. 10(d)). For the period during which the retirement age is raised, citizens of pre-retirement age are guaranteed the right to receive their savings: men from age 60, women from 55. The retirement age itself, under para. 9(b), rises by 3 months a year from 2028 to 63 and 58 in 2039.

Who will manage pension savings: the draft and the fund head's statements

Under the draft, from 1 January 2027 the funded system is transferred to the Off-Budget Pension Fund under the Ministry of Economy and Finance (para. 4(a)), records are moved from the Xalq Bank database by the end of 2027 (para. 4(d)), and a project office of international consultants is set up at the fund (para. 4(e)) (translated from Uzbek). The Ministry of Economy and Finance is to submit a draft act on the structure of the system and the Supervisory Board by 1 January 2027 (para. 5(a)).

Investment managers are not named in the text of the draft or in the "Yo‘l xaritasi" (Roadmap) appendix on the portal (retrieved 28 September 2026) — Atadzhanov spoke about them on 25 September 2026: decisions on investment policy, he said, will be made by a supervisory board, which is planned to include representatives of local authorities, business and foreign experts; in parallel, according to Spot and UzDaily, a tender among investment managers is planned (Spot; UzDaily, 26 September 2026). In an interview with Spot on 15 September 2026 he said the funds "will be invested in the economy through government securities and other conservative instruments" (translated from Russian).

Separately, under the draft (para. 5(c)), the Ministry of Economy and Finance, together with the Central Bank of Uzbekistan and NAPP among others, is to submit a bill on private and corporate pension funds by the end of 2027.

Timeline under the draft

DateWhat
15–30 September 2026Discussion on regulation.adliya.uz; as of 28 September 2026 the portal shows 2,178 proposals
1 January 2027Transfer of the system to the Pension Fund, state top-up, 1% from the social tax
1 January 2030Savings for medical treatment and mortgages

FAQ

When will pension reform in Uzbekistan start? The draft's main provisions on the funded pension apply from 1 January 2027. As of 28 September 2026 this is a draft decree on regulation.adliya.uz, open for discussion until 30 September 2026.

Who will manage the funded pension? Under the draft, the Pension Fund under the Ministry of Economy and Finance, from 1 January 2027. Fund head Murodbek Atadzhanov said on 25 September 2026 that the funds are to be handed over to investment managers selected through a tender; the text of the draft on regulation.adliya.uz does not contain this as of 28 September 2026.

Can pension savings be withdrawn before retirement? Under the draft, from 1 January 2030 for treatment of a serious illness and a mortgage down payment; for the period during which the retirement age is raised, people approaching retirement are guaranteed (para. 10(d)) their savings: men from age 60, women from 55.

Sources

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