||The purpose of this thesis is to describe the social security system of Kazakhstan. Even though the reform was launched 12 years ago, it is still reformulating. First there is described the “mother model” – Chilean pension security and the second part of the work is dedicated to Kazakhstani variation adopted from Chile. There is given basic notions of pension reform in the beginning of the thesis. Only then there are described appropriate models. The second part (which is chapter four) gives the analysis from accumulative pension system payouts. It is supposed that future pension payouts depend on the accumulation investment yield. All discussion of Kazakhstani model is given for 1998-2008 (2009) time period.