In 1997 after adoption of the Government Decree of the Republic of Kazakhstan “On approval of concept of reforming of the pension provision system in the Republic of Kazakhstan”, shareholders of the Fund have primary supported that idea and made a strategic decision on creation of the accumulative pension fund. New player appeared on the financial market of the Republic – the first corporate accumulative pension fund named “Kazakhtelekom – Umit”. The first Kazakhstan Fund has received a state license # 0000001 for activity on attraction of pension contributions and implementation of pension payments. All members of the staff of “Kazakhtelekom” became contributors of the Fund. In 1998 shareholders made a decision on reorganization the Fund to open accumulative pension fund “Umit”. In 2000 Open Accumulative Pension Find of Consumer’s Federation has joined “Umit” pension fund. In 2001 shareholders of APF “Ular” and APF “Umit” have made strategic decision on merger of two largest funds of the country on parity conditions called CJSC “APF “UlarUmit”. The goal of the merger was the idea of creation of powerful financial and social institution which is able to meet modern needs of provision with highly professional pension services. Therefore, new stage of development of the “UlarUmit” accumulated pension fund started Fund’s activity under joint brand. In 2005 Closed Joint Stock Company “Accumulative Pension Fund “UlarUmit” was renamed into Joint Stock Company “Accumulative Pension Fund “UlarUmit” due to adoption of the restated version of the Statute. Pension assets of contributors of the accumulative pension fund “UlarUmit” have increased amount of 100 billion tenge. In 2006 pension assets of JSC “Accumulative Pension Fund “UlarUmit” have reached amount of 130 billion tenge or 1.5 billion US dollars. In 2007 pension assets JSC "Accumulative Pension Fund “UlarUmit " have exceeded 200 billion tenge or 1,5 billion US dollars. In 2009 “UlarUmit” compensated its depositors losses caused by crisis of 2008 by means of using it’s own capital. 5 billion 868 million tenge are distributed between all depositors proportional to contributions and period of the presence of payments on the pension account. Today “UlarUmit” - one of system-forming funds, which operates depositors in the territory of the entire country by means of the network, which consists of 17 branches and 60 departments.