March 21, 2023 (MLN): The Board of Directors of IGI Life Insurance Limited (PSX: IGIL), a leading life insurance company in Pakistan, has authorized the company to commence the process of establishing the fund, subject to regulatory and corporate approvals.
Upon acquiring the necessary approvals, the company will act as a pension fund manager and establish the fund in accordance with the relevant regulations, including the Voluntary Pension System Rules, 2005, the Non-Banking Finance Companies Regulations, 2008, and the Sindh Trust Act, 2020.
As part of the establishment of the pension fund, IGI Life has also resolved to appoint Mahaana Wealth Limited as the investment advisor.
The terms and conditions of the appointment will be agreed upon between the company and Mahaana.
The establishment of the pension fund is a significant step forward for IGI Life as it expands its range of financial services to customers.
The fund will provide an opportunity for individuals to save for their retirement, while also benefitting from expert investment advice.