SECP grants NOC for launching four VPS fund schemes for KP Govt employees

By MG News | June 06, 2023 at 03:47 PM GMT+05:00

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June 06, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has granted no objection certificates (NOCs) on the trust deeds of four voluntary pension fund schemes, including two shariah based schemes, a press issued by SECP showed.

These schemes will be offered by two pension fund managers (PFM), specifically for Khyber Pakhtunkhwa (KP) Government employees. Central Depository Company of Pakistan Limited (CDC) would be the trustee of these funds.

The voluntary Pension System (VPS) is a self-contributory defined contribution pension scheme open to all adult Pakistanis having a computerized national identity card (CNIC).

It has been established under the Voluntary Pension System Rules, 2005 under which employed and self-employed individuals can voluntarily contribute to a pension fund managed by PFM, during their working life to provide regular income after retirement.

These new pension schemes will be funded through a combination of employee and government contributions, ensuring future fiscal sustainability. These pension funds shall be managed by a PFM licensed by SECP and registered with KPK Government.

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