SECP registers IGI Life Insurance as pension fund manager

MG News | July 27, 2023 at 06:01 PM GMT+05:00

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July 27, 2023 (MLN): Promoting healthy competition in the pension management field, the Securities and Exchange Commission of Pakistan (SECP) registered IGI Life Insurance Limited as a Pension Fund Manager under the Voluntary Pension System Rules, 2005, said a press release issued by the regulatory body.

The Pension Funds established under the VPS Rules are professionally managed savings-cum-investment vehicles, that enable salaried and self-employed individuals to contribute during their employment period, to accumulate savings available after retirement. The employer can also contribute to the pension funds for their employees.

SECP believes that long-term products, Pensions, and Insurance can have natural synergies, and it is encouraging to see life insurance companies entering Pension markets.

The SECP aims to continue its reform agenda for the development of the private pension and annuity market in Pakistan.

Currently, the annuity regulatory framework for the asset management sector and structural reforms in VPS are in process.

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