The SECP regulates the VPS. The pension fund managers, pension funds and trustees are subject to monitoring by the SECP.
The VPS is governed by the following laws:
> Part VIII of the Companies Ordinance, 1984;
> Voluntary Pension System Rules, 2005;
Other applicable laws
> Income Tax Ordinance, 2001; and
> Trust Act, 1882.
Net Asset Value of a Sub-Fund
The net asset value per unit of a sub-fund represents the value at which the units of the respective sub-funds can be issued or redeemed each working day. This value represents the share of each unit of sub-fund in the net assets of the pension fund. It is calculated for each sub-fund by dividing the net assets of that sub-fund by the number of units outstanding in respect of that sub-fund.
NAV= Net Assets of the Sub Funds – Expenses – Liabilities
Total Number of Units Outstanding