Pension Funds

Key players in Voluntary Pension System

Authorized Pension Fund

An authorized pension fund is a pension fund authorized by the SECP and managed by a pension fund manager registered with the SECP under the Voluntary Pension System Rules, 2005 ("the VPS Rules"). It is important to understand that only a pension fund manager, registered with SECP, can offer an authorized pension fund. The key players of VPS are as following:

Asset Management Company / Registered Pension Fund Manager

An Asset management company or an insurance company, that has been granted a certificate of registration by the Securities and Exchange Commission of Pakistan (SECP) under the VPS Rules, is a registered Pension Fund Manager. Among the responsibilities include:

  • Ensuring that the prospectus and other legal documents are properly filed, compiled, and distributed as per requirement of regulations
  • Ensuring reporting prerequisites are downright met
  • Making sure VPS regulations are in accordance with the rules specified or outlined by SECP


A trustee in the case of VPS can be a bank or a company appointed with the approval of the SECP. His responsibilities are but not limited to:

  • Collection of the contributions as required by the terms of the trust.
  • Agree to all applicable laws, rules, and regulations, including the terms of the scheme documents.
  • Formulating strategies which could act in the best interest of the beneficiaries.

All the contributions, investments, returns on investments and other incomes earned by the pension fund are held by the trustee on behalf of the participants.


Pakistani nationals over the age of 18 years having National Tax number or holding a Computerized National Identity Card are eligible to become participants to a pension fund.



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