Safeguard: Voluntary pension rules being amended to protect savers

Draft amendments have been placed on SECP website, feedback would be taken into consideration.

ISLAMABAD:

The Securities and Exchange Commission of Pakistan (SECP) has announced that it is amending voluntary pension system rules to facilitate growth of the pension industry and to protect interest of participants.

Draft amendments had been placed on SECP website and feedback coming within 14 days of the date of notification would be taken into consideration, it said in a press release on Wednesday.

Voluntary pension system rules were notified in 2005 to provide a framework for building pensions by salaried as well as self-employed people. Private pension funds were launched in June 2007 and have now grown to nine funds with more than Rs1.5 billion worth of assets.

Published in The Express Tribune, November 24^th, 2011.