AMC Name
JS Aggressive Asset Allocation Fund
JS Investments Ltd.
HBL Asset Management Ltd.
National Investment Trust Ltd.
Atlas Asset Management Ltd.
Al Meezan Investment Management Ltd.
AKD Investment Management Ltd.
Safeway Fund Ltd.
AMZ Asset Management Ltd.
National Fullerton Asset Management Ltd.
FUND Name
JS Aggressive Income Fund
JS Capital Protected Fund
JS Fund of Funds
JS Islamic Pension Savings Fund
JS Pension Savings Fund
JS Principal Secure Fund I
JS Large Cap Fund
JS Islamic Fund
Unit Trust of Pakistan
HBL Income Fund
HBL Multi Asset Fund
HBL Stock Fund
NIT State Enterprise Fund
NIT Government Bond Fund
NIT Income Fund
NIT - Equity Market Opportunity Fund
Atlas Income Fund
Atlas Islamic Income Fund
Atlas Islamic Stock Fund
Atlas Pension Fund
Atlas Pension Islamic Fund
Atlas Money Market Fund
Atlas Stock Market Fund
Al - Meezan Mutual Fund Ltd.
Meezan Balanced Fund
Meezan Cash Fund
Meezan Islamic Fund
Meezan Sovereign Fund
Meezan Islamic Income Fund
Meezan Capital Protected Fund - I
Meezan Tahaffuz Pension Fund
AKD Income Fund
AKD Index Tracker Fund
AKD Opportunity Fund
Golden Arrow Selected Stocks Fund Ltd.
Safeway Mutual Fund Ltd.
Asian Stock Fund Ltd.
AMZ Plus Stock Fund
NAFA Cash Fund
NAFA Government Securities Liquid Fund

PICIC Asset Management Company Ltd.
KASB Funds Ltd.
UBL Fund Managers Ltd.
Dawood Capital Management Ltd.
First Capital Investments Ltd.
Askari Investment Management Ltd.
Lakson Investments Limited
Arif Habib Investments Ltd.
Faysal Asset Management Ltd.
Alfalah GHP Investment Management Ltd.
Pak Oman Investment Management Company Ltd.
NAFA Income Fund
NAFA Islamic Income Fund
NAFA Islamic Multi Asset Fund
NAFA Multi Asset Fund
NAFA Savings Plus Fund
NAFA Stock Fund
PICIC Energy Fund
PICIC Growth Fund
PICIC Investment Fund
KASB Liquid Fund
KASB Balanced Fund
KASB Capital Protected Gold Fund
KASB Islamic Income Fund
KASB Stock Market Fund
United Composite Islamic Fund
United Growth Income Fund
United Islamic Income Fund
United Stock Advantage Fund
UBL Liquidity Plus Fund
Dawood Islamic Fund
First Dawood Mutual Fund
First Capital Mutual Fund Ltd.
Askari Asset Allocation Fund
Askari Sovereign Cash Fund
Askari Income Fund
Lakson Equity Fund
Lakson Income Fund
Lakson Money Market Fund
Pakistan Capital Market Fund
Pakistan Income Fund
Pakistan Income Enhancement Fund
Pakistan Int'l Element Islamic Fund
Pakistan Stock Market Fund
Pakistan Strategic Allocation Fund
MetroBank-Pakistan Sovereign Fund
Faysal Balanced Growth Fund
Faysal Income & Growth Fund
Faysal Saving Growth Fund
Alfalah GHP Alpha Fund
Alfalah GHP Income Multiplier Fund
Alfalah GHP Islamic Fund
Alfalah GHP Value Fund
Pak Oman Advantage Fund
 Pak Oman Advantage Islamic Income Fund
Pak Oman Advantage Islamic Fund
Pak Oman Advantage Stock Fund
POBOP Advantage Plus Fund
MCB Dynamic Allocation Fund
MCB Cash Management Optimizer
MCB Asset Management Company Ltd.
MCB Dynamic Cash Fund
MCB Dynamic Stock Fund
IGI Stock Fund
IGI Funds Ltd. IGI Income Fund
IGI Islamic Income Fund
Crosby Phoenix Fund
Crosby Asset Management (Pakistan) Limited AMZ Plus Income Fund
Crosby Dragon Fund
Noman Abid Investment Management Ltd. Reliance Income Fund
First Habib Income Fund
Habib Asset Management Ltd.
First Habib Stock Fund
ABL Income Fund
ABL Asset Management Company Ltd.
ABL Stock Fund

As of February 28, 2010

Pension fund managers to gear up efforts: SECP

ISLAMABAD: Keeping in view the good performance of the pension fund

managers in the country, the Securities and Exchange Commission of Pakistan
has asked the fund managers to gear up tier efforts to expand the outreach of
pension funds in the country.

The report released by the commission said that in wake of rising uncertainties
at the job markets due to the economic crunch, leading to layoffs by small and
medium enterprises mainly in the textile sector.

SECP official informed that the volume of pension funds in advanced countries
including Japan and the USA is as large as the total GDP in, however this is a
new product in our country and its size is limited to Rs1 billion only.

According to the SECP voluntary pension funds provide a framework to the

individuals to save and invest during their working life and receive income and
payments in the period after their retirement.

The SECP official said that most of the private sector entities in the US and
other developed economies maintain their own pension funds and which is
partly contributed by employees and the employers jointly.
The pension funds are structured as trust and a deed is executed between
trustee and the fund manager and both are independent and unrelated entities.
Currently Pakistan has seven pension funds, of which, four are sharia
compliance and three are conventional funds.

The first four pension funds of the country were established in June 2007,
followed by three more in subsequent months. The average returns by these
funds was around 21 percent, the official of SECP said that it was better than
the profits obtained from any other mode of investment.

The SECP official said that ordinary citizens could also start their own plan by
investing a meager amount on regular basis in the pension fund, and obtain a
regular income between the age of 60 and 70 years.

The SECP has suggested to the fund managers to expand their scope of working
to smaller cities mainly those which have industrial base.

The official said that promotion of schemes like pension fund would also of
develop saving habits among the masses in the country. “The presence of large
amounts with the funds managers would be helpful in improving liquidity for
investment in financial markets”, official said. staff report

http://www.dailytimes.com.pk/default.asp?page=2010\02\24\story_24-2-2010_pg5_12

Voluntary Pension System Brief background

All individuals, whether engaged in the formal employment or self employed earn
up to a certain physiological age, which is generally referred to as their retirement
age. After the retirement age, their natural capacities to work and earn deplete to
an extent that they are unable to generate enough resources to support their living
style and other needs of old-age. This is the stage in individual’s life cycle where
the need is eagerly felt for voluntary or occupational pensions and savings
schemes in which individual could have saved enough to provide earnings today
which could conveniently replace the pre-retirement cash flows.

In nature, for private sector, these pension and savings schemes could be either
employer sponsored or self sponsored. The Voluntary Pension System as discussed
later ahead, can be used both as an employer sponsored as well as a self
sponsored savings vehicle. Other examples of retirement benefit arrangements are
gratuity, provident fund and superannuation schemes – these schemes, due to
insufficient legal mandates; and today’s high employee turnover, are left with
limited utility as retirement benefit arrangements. This whole portrait led the
regulator to take the initiative and launch a pension system which could cater to
the pension needs of both, the employed and the self-employed individuals.

The SECP takes the first step in the new direction – ‘Voluntary Pension
System’:
Back in year 2003, the mandate to promote and regulate private pension schemes
and funds, was conferred upon in SECP vide an amendment in the SECP Act, 1997
through Finance Act, 2003. In Pursuance of its mandate, the SECP, after screening
the applicants on rigorous criteria, has licensed four asset management companies
to act as Pension Fund Manager under the Voluntary Pension System Rules, 2005
– the rules notified in year 2005, to give effect to the SECP’s pension mandate.
Seven Pension Funds, of which four are Islamic and three are conventional, have
been launched by the Pension Fund Managers.

Voluntary Pension System – a Quick look

The Voluntary Pension System provides a comprehensive framework for the
employed and self-employed individuals to contribute into the Pension Funds
launched under this system, during their working life to provide regular income
after retirement. This way, an effort is made to enable the participants maintain a
reasonable standard of living at retirement. This, therefore, inevitably makes the
Pension Funds a savings-cum-investment Vehicle. Pakistani nationals holding
National Tax Number or a Computerized National Identity Card can avail tax credit
by investing a part of their salary or income from business as specified in the tax
laws. Individuals contributing to the Pension Fund have the flexibility to choose
between various investment options as well as between various fund managers.
The Pensions Wing of the Specialized Companies Division of SECP regulates and
monitors the Pension Funds.

Registration under Voluntary Pension System Rules

Four entities have been registered under VPS and seven Pension Funds have been
authorized by the Commission as per the following details:-

Name of entity NBFC or Life Pension Funds authorized

Insurance
Company Conventional Islamic
Pension Funds Pension
Funds
JS Investments Limited NBFC 1 1

Arif Habib Investment NBFC 1 1

Management Limited
Atlas Asset Management NBFC 1 1
Limitd
Al-Meezan Investment NBFC - 1
Management Limited
Survey of Occupational Savings Schemes 2007/ 2008
A Survey of Occupational Savings Schemes was carried out during 2007/08 to
gather preliminary statistics regarding the Occupational Savings Schemes in vogue
with the listed companies. The objectives included, to understand structure of the
existing OSS; to know if the present regulatory framework provides an
encouraging or discouraging environment; to assess the asset mix and their
penetration into the savings markets etc.
 Download Survey Document

Recent Developments
It is important to mention that very recently a further amendment has been made
in the SECP’s pension mandate to include promoting and regulating the
occupational savings schemes established by the Companies or State Owned
Corporations. The events which preceded this amendment included the a workshop
and a preliminary survey of the Occupational Savings Schemes with the listed
companies to collate information as to size and characteristics of such
arrangements.

Way Forward
The Commission has conveyed its desire to engage a consultant under ADB
sponsored project TA -4956 for developing a comprehensive regulatory framework
for occupational pensions and savings schemes. Terms of reference proposed for
the consultants are as under:-

1. Review of existing laws and mandate of different ministries /

organizations governing pensions, superannuation, gratuity and
provident fund schemes (collectively referred to as Occupational
Saving Schemes).
2. Review of existing Tax Laws.
3. Propose amendments in the existing laws / tax regime.
4. Draft a unified supervisory and regulatory framework in the context
of SECP mandate under SECP Act (Section 20 (4) (W) )
encompassing the following:

 Product structure & flow;

 Responsibilities (rights / obligations) of Trustees, employers,
employees, participants;
 Responsibilities, duties & powers of regulator;
 Monitoring and enforcement mechanism; and
 Any other aspect necessary to regulate and promote the
Occupational Savings and other post employment benefit
schemes in the country.

http://www.secp.gov.pk/Pensions_Overview.asp
Introduction maman

Role hussain

Functioning

Private raja

Public niazi
Future khizer