Voluntary Pension Schemes
The Voluntary Pension Schemes (VPS) provides a portable, individualized, flexible and funded (based on defined contribution) framework to the individuals to save and invest during their working life and receive income and payments in the period after their retirement.
VPS was introduced in 2007 under the Voluntary Pension System Rules 2005 by the Securities and Exchange Commission of Pakistan (SECP) as part of the Government's efforts to encourage retirement savings and allowing individuals to choose the investment strategy that best suits their needs.
Under the VPS, individuals can contribute to their retirement savings on a voluntary basis and receive tax credit on their contributions up to a certain limit under the Income Tax Ordinance, 2001. The contributions made to the VPS are invested in various investment options such as equity, debt, and money market instruments, and the returns on these investments accumulate over time which are further classified in Conventional and Shariah Compliant Schemes.
Retirement age can be anytime between the age of 60 and 70 years or after 25 years of contribution. The later the age of retirement, the more monthly pension the investor will get. At retirement age, individuals can withdraw their savings as a lump sum or opt for a regular pension payments.
Sub-Funds:
VPS is a one-window operation which provides investments in a diversified portfolio of equity securities and fixed income instruments. SECP has mandated investment policies govern each asset class.
Each VPS has minimum three sub-funds, under the umbrella.
- Equity Sub Fund: The objective of the Equity sub fund is by investing in listed equity securities to achieve long term capital growth.
- Debt Sub Fund: The objective of the Debt sub fund is to provide income along with capital preservation by investing primarily in tradable debt securities.
- Money Market Sub Fund: The objective of the Money Market sub fund is to provide regular income along with capital preservation by investing primarily in short term debt securities.
Allocation Schemes
The contributions made in the VPS are allocated the units of sub-funds at Net Asset Value, as per the Allocation Scheme selected by individual. SECP has mandated that minimum four allocation schemes, namely High Volatility, Medium Volatility, Low Volatility, and Lower Volatility Schemes must be offered by every pension fund. In addition to these four mandatory schemes, the pension fund managers can additionally offer two allocation schemes, namely Lifecycle and Customized Allocation Schemes.
The details of the allocations schemes are as follows:
| Allocation Scheme | Suitable For | Equity Sub-Fund | Debt Sub- Fund | Money Market Sub-Fund |
| Minimum investment* | ||||
| High Volatility | Investors with long term investment horizon and/ or high tolerance for risk. | 65% | 20% | Nil |
| Medium Volatility | Investors with long to medium term investment horizon and/or moderate tolerance for risk. | 35% | 40% | 10% |
| Low Volatility | Investors with medium to short term investment horizon and/or lower tolerance for risk. | 10% | 60% | 15% |
| Lower Volatility | Investors with short term investment horizon and/or very low tolerance for risk. | Nil | 40% | 40% |
| Life Cycle Allocation | Investors wanting to adopt a systematic investment approach.
| Starting with a higher equity investment allocation for an individual aged 18 years, the equity allocation is gradually reduced and transferred to Debt and Money Market Sub-Funds as an individual reaches the age 60 years. Varying allocation between the Sub-Funds in accordance with the age and risk tolerance capability of the Participant. | ||
Customized Allocation
| Investors wanting to adopt a customized investment approach. | 0-80% | 20-75% | 0-60% |
| * Total allocation to be 100% between the sub-funds. | ||||
The VPS is managed by a licensed pension fund manager that can be an asset management company or an insurance company.
| AMC Name | Search Fund | Search AMC | Search Category |
|---|---|---|---|
ABL Islamic Pension Fund
ABL Asset Management Company Limited
188.86 NAV 195.43 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Shariah Compliant Debt |
ABL Islamic Pension Fund
ABL Asset Management Company Limited
301.00 NAV 311.48 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Shariah Compliant Equity |
ABL Islamic Pension Fund
ABL Asset Management Company Limited
188.01 NAV 194.55 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Shariah Compliant Money Market |
ABL Pension Fund
ABL Asset Management Company Limited
|
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Debt |
ABL Pension Fund
ABL Asset Management Company Limited
|
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Equity |
ABL Pension Fund
ABL Asset Management Company Limited
|
Pension Funds (Open-End Funds) | ABL Asset Management Company Limited | VPS-Money Market |
Al Ameen Islamic Retirement Savings Fund
UBL Fund Managers Limited
302.34 NAV 302.34 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Shariah Compliant Debt |
Al Ameen Islamic Retirement Savings Fund
UBL Fund Managers Limited
1260.52 NAV 1260.52 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Shariah Compliant Equity |
Al Ameen Islamic Retirement Savings Fund
UBL Fund Managers Limited
292.17 NAV 292.17 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Shariah Compliant Money Market |
AL Habib Islamic Pension Fund
AL Habib Asset Management Limited
137.12 NAV 141.23 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Shariah Compliant Money Market |
AL Habib Islamic Pension Fund
AL Habib Asset Management Limited
212.57 NAV 218.95 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Shariah Compliant Equity |
AL Habib Islamic Pension Fund
AL Habib Asset Management Limited
139.56 NAV 143.75 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Shariah Compliant Debt |
AL Habib Pension Fund
AL Habib Asset Management Limited
|
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Equity |
AL Habib Pension Fund
AL Habib Asset Management Limited
|
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Debt |
AL Habib Pension Fund
AL Habib Asset Management Limited
|
Pension Funds (Open-End Funds) | AL Habib Asset Management Limited | VPS-Money Market |
/allied.jpg)
Alfalah GHP Islamic Pension Fund
Alfalah Asset Management Limited
169.28 NAV 175.02 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Shariah Compliant Debt |
Alfalah GHP Islamic Pension Fund
Alfalah Asset Management Limited
157.37 NAV 162.70 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Shariah Compliant Money Market |
Alfalah GHP Islamic Pension Fund
Alfalah Asset Management Limited
179.21 NAV 185.28 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Shariah Compliant Equity |
Alfalah GHP Pension Fund
Alfalah Asset Management Limited
|
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Equity |
Alfalah GHP Pension Fund
Alfalah Asset Management Limited
|
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Money Market |
Alfalah GHP Pension Fund
Alfalah Asset Management Limited
|
Pension Funds (Open-End Funds) | Alfalah Asset Management Limited | VPS-Debt |
Alhamra Islamic Pension Fund
MCB Investment Management Limited
362.49 NAV 362.49 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Shariah Compliant Debt |
Alhamra Islamic Pension Fund
MCB Investment Management Limited
1009.92 NAV 1009.92 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Shariah Compliant Equity |
Alhamra Islamic Pension Fund
MCB Investment Management Limited
335.28 NAV 335.28 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Shariah Compliant Money Market |
Atlas Pension Fund
Atlas Asset Management Limited
|
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Money Market |
Atlas Pension Fund
Atlas Asset Management Limited
|
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Equity |
Atlas Pension Fund
Atlas Asset Management Limited
|
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Debt |
Atlas Pension Islamic Fund
Atlas Asset Management Limited
410.42 NAV 410.42 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Shariah Compliant Money Market |
Atlas Pension Islamic Fund
Atlas Asset Management Limited
382.10 NAV 382.10 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Shariah Compliant Debt |
Atlas Pension Islamic Fund
Atlas Asset Management Limited
1277.54 NAV 1277.54 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Atlas Asset Management Limited | VPS-Shariah Compliant Equity |
Faysal Islamic Pension Fund
Faysal Asset Management Limited
146.05 NAV 151.01 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Shariah Compliant Debt |
Faysal Islamic Pension Fund
Faysal Asset Management Limited
173.59 NAV 179.47 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Shariah Compliant Equity |
Faysal Islamic Pension Fund
Faysal Asset Management Limited
148.76 NAV 153.80 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Shariah Compliant Money Market |
Faysal Pension Fund
Faysal Asset Management Limited
|
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Equity |
Faysal Pension Fund
Faysal Asset Management Limited
|
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Debt |
Faysal Pension Fund
Faysal Asset Management Limited
|
Pension Funds (Open-End Funds) | Faysal Asset Management Limited | VPS-Money Market |
HBL Islamic Pension Fund
HBL Asset Management Limited
564.37 NAV 564.37 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Shariah Compliant Equity |
HBL Islamic Pension Fund
HBL Asset Management Limited
267.06 NAV 267.06 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Shariah Compliant Debt |
HBL Islamic Pension Fund
HBL Asset Management Limited
259.49 NAV 259.49 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Shariah Compliant Money Market |
HBL Pension Fund
HBL Asset Management Limited
|
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Debt |
HBL Pension Fund
HBL Asset Management Limited
|
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Equity |
HBL Pension Fund
HBL Asset Management Limited
|
Pension Funds (Open-End Funds) | HBL Asset Management Limited | VPS-Money Market |
JS Islamic Pension Savings Fund
JS Investments Limited
333.11 NAV 333.11 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Shariah Compliant Money Market |
JS Islamic Pension Savings Fund
JS Investments Limited
1038.33 NAV 1038.33 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Shariah Compliant Equity |
JS Islamic Pension Savings Fund
JS Investments Limited
358.34 NAV 358.34 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Shariah Compliant Debt |
JS Pension Savings Fund
JS Investments Limited
|
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Equity |
JS Pension Savings Fund
JS Investments Limited
|
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Debt |
JS Pension Savings Fund
JS Investments Limited
|
Pension Funds (Open-End Funds) | JS Investments Limited | VPS-Money Market |
Meezan Tahaffuz Pension Fund
Al Meezan Investment Management Limited
414.26 NAV 0.00 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Al Meezan Investment Management Limited | VPS-Shariah Compliant Money Market |
Meezan Tahaffuz Pension Fund
Al Meezan Investment Management Limited
420.69 NAV 0.00 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Al Meezan Investment Management Limited | VPS-Shariah Compliant Debt |
Meezan Tahaffuz Pension Fund
Al Meezan Investment Management Limited
861.61 NAV 0.00 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Al Meezan Investment Management Limited | VPS-Shariah Compliant Equity |
Meezan Tahaffuz Pension Fund
Al Meezan Investment Management Limited
308.30 NAV 0.00 Offer Price VPS-Shariah Compliant Commodities / Gold Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Al Meezan Investment Management Limited | VPS-Shariah Compliant Commodities / Gold |
/nbp.jpg)
NAFA Islamic Pension Fund
NBP Fund Management Limited
239.81 NAV 239.81 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Shariah Compliant Debt |
NAFA Islamic Pension Fund
NBP Fund Management Limited
554.32 NAV 554.32 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Shariah Compliant Equity |
NAFA Islamic Pension Fund
NBP Fund Management Limited
244.96 NAV 244.96 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Shariah Compliant Money Market |
NAFA Pension Fund
NBP Fund Management Limited
|
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Equity |
NAFA Pension Fund
NBP Fund Management Limited
|
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Debt |
NAFA Pension Fund
NBP Fund Management Limited
|
Pension Funds (Open-End Funds) | NBP Fund Management Limited | VPS-Money Market |
NIT Islamic Pension Fund
National Investment Trust Limited
20.87 NAV 20.87 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Shariah Compliant Debt |
NIT Islamic Pension Fund
National Investment Trust Limited
20.90 NAV 20.90 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Shariah Compliant Money Market |
NIT Islamic Pension Fund
National Investment Trust Limited
16.71 NAV 16.71 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Shariah Compliant Equity |
NIT Pension Fund
National Investment Trust Limited
|
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Debt |
NIT Pension Fund
National Investment Trust Limited
|
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Commodities / Gold |
NIT Pension Fund
National Investment Trust Limited
|
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Equity |
NIT Pension Fund
National Investment Trust Limited
|
Pension Funds (Open-End Funds) | National Investment Trust Limited | VPS-Money Market |
Pak Qatar Islamic Pension Fund
Pak-Qatar Family Takaful Limited
130.94 NAV 135.38 Offer Price VPS-Shariah Compliant Money Market Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Pak-Qatar Family Takaful Limited | VPS-Shariah Compliant Money Market |
Pak Qatar Islamic Pension Fund
Pak-Qatar Family Takaful Limited
166.33 NAV 171.97 Offer Price VPS-Shariah Compliant Equity Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Pak-Qatar Family Takaful Limited | VPS-Shariah Compliant Equity |
Pak Qatar Islamic Pension Fund
Pak-Qatar Family Takaful Limited
131.64 NAV 136.11 Offer Price VPS-Shariah Compliant Debt Category
Low to High
Risk Rating |
Pension Funds (Open-End Funds) | Pak-Qatar Family Takaful Limited | VPS-Shariah Compliant Debt |
Pakistan Pension Fund
MCB Investment Management Limited
|
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Equity |
Pakistan Pension Fund
MCB Investment Management Limited
|
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Money Market |
Pakistan Pension Fund
MCB Investment Management Limited
|
Pension Funds (Open-End Funds) | MCB Investment Management Limited | VPS-Debt |
UBL Retirement Saving Fund
UBL Fund Managers Limited
|
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Equity |
UBL Retirement Saving Fund
UBL Fund Managers Limited
|
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Money Market |
UBL Retirement Saving Fund
UBL Fund Managers Limited
|
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Debt |
UBL Retirement Saving Fund
UBL Fund Managers Limited
|
Pension Funds (Open-End Funds) | UBL Fund Managers Limited | VPS-Commodities / Gold |