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 SchemeSuitable ForEquity Sub-FundDebt Sub- FundMoney 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.

Nil40%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
Logo

ABL Islamic Pension Fund

ABL Asset Management Company Limited

190.38

NAV

197.01

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
Logo

ABL Islamic Pension Fund

ABL Asset Management Company Limited

302.82

NAV

313.36

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
Logo

ABL Islamic Pension Fund

ABL Asset Management Company Limited

189.74

NAV

196.35

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
Logo

ABL Pension Fund

ABL Asset Management Company Limited

295.88

NAV

306.17

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) ABL Asset Management Company Limited VPS-Debt
Logo

ABL Pension Fund

ABL Asset Management Company Limited

292.22

NAV

302.39

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) ABL Asset Management Company Limited VPS-Equity
Logo

ABL Pension Fund

ABL Asset Management Company Limited

231.20

NAV

239.24

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) ABL Asset Management Company Limited VPS-Money Market
Logo

Al Ameen Islamic Retirement Savings Fund

UBL Fund Managers Limited

305.85

NAV

305.85

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
Logo

Al Ameen Islamic Retirement Savings Fund

UBL Fund Managers Limited

1290.35

NAV

1290.35

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
Logo

Al Ameen Islamic Retirement Savings Fund

UBL Fund Managers Limited

295.16

NAV

295.16

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
Logo

AL Habib Islamic Pension Fund

AL Habib Asset Management Limited

138.56

NAV

142.72

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
Logo

AL Habib Islamic Pension Fund

AL Habib Asset Management Limited

233.18

NAV

240.18

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
Logo

AL Habib Islamic Pension Fund

AL Habib Asset Management Limited

140.97

NAV

145.20

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
Logo

AL Habib Pension Fund

AL Habib Asset Management Limited

236.09

NAV

243.18

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) AL Habib Asset Management Limited VPS-Equity
Logo

AL Habib Pension Fund

AL Habib Asset Management Limited

145.82

NAV

150.19

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) AL Habib Asset Management Limited VPS-Debt
Logo

AL Habib Pension Fund

AL Habib Asset Management Limited

144.81

NAV

149.16

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) AL Habib Asset Management Limited VPS-Money Market
Logo

Alfalah GHP Islamic Pension Fund

Alfalah Asset Management Limited

171.11

NAV

177.01

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
Logo

Alfalah GHP Islamic Pension Fund

Alfalah Asset Management Limited

180.96

NAV

187.21

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
Logo

Alfalah GHP Islamic Pension Fund

Alfalah Asset Management Limited

161.17

NAV

166.73

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
Logo

Alfalah GHP Pension Fund

Alfalah Asset Management Limited

159.86

NAV

165.38

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Alfalah Asset Management Limited VPS-Equity
Logo

Alfalah GHP Pension Fund

Alfalah Asset Management Limited

206.58

NAV

213.70

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Alfalah Asset Management Limited VPS-Money Market
Logo

Alfalah GHP Pension Fund

Alfalah Asset Management Limited

195.95

NAV

202.71

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Alfalah Asset Management Limited VPS-Debt
Logo

Alhamra Islamic Pension Fund

MCB Investment Management Limited

365.92

NAV

365.92

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
Logo

Alhamra Islamic Pension Fund

MCB Investment Management Limited

1036.97

NAV

1036.97

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
Logo

Alhamra Islamic Pension Fund

MCB Investment Management Limited

339.11

NAV

339.11

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
Logo

Atlas Pension Fund

Atlas Asset Management Limited

486.39

NAV

486.39

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Atlas Asset Management Limited VPS-Money Market
Logo

Atlas Pension Fund

Atlas Asset Management Limited

1106.18

NAV

1106.18

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Atlas Asset Management Limited VPS-Equity
Logo

Atlas Pension Fund

Atlas Asset Management Limited

515.96

NAV

515.96

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Atlas Asset Management Limited VPS-Debt
Logo

Atlas Pension Islamic Fund

Atlas Asset Management Limited

414.71

NAV

414.71

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
Logo

Atlas Pension Islamic Fund

Atlas Asset Management Limited

386.53

NAV

386.53

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
Logo

Atlas Pension Islamic Fund

Atlas Asset Management Limited

1298.73

NAV

1298.73

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
Logo

Faysal Islamic Pension Fund

Faysal Asset Management Limited

147.55

NAV

152.64

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
Logo

Faysal Islamic Pension Fund

Faysal Asset Management Limited

175.24

NAV

181.29

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
Logo

Faysal Islamic Pension Fund

Faysal Asset Management Limited

150.38

NAV

155.57

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
Logo

Faysal Pension Fund

Faysal Asset Management Limited

176.41

NAV

182.49

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Faysal Asset Management Limited VPS-Equity
Logo

Faysal Pension Fund

Faysal Asset Management Limited

144.93

NAV

149.93

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Faysal Asset Management Limited VPS-Debt
Logo

Faysal Pension Fund

Faysal Asset Management Limited

147.87

NAV

152.97

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) Faysal Asset Management Limited VPS-Money Market
Logo

HBL Islamic Pension Fund

HBL Asset Management Limited

585.70

NAV

585.70

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
Logo

HBL Islamic Pension Fund

HBL Asset Management Limited

269.29

NAV

269.29

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
Logo

HBL Islamic Pension Fund

HBL Asset Management Limited

261.89

NAV

261.89

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
Logo

HBL Pension Fund

HBL Asset Management Limited

343.23

NAV

343.23

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) HBL Asset Management Limited VPS-Debt
Logo

HBL Pension Fund

HBL Asset Management Limited

531.20

NAV

531.20

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) HBL Asset Management Limited VPS-Equity
Logo

HBL Pension Fund

HBL Asset Management Limited

298.74

NAV

298.74

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) HBL Asset Management Limited VPS-Money Market
Logo

JS Islamic Pension Savings Fund

JS Investments Limited

336.36

NAV

0.00

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
Logo

JS Islamic Pension Savings Fund

JS Investments Limited

1043.22

NAV

0.00

Offer Price

VPS-Shariah Compliant Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) JS Investments Limited VPS-Shariah Compliant Equity
Logo

JS Islamic Pension Savings Fund

JS Investments Limited

361.64

NAV

0.00

Offer Price

VPS-Shariah Compliant Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) JS Investments Limited VPS-Shariah Compliant Debt
Logo

JS Pension Savings Fund

JS Investments Limited

784.87

NAV

0.00

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) JS Investments Limited VPS-Equity
Logo

JS Pension Savings Fund

JS Investments Limited

482.63

NAV

0.00

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) JS Investments Limited VPS-Debt
Logo

JS Pension Savings Fund

JS Investments Limited

399.08

NAV

0.00

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) JS Investments Limited VPS-Money Market
Logo

Meezan Tahaffuz Pension Fund

Al Meezan Investment Management Limited

418.62

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
Logo

Meezan Tahaffuz Pension Fund

Al Meezan Investment Management Limited

425.31

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
Logo

Meezan Tahaffuz Pension Fund

Al Meezan Investment Management Limited

868.24

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
Logo

Meezan Tahaffuz Pension Fund

Al Meezan Investment Management Limited

322.52

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
Logo

NAFA Islamic Pension Fund

NBP Fund Management Limited

242.18

NAV

242.18

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
Logo

NAFA Islamic Pension Fund

NBP Fund Management Limited

570.88

NAV

570.88

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
Logo

NAFA Islamic Pension Fund

NBP Fund Management Limited

247.47

NAV

247.47

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
Logo

NAFA Pension Fund

NBP Fund Management Limited

573.34

NAV

573.34

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) NBP Fund Management Limited VPS-Equity
Logo

NAFA Pension Fund

NBP Fund Management Limited

315.36

NAV

315.36

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) NBP Fund Management Limited VPS-Debt
Logo

NAFA Pension Fund

NBP Fund Management Limited

573.34

NAV

573.34

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) NBP Fund Management Limited VPS-Money Market
Logo

NIT Islamic Pension Fund

National Investment Trust Limited

21.07

NAV

21.07

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
Logo

NIT Islamic Pension Fund

National Investment Trust Limited

21.09

NAV

21.09

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
Logo

NIT Islamic Pension Fund

National Investment Trust Limited

17.10

NAV

17.10

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
Logo

NIT Pension Fund

National Investment Trust Limited

23.49

NAV

23.49

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) National Investment Trust Limited VPS-Debt
Logo

NIT Pension Fund

National Investment Trust Limited

29.05

NAV

29.05

Offer Price

VPS-Commodities / Gold

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) National Investment Trust Limited VPS-Commodities / Gold
Logo

NIT Pension Fund

National Investment Trust Limited

17.07

NAV

17.07

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) National Investment Trust Limited VPS-Equity
Logo

NIT Pension Fund

National Investment Trust Limited

23.41

NAV

23.41

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) National Investment Trust Limited VPS-Money Market
Logo

Pak Qatar Islamic Pension Fund

Pak-Qatar Family Takaful Limited

132.27

NAV

136.76

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
Logo

Pak Qatar Islamic Pension Fund

Pak-Qatar Family Takaful Limited

167.37

NAV

173.04

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
Logo

Pak Qatar Islamic Pension Fund

Pak-Qatar Family Takaful Limited

133.15

NAV

137.66

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
Logo

Pakistan Pension Fund

MCB Investment Management Limited

987.83

NAV

987.83

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) MCB Investment Management Limited VPS-Equity
Logo

Pakistan Pension Fund

MCB Investment Management Limited

447.90

NAV

447.90

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) MCB Investment Management Limited VPS-Money Market
Logo

Pakistan Pension Fund

MCB Investment Management Limited

504.81

NAV

504.81

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) MCB Investment Management Limited VPS-Debt
Logo

UBL Retirement Saving Fund

UBL Fund Managers Limited

1447.57

NAV

1447.57

Offer Price

VPS-Equity

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) UBL Fund Managers Limited VPS-Equity
Logo

UBL Retirement Saving Fund

UBL Fund Managers Limited

346.48

NAV

346.48

Offer Price

VPS-Money Market

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) UBL Fund Managers Limited VPS-Money Market
Logo

UBL Retirement Saving Fund

UBL Fund Managers Limited

436.52

NAV

436.52

Offer Price

VPS-Debt

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) UBL Fund Managers Limited VPS-Debt
Logo

UBL Retirement Saving Fund

UBL Fund Managers Limited

246.13

NAV

246.13

Offer Price

VPS-Commodities / Gold

Category

Low to High

Risk Rating

Pension Funds (Open-End Funds) UBL Fund Managers Limited VPS-Commodities / Gold