The Securities and Exchange Commission of Pakistan (SECP) has officially registered IGI Life Insurance Limited as a Pension Fund Manager under the Voluntary Pension System Rules, 2005.
Pension Funds established under the VPS Rules serve as professionally managed savings-cum-investment vehicles, allowing both salaried and self-employed individuals to contribute during their employment years, thereby accumulating savings for their retirement. Additionally, employers have the option to contribute to the pension funds on behalf of their employees.
In a statement, the SECP expressed its belief in the natural synergies between long-term products like pension and insurance. The commission also commended the entry of life insurance companies into the pension markets, which further enhances the potential for growth and development in this sector.
The SECP is dedicated to advancing its reform agenda to foster the development of the private pension and annuity market in Pakistan. Currently, the commission is working on the annuity regulatory framework for the asset management sector and implementing structural reforms in the Voluntary Pension System.
With these efforts, the SECP aims to create a more robust and efficient pension market, providing greater financial security and stability for retirees in Pakistan.
