SECP Registers IGI Life Insurance as a Pension Fund Manager

The Securities and Exchange Commission of Pakistan (SECP) has registered IGI Life Insurance Limited as a Pension Fund Manager under the Voluntary Pension System Rules, 2005. The Pension Funds established under the VPS Rules are professionally managed savings-cum-investment vehicles that enable salaried and self-employed individuals to contribute during their employment period, to accumulate savings available after retirement. The employer can also contribute in the pension funds for their employees. In a statement, the SECP said that it believes that being long term products, pension and insurance can have natural synergies, and it is encouraging to see life insurance companies entering pension markets. The statement further said that SECP aims to continue its reform agenda for the development of the private pension and annuity market in Pakistan. Currently the annuity regulatory framework for asset management sector and structural reforms in VPS are in process, it added.