ISLAMABAD (Dunya News) - The Securities and Exchange Commission of Pakistan has approved additional pension funds for the provinces of Punjab and Balochistan.
According to SECP, eight new pension funds have been approved for the Balochistan government, while an additional pension fund has been approved for the Punjab government.
This brings the total number of approved pension funds in Balochistan to 15, while Punjab now has 25 pension funds in operation.
Also read: SECP issues licence to Punjab Life Insurance Company
SECP noted that the contributory pension system has been practically implemented in Balochistan, and the regulator is gradually rolling out the system across government institutions.
The pension reforms are expected to reduce the government’s long-term pension liabilities and provide employees with greater benefits upon retirement.
SECP added that the pension funds are being professionally managed by private asset management companies.