The State Bank of Pakistan (SBP) has allowed overseas Pakistanis to investin pension funds offered by various asset management companies throughRoshan Digital Accounts of their respective commercial banks.
According to the circular issued by the SBP, “In order to improve the valueproposition of NRP Rupee Value Account (NRVA) and facilitating thenon-resident Pakistanis (NRPs), it has been decided to allow NRPs tocontribute in pension funds, authorized by the Securities and ExchangeCommission of Pakistan (SECP) under Voluntary Pension Funds Rules 2005 (VPSRules), through their Authorized Dealers”.
In this regard, the SBP made amendments to foreign exchange regulations.
Accordingly, the contribution in units of the Pension Fund is authorized interms of VPS Rules, under the management of Pension Fund Managers (PFMs)registered with SECP. The transfer of funds for the above investments shallbe allowed by the banks through the special instructions received from theNRVA holder on this behalf.
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For investments/contributions, the procedure prescribed for investment/disinvestment/ redemption in Chapter 20 of the Foreign Exchange Manualshall be followed while for investment.
Issue of units of Pension Fund authorized by SECP in terms of VoluntaryPension Funds Rules 2005, under the management of Pension Fund Managers(PFMs) registered with SECP to undertake pension fund scheme business.
