LAHORE: Provincial Minister for Law, Finance, Excise and Taxation Mujtaba Shuja Ur Rehman, presiding over the 18th meeting of the Management Committee of Punjab Pension Fund, lauded the performance of Punjab Pension Fund Management Committee members.
Finance Secretary, Secretary Law & Parliamentary Affairs, Secretary Services, private members and the General Manager were also present in the meeting.
Punjab Pension Fund is a separate legal entity created through Punjab Pension Fund Act 2007 for management of funds set-aside by the Government of Punjab for meeting future pension liabilities of its employees.
The Management Committee approved financial statements of Punjab Pension Fund for the year ended 30 June 2014. The Finance Secretary apprised the meeting that during the year, the Fund net assets increased by 31.5% or Rs5,928 million and reached Rs24,750 million at 30 June 2014. The increase in net assets is due to increase in net income from investments (net of unrealized gains/losses) of Rs1,128 million and contribution received from Government of Punjab to the tune of Rs4,800 million.
The Finance Secretary further apprised that the Fund’s net rate of return during the year is 11.90% while discount rate during the year increased from 9% to 10%. The year-on-year Consumer Price Index (CPI) for the year was 8.22%. Fund’s benchmark return is CPI+3% but the Fund made a net return of 3.68% above CPI.
The Management Committee approved Annual Report for the year ended 30 June 2014 which will be laid before the Provincial Assembly.
