ISLAMABAD: The federal government has notified a panel of 16 eligible Pension Fund Managers (PFMs) to implement the Defined Contribution Pension Fund Scheme-2024, taking a major step toward operationalizing Pakistan’s new contributory pension system for newly recruited federal employees.
According to a notification issued by the Ministry of Finance, the approved PFMs have formally signed agreements with the federal government, making them eligible to manage pension contributions under the Defined Contribution Pension Fund Scheme-2024.
The Finance Division has also directed that the list of approved Pension Fund Managers be published on its official website for public access.
The notified Pension Fund Managers include ABL Asset Management Company Limited, AL Habib Asset Management Limited, Al Meezan Investment Management Limited, Atlas Asset Management Limited, Faysal Asset Management Limited, JS Investments Limited, Lucky Investments Limited, MCB Investment Management Limited, National Investment Trust Limited, EFU Life Assurance Limited, Alfalah Asset Management Limited, HBL Asset Management Company Limited, UBL Fund Managers Limited, NBP Fund Management Limited, Pak Qatar Family Takaful Limited, and AWT Investments Limited.
The Defined Contribution Pension Fund Scheme-2024 applies to newly inducted federal government employees and is designed to replace the traditional pension model with a contributory system, under which retirement savings will be managed by licensed Pension Fund Managers. The notification marks an important milestone in the implementation of Pakistan’s pension reforms aimed at ensuring a more sustainable and professionally managed retirement system for future government employees.
