AL Habib Asset Management Limited is honored to collaborate with the Khyber Pakhtunkhwa Government in introducing the CP Fund to Government Employees of Khyber Pakhtunkhwa who have joined from June 7, 2022, onwards.
AL Habib GoKP Pension Fund is an open-ended Pension Fund Scheme, exclusively designed to facilitate government employees in the province of Khyber Pakhtunkhwa to save for retirement in a systematic manner. This dedicated pension solution is committed to providing financial security during post-service years.
To provide a secure source of savings and regular income after retirement to the Participants.
Savings cum Investment Plan that facilitates employees to save for retirement in a systematic manner.
Get Life Insurance Plan coverage upto 2 Million
Employees can easily switch between available Pension Fund Managers.
Employees can get the opportunity to invest in very low risk funds.
Option available to switch from KP Employees Pension Fund if he/she leave service prior to retirement.
Employee can get pension for a period of 20 years.
Pension fund are regulated by Securities and Exchange Commission of Pakistan
Both conventional and Islamic options available
All assets under the safe custody of Trustee
Pension Fund consist of Sub-Funds including:
o Money Market
o Index Equity
Employees will get units of Sub-Funds representing their investments. Each Sub-Fund to announce NAV on daily basis
CONTRIBUTION & TAX BENEFIT:
In line with the permission granted by the Commission, all Employees of KPK Government appointed/recruited under the Khyber Pakhtunkhwa Civil Servants (Amendment) Act.2022 or an Employee of the KPK Government, regularized as civil servant through any legal instrument, issued after coming into force of the Khyber Pakhtunkhwa Civil Servants (Amendment) Act, 2022 irrespective of the effective date of regularization shall be eligible to contribute to the Pension Fund.
Employee will contribute atleast 10% of Pensionable Pay
KP Government will contribute 12% of Pensionable Pay
Tax Saving upto 20% of Annual Tax Liability
Retirement age of an employee is 60 years (ref: sub-section (1) of section (13) of the Khyber Pakhtunkhwa civil servants act, 1973
Employee can opt early retirement after 25 years of services or at the age of 55 whichever is later
Options at Retirement
Receive tax free withdrawal up to 20% of your balance
Receive Pension for a period of 20 years from remaining balance
In case of resignation, Employee can withdraw with tax deduction or can transfer funds to AL Habib Pension Fund.
DEATH OR DISABILITY:
In case of death, the proceeds are transferred to the successors.
Retirement will be considered in case of any of the following disabilities:
Loss of limbs, hand and a foot, loss of eyesight of deafness or loss of speech;
Paraplegia or hemiplegia or lunacy or advance case of incurable disease; OR
Wounds, injuries or any diseases resulting in inability to continue any work
Severe facial disfigurement
HOW TO ENROLL:
|BASIC FUND DETAILS|
|Fund Type Category||Open-ended Pension Scheme|
|Risk Profile||Very Low (Principal at Very Low Risk)|
|Pricing Mechanism||Forward Pricing|
|Allocation of Units||On Realization of funds|