OVERVIEW:
AL Habib Asset Management Limited is honored to collaborate with the Punjab Government in introducing the contributory Fund for Government Employees of Punjab who have joined on or after 8 January 2024.
AL Habib Punjab Pension Fund is an open-ended Pension Fund Scheme, exclusively designed to facilitate government employees in the province of Punjab to save for retirement in a systematic manner.
INVESTMENT OBJECTIVE:
The Investment objective of AL Habib Punjab Pension Fund is to provide a secure source of savings and regular income after retirement to the Employee(s).
INTRODUCTION:
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Get Life Insurance Plan coverage 1 Million and accidental death coverage 2 million.
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Employees can easily switch between available Pension Fund Managers.
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Employees can get the opportunity to invest in very low-risk funds.
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Option available to switch from Punjab Pension Fund if he/she leaves service prior to retirement.
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Employee can get pension for a period of 20 years.
STRUCTURE:
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Pension funds are regulated by the Securities and Exchange Commission of Pakistan
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All assets under the safe custody of Trustee
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Pension Fund consists of Sub-Funds, including:
o Money Market
o Debt
o Index Equity
o Equity
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Employees will get units of Sub-Funds representing their investments. Each Sub-Fund to announce NAV on daily basis
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For the first three years, contributions will be made exclusively to the Money Market Sub-Fund
CONTRIBUTION & TAX BENEFIT:
Eligible Investor
(1) a person appointed on or after the commencement of Punjab Civil Servants (Amendment) Ordinance, 2023 (I of 2024) but not including any person who was appointed as Government servant holding pensionable post before the commencement of the said Ordinance, and was subsequently inducted into any Provincial service through proper channel after coming into force of the Punjab Civil Servants (Amendment) Ordinance 2023 (I of 2024); or
(2) a person regularized as a civil servant through any legal instrument issued on or after the commencement of the Punjab Civil Servants (Amendment) Ordinance 2023 (I of 2024) and shall be considered an employee for the purpose of the rules from the date of issuance of such legal instrument, regardless of the effective date of regularization
Provided that an employee shall, subject to sub-rule (3) of Rule 5 of the rules, be deemed to be an employee solely for the purposes of the Defined Contribution Pension Scheme until reaching the retirement age and no further contributions shall be made to his pension account by either the employer or the employee in the event of his leaving service before attaining retirement age for any reason whatsoever
Contribution
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Employee will contribute atleast 10% of Pensionable Pay
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Punjab Government will contribute 12% of Pensionable Pay
Tax Benefit
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Tax Saving upto 20% of Annual Tax Liability
RETIREMENT:
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Retirement age of an employee is 60 years (ref: sub-section (1) of section (13) of the Punjab civil servants act, 1973
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Employee can opt early retirement after 25 years of services or at the age of 55 whichever is later
Options at Retirement
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Receive tax free withdrawal up to 25% of your balance
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Receive Pension for a period of 20 years from remaining balance
RESIGNATION
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:
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Loss of limbs, hand and a foot, loss of eyesight of deafness or loss of speech;
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Paraplegia or hemiplegia or lunacy or advance case of incurable disease; OR
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Wounds, injuries or any diseases resulting in inability to continue any work
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Severe facial disfigurement
HOW TO ENROLL:
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STEP 1: Go to portal – pension.punjab.gov.pk – go to signup or scan the QR Code
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STEP 2 Add Personal Information:
- o Full Name
- o Father's Name
- o Mother's Name
- o Gender Name
- o CNIC Name
- o Date of Birth
- o CNIC issues & Expiry Date
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STEP 3: Contact Information
- o Contact Number
- o Email Address
- o CNIC issues & Expiry Date
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STEP 4: Professional Information
- o Department Name
- o BPS Scale
- o Date of Joining
- o Basic Salary
- o Personal Number
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STEP 5: Documents
- o Appointment Letter
- o CNIC Front & Back
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STEP 6: Status – Pending on behalf of the department
Fund Details
| 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 |