IGI Insurance Registered as Pension Fund Manager
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered IGI Life Insurance as a Pension Fund Manager. The SECP registered the company under the Voluntary Pension System Rules, 2005. The SECP took the decision to promote healthy competition in the pension management field in the country
The Pension Funds established under the VPS Rules professionally manage savings-cum-investment vehicles.
It enables salaried and self-employed individuals to contribute during their employment period, to accumulate savings after retirement. The employer can also contribute to the pension funds for their employees.
SECP believes that long-term products, Pensions, and Insurance can have natural synergies. It is encouraging to see life insurance companies entering the Pension markets.
The SECP aims to continue its reform agenda for the development of the private pension and annuity market in Pakistan.
Currently, the annuity regulatory framework for the asset management sector and structural reforms in VPS are in process.
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Govt to refund Rs 12 billion to Hajj pilgrims
Meanwhile, the federal government decides to return Rs 12 billion to pilgrims who performed Hajj this year. Religious Affairs Minister Senator Muhammad Talha Mehmood announced the decision. He said the Religious Affairs Ministry would refund a total of Rs12 billion to tens of thousands of Pakistani pilgrims.
The Ministry will return this amount to pilgrims who performed Hajj under the government-sponsored Hajj scheme.
More than 160,000 Pakistanis performed Hajj this year. The government has decided to return Rs 12 billion to Hajj pilgrims who could not get pre-paid facilities.
The minister stated this in a press conference in Saudi Arabia on Thursday. He also highlighted the effective cost-saving measures that allowed for the partial refund of the Hajj expenses. Hajj pilgrims will receive refunds in their bank accounts in the upcoming week.
The government’s Hajj operation is going to conclude in a week. The last Hajj flight is arriving on Wednesday. This year, more than 160,000 Pakistanis performed Hajj.
