BR - ePaper
Feb 03, 2018
National News Page 7
Private pension funds: SECP releases report on comparative performance
Feb 03, 2018
ISLAMABAD: The total net assets of the voluntary pension fund industry are currently over Rs23 billion contributed by more than 19,000 participants. The fund managers, depending on the asset class, charge the pension funds fees ranging from 0.5% to 1.5% per annum.
Further, the fund managers can charge sales load up to 3% of the contribution. However, the SECP has issued a directive restraining pension fund managers from charge sales load up to 1.5% of the contribution if an investor carries out transaction online or through website, said a press release.
Investors preferred Sharia-compliant pension products over conventional products. Out of Rs23 billion assets of pension funds, over 15 billion rupees are invested in Sharia-compliant pension funds.
Private pension funds were introduced in 2007 under the Voluntary Pension System Rules, 2005. At present, there are 19 pension funds operating in the market, out of which 10 are Sharia- compliant and nine are conventional. These funds are managed by ten pension fund managers who have vast experience of managing pooled investments. The pension funds provide participants with options to invest in securities and commodities. Participants can choose allocation policies suiting their risk and return preferences.
All persons holding CNIC are eligible to become members of pension funds and accumulate savings for their retired life. Tax credit of up to 20% of taxable income is also available. Moreover, persons above 40 years of age can avail even higher tax benefits.
Participants have the flexibility to choose retirement age between 60 and 70 years. Upon retirement, they can withdraw up to 50% of the accumulated balance in lump sum and the remaining 50% in installments, as pension.
Periodic performance of the pension funds relating to the last five financial years and July 2017 to December 2017, released by the SECP is tabulated as follows:
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Sharia-compliant schemes
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Equity sub-fund
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Name of sub-fund Date of launch Returns
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FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Islamic Pension Fund - Equity 20-Aug-14 N/A N/A 30.84% 11.31% 28.01% -14.07% 1.50%
Meezan Tahaffuz Pension Fund - Equity 28-Jun-07 54.90% 32.40% 26.60% 18.10% 20.40% -17.90% 1.50%
JS Islamic Pension Savings Fund - Equity 16-Jun-08 55.71% 49.02% 32.03% 4.13% 38.01% -21.09% 1.50%
Atlas Pension Islamic Fund - Equity 6-Nov-07 49.02% 24.88% 24.32% 4.99% 28.29% -12.64% 1.50%
Alhamra Islamic Pension Fund - Equity 15-Nov-07 41.80% 42.10% 39.53% 14.84% 33.21% -16.63% 1.50%
NAFA Islamic Pension Fund - Equity 2-Jul-13 N/A 36.31% 51.5% 16.9% 35.8% -14.10% 1.50%
Al-Ameen Islamic Retirement Savings Fund - Equity 19-May-10 55.55% 41.13% 45.54% 19.05% 30.45% -15.88% 1.50%
NIT Islamic Pension Fund - Equity 19-Jun-15 N/A N/A 0.04% 6.67% 24.07% -18.15% 0.75%
HBL Islamic Pension Fund- Equity 16-Dec-11 50.30% 44.41% 25.92% 5.56% 27.56% -16.04% 1.50%
Alfalah GHP Islamic Pension Fund - Equity 2-Jan-17 N/A N/A N/A N/A -2.75% -15.38% 1.50%
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Debt sub-fund Date of lunch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Islamic Pension Fund - Debt 20-Aug-14 N/A N/A 6.56% 3.52% 4.52% 0.92% 1.50%
Meezan Tahaffuz Pension Fund - Debt 28-Jun-07 8.30% 7.70% 6.40% 4.50% 4.90% 2.40% 1.50%
JS Islamic Pension Savings Fund - Debt 16-Jun-08 7.86% 6.76% 3.90% 3.91% 5.17% 1.25% 1.50%
Atlas Pension Islamic Fund - Debt 6-Nov-07 7.79% 8.04% 5.53% 4.23% 5.39% 3.12% 0.75%
Alhamra Islamic Pension Fund - Debt 15-Nov-07 6.80% 8.22% 4.76% 4.04% 4.46% 2.53% 1.50%
NAFA Islamic Pension Fund - Debt 2-Jul-13 N/A 8.19% 5.6% 3.8% 3.90% 2.40% 1.50%
Al-Ameen Islamic Retirement Savings Fund - Debt 19-May-10 8.13% 7.48% 5.49% 3.39% 4.54% 1.75% 1.50%
NIT Islamic Pension Fund - Debt 19-Jun-15 N/A N/A 3.55% 3.06% 4.59% 2.41% 0.50%
HBL Islamic Pension Fund - Debt 16-Dec-11 8.67% 7.04% 4.97% 3.23% 5.06% 2.73% 1.50%
Alfalah GHP Islamic Pension Fund - Debt 2-Jan-17 N/A N/A N/A N/A 3.56% 1.61% 1.50%
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Money market sub-fund Date of lunch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Islamic Pension Fund - MM 20-Aug-14 N/A N/A 6.31% 2.24% 3.22% 1.51% 1.50%
Meezan Tahaffuz Pension Fund - MM 28-Jun-07 7.80% 6.90% 6.90% 4.00% 4.40% 2.40% 1.50%
JS Islamic Pension Savings Fund - MM 16-Jun-08 6.56% 6.64% 5.32% 2.41% 3.85% 1.79% 1.50%
Atlas Pension Islamic Fund - MM 6-Nov-07 7.12% 7.67% 5.97% 4.21% 4.88% 3.78% 0.50%
Alhamra Islamic Pension Fund - MM 15-Nov-07 7.70% 6.86% 4.80% 2.36% 3.78% 3.19% 1.50%
NAFA Islamic Pension Fund - MM 2-Jul-13 N/A 7.53% 6.2% 3.9% 3.80% 3.10% 1.50%
Al-Ameen Islamic Retirement Savings Fund - MM 19-May-10 7.79% 6.56% 5.69% 3.13% 4.03% 2.92% 1.50%
NIT Islamic Pension Fund - MM 19-Jun-15 N/A N/A 3.58% 2.79% 3.52% 3.37% 0.50%
HBL Islamic Pension Fund- MM 16-Dec-11 7.70% 6.08% 5.28% 2.83% 4.15% 3.33% 1.50%
Alfalah GHP Islamic Pension Fund - MM 2-Jan-17 N/A N/A N/A N/A 2.89% 2.57% 1.50%
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Commodity sub-fund Date of launch Returns 1.00%
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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Meezan Tahaffuz Pension Fund - Commodity 4-Aug-16 N/A N/A N/A N/A -9.40% 3.60% 1.50%
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Conventional schemes
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Equity sub-fund Date of launch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Pension Fund - Equity 20-Aug-14 N/A N/A 28.79% 10.56% 31.31% -16.57% 1.50%
JS Pension Savings Fund - Equity 26-Jun-07 78.21% 61.51% 22.91% 3.35% 41.25% -20.80% 1.50%
Atlas Pension Fund - Equity 28-Jun-07 52.48% 35.30% 21.13% 4.50% 28.72% -10.76% 1.50%
Pakistan Pension Fund - Equity 29-Jun-07 55.7% 49.60% 37.95% 10.77% 35.72% -14.99% 1.50%
NAFA Pension Fund - Equity 2-Jul-13 N/A 39.04% 49.6% 14.8% 37.30% -13.80% 1.50%
UBL Retirement Savings Fund - Equity 19-May-10 66.42% 39.90% 47.71% 20.33% 30.10% -15.77% 1.50%
NIT Pension Fund - Equity 19-Jun-15 N/A N/A 0.19% 1.22% 19.04% -14.85% 0.75%
HBL Pension Fund- Equity 16-Dec-11 45.41% 25.58% 31.58% 8.96% 27.33% -14.82% 1.50%
Alfalah GHP Pension Fund - Equity 2-Jan-17 N/A N/A N/A N/A -6.16% -14.22% 1.50%
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Debt sub-fund Date of launch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Pension Fund - Debt 20-Aug-14 N/A N/A 20.92% 12.14% 4.42% 3.55% 1.50%
JS Pension Savings Fund - Debt 26-Jun-07 11.42% 4.36% 10.75% 5.29% 4.63% 3.71% 1.50%
Atlas Pension Fund - Debt 28-Jun-07 8.47% 7.83% 13.03% 7.88% 5.24% 4.89% 0.75%
Pakistan Pension Fund - Debt 29-Jun-07 10.10% 7.16% 16.85% 7.35% 4.31% 4.23% 1.50%
NAFA Pension Fund - Debt 2-Jul-13 N/A 8.19% 17.3% 5.5% 4.40% 4.10% 1.50%
UBL Retirement Savings Fund - Debt 19-May-10 9.90% 7.80% 19.42% 12.29% 4.36% 4.38% 1.50%
NIT Pension Fund - Debt 19-Jun-15 N/A N/A 6.64% 3.90% 4.48% 4.47% 0.50%
HBL Pension Fund- Debt 16-Dec-11 8.91% 7.44% 11.01% 8.06% 4.37% 3.67% 1.50%
Alfalah GHP Pension Fund - Debt 2-Jan-17 N/A N/A N/A N/A 3.74% 3.50% 1.50%
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Money market sub-fund Date of launch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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ABL Pension Fund - MM 20-Aug-14 N/A N/A 6.14% 4.15% 3.89% 3.77% 1.50%
JS Pension Savings Fund - MM 26-Jun-07 11.34% 6.91% 6.69% 4.10% 4.42% 2.74% 1.50%
Atlas Pension Fund - MM 28-Jun-07 8.15% 7.59% 7.93% 5.74% 5.53% 5.29% 0.50%
Pakistan Pension Fund - MM 29-Jun-07 8.20% 7.15% 7.17% 4.40% 4.30% 4.31% 1.50%
NAFA Pension Fund - MM 2-Jul-13 N/A 7.59% 7.8% 4.9% 4.40% 4.20% 1.50%
UBL Retirement Savings Fund - MM 19-May-10 8.52% 7.19% 7.27% 4.60% 4.55% 4.10% 1.50%
NIT Pension Fund - MM 19-Jun-15 N/A N/A 6.64% 3.87% 4.17% 4.52% 0.50%
HBL Pension Fund- MM 16-Dec-11 7.92% 7.13% 6.88% 4.16% 4.50% 4.38% 1.50%
Alfalah GHP Pension Fund - MM 2-Jan-17 N/A N/A N/A N/A 3.85% 3.51% 1.50%
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Commodity sub-fund Date of launch Returns
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Name of sub-fund FY-2013 FY-2014 FY-2015 FY-2016 FY-2017 FYTD 2018 Mgmt fee
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*Atlas Pension Fund - Commodity 16-Jun-13 N/A 5.98% -4.60% 12.92% -2.78% 3.62% 1.00%
UBL Retirement Savings Fund - Commodity 21-Apr-14 N/A 3.33% -2.83% 13.77% -1.05% 3.84% 1.50%
NIT Pension Fund - Commodity 19-Jun-15 N/A N/A 0.20% 10.05% -1.70% 10.05% 0.50%
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*Fund under revocation with effect from December 27, 2017.
