For All Your Retirement Needs
Retirement may be years away, but it's essential to start saving now!
Our Pension Schemes
Enjoy a carefree and financially independent life even after you stop working by investing in our Voluntary Pension Schemes (VPS).
Our schemes offer flexible allocations to ensure that each investor can customize their investment based on their risk appetite and investment horizon.
Your Dedicated Retirement Plan
Invest in Voluntary Pension Schemes , let our experts help guide you to select the optimum allocation to achieve your retirement goals.
Frequently Asked Questions (FAQs)
What is Voluntary Pension System (VPS)?
Voluntary pension system is a defined contribution pension plan, that facilitates individuals to save for their retirement in a systematic and disciplined manner.
Which laws govern Voluntary Pension System?
• Voluntary Pension system Rules, 2005;
• NBFC & NE Regulations, 2008; and
• Income tax ordinance, 2001; and
• Companies Act, 2017.
• The West Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance, 1968
Who should invest in Pension Schemes?
Pension schemes are suitable for the following investors:
• All Pakistani Nationals/Expatriate Pakistanis over 18 with valid Computerized National Identity Cards (CNIC) or National Identity Card for Overseas Pakistanis (NICOP) and desirous of availing tax credit. Such individuals may include -Salaried individuals; Self-employed individuals (sole-proprietors)
and professionals operating businesses in individual capacity.
• All Employers who wish to provide a pensions system for their employees welfare and are unable to do so currently. Such employers may include Corporates, SMEs or any Entrepreneur/ business-men who wish to provide benefit as an additional remuneration to their valued employees.
• Recognized provident funds that have the provision allowing them to transfer these funds to a professionally managed Private Pension Fund Manager
What are requirements to contributions?
Eligible person(s) themselves as well as along with their employers are allowed to contribute into one or more Pension Funds. The amount of contribution can be paid in one lump sum or in installments into one or more Pension Funds.
Partial or full balance from Provident/Superannuation funds can be also transferred to Voluntary Pension Funds.
Can individual VPS account be pledged or adjusted against any liability?
No VPS account is subject to:
• Lien, pledge or encumbrance
• Attachment in the execution of decree
• Chargeable or assignable on the bankruptcy of participant
Is there any Capital Gain Tax applicable in VPS?
There is NO Capital Gain Tax applicable in VPS
Is the investment income of the Pension Fund tax free?
Yes. The investment income or gains earned by each sub-fund is added to the respective sub-funds (in NAVs) without any tax deduction.
How much tax rebate may I get?
You may get tax rebate against investment in Pension Funds up to 20% of your taxable income.
What is the tax implication on Income Payment Plans?
As per amendment made in Finance Act, 2022-23, the exemption of income tax on income from Income Payment Plans U/S 23A has been withdrawn, therefore such income is taxable now for the Participants. Pension Fund Manager will not withhold any tax on withdrawal from Income Payment Plan at any stage.
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