Payment of Annual Fees: SECP asks registered Pension Fund Managers to follow new timelines

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all registered Pension Fund Managers to follow new timelines for payment of their Annual Monitoring Fee and Annual Fee.

In this regard, the SECP has issued direction number 16 of 2024 on Monday on payment timelines for Annual Monitoring Fee and Annual Fee under Voluntary Pension System Rules, 2005.

According to the SECP’s directive to the Pension Fund Managers, in order to standardize the payment timelines for submission of Annual Monitoring Fee and Annual Fee by the Pension Fund Manager under Rule 5(3) and Rule 36 of VPS Rules respectively, the SECP in exercise of its powers conferred in terms of Section 282D of the Companies Ordinance, 1984; hereby directs the Registered Pension Fund Managers to adhere to the following timelines for necessary compliance:

(i) The Annual Monitoring Fee of Rs 100,000/- under Rule 5(3) of the Voluntary Pension System Rules, 2005 read with Clause No. 2.3 of the Guidelines for Pension Fund Managers (issued by SECP under Rule 5(2) of the Voluntary Pension System Rules, 2005) shall bepaid to the Commission within a period of fifteen (15) days from the close of financial year of the Registered Pension Fund Manager.

(ii) The amount of Annual Fee payable by the Pension Fund Managers in respect of Voluntary Pension Schemes under Rule 36 of the Voluntary Pension System Rules, 2005 shall be paid to the Commission within a period of fifteen (15) days from the close of financial year of the Voluntary Pension Schemes along with Trustee Verification letter, Summary Sheet, Duly Stamped Calculation Sheets and Original Deposited Fee Challans in respect of each Fund/Sub-Fund under the management of such Registered Pension Fund Manager.

All Registered Pension Fund Managers must ensure adherence to the aforesaid timelines for completing the process of payment of the Annual Monitoring Fee and Annual Fee by the Pension Fund Manager under Rule 5(3) and Rule 36 of VPS Rules respectively, SECP added.

Copyright Business Recorder, 2024