Flow chart of stages through to the launch of a Pension Fund

Asset Management Companies and the Life Insurance companies are eligible to apply for
registration as Pension Fund Manager (PFM). Following chart gives an account of different stages
through to the launch of Pension Funds under the Voluntary Pension System (VPS) Rules, 2005.

STAGE I: Registration as Pension Fund Manager

Eligible Entities:

  • Asset Management Company:
    A fund management experience of three years is a pre-requisite to apply for registration
  • Life Insurance Company:
    The company shall submit last three years audited accounts


  • Submission of application in Form I of the VPS Rules, 2005 along with all the documents
    and a non-refundable processing fee amounting to fifty thousand rupees
  • Examination of documents including checking compliance with Fit and Proper test
    specified by SECP vide Circular no.7 of 2005
  • Grant of registration in Form II of the VPS Rules

STAGE II: Authorization of the Pension Fund

Application to Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form an NBFC along with the following documents:

  • Submission of information as per Form III of the VPS Rules, 2005
  • Submission of draft trust deed of the proposed Pension Fund containing information as set
    out in Schedule II of the VPS Rules, 2005
  • Payment of a non-refundable application fee amounting to one hundred thousand rupees
  • Grant of authorization of the Pension Fund

STAGE III: Approval of public invitation documents

  • Submission of public invitation documents to SECP for approval
  • Review/ appraisal
  • Grant of approval


The information contained on this page is for general guidance on formation of a Fund Management Company (“FMC”). Accordingly, the information on this page is provided with the understanding that the Securities and Exchange Commission of Pakistan (the “Commission”) is not herein engaged in rendering legal, or otherwise professional advice and services. All information on this page is provided “as is”, with no assurance of any kind, express or implied. In no event will the Commission or its officers be liable to you or anyone else for any decision made or action taken in reliance on the information contained on this page or for any consequential damage.