Fund Facts
Fund Type
Voluntary Pension Scheme
Fund Structure
Unit Trust Scheme consisting of Sub-Funds under
the VPS Rules 2005.
NIT KP Islamic Pension Fund - Equity Sub Fund
NIT KP Islamic Pension Fund - Debt Sub Fund
NIT KP Islamic Pension Fund - Money Market Sub Fund
NIT KP Islamic Pension Fund - Equity Index Sub Fund
Eligibility
All Employees of KPK Government appointed/recruited
under the Khyber Pakhtunkhwa Civil Servants (Amendment)
Act, 2022 or an employee of the KPK Government,
regularized as civil servant through any legal instrument,
issued after coming into force of the Khyber Pakhtunkhwa
Civil Servants (Amendment) Act, 2022 irrespective of the
effective date of regularization shall be eligible to contribute
to the Pension Fund.
Minimum Contribution
The minimum amount of Contribution to open an account is
Rs. 1,000/- and the minimum amount of contribution to an
existing account is Rs. 1,000/- per transaction or such other
amount as may be prescribed by the Employer.
Change of Allocation Scheme
The Employee may change the Allocation Scheme as and
when required till retirement. Form for the change in
Allocation Scheme must be sent by the Employee in writing
or in such other form as may be acceptable to the Pension
Fund Manager.
Front-end Fee
No Front End Load shall be deducted from the Contributions
received from the Employee(s).
Taxation
Tax Credit will be available to Employee(s) on contributions
during any Tax Year subject to the limits prescribed under
Income Tax Ordinance 2001.
The Pension Fund Manager shell offer Allocation Scheme to the Employees according to
their risk/return and age requirements,
through Sub-Funds of the NIT KP Islamic Pension Fund, managed by the Pension Fund Manager.
The risk profile of each Allocation Scheme shall be dependent on the percentage
allocation of that Scheme in the various Sub Fund. Each Allocation Scheme being
offered can have exposure to the following sub-Funds:
(a) NIT KP Islamic Pension Fund - Equity Sub Fund;
(b) NIT KP Islamic Pension Fund - Debt Sub Fund;
(c) NIT KP Islamic Pension Fund - Money Market Sub Fund;
(d) NIT KP Islamic Pension Fund - Equity Index Sub Fund;
The Contributions recieved from an Employee shall be allocated amongst the Sub-Funds in accordance with the Allocation Scheme selected by the employee or default allocation scheme as laid in the Second and Third Schedule respectively (in terms of proviso of rule 5(d) (ii)) of the Employee KPK Rules. The Employee has the option to select any one from the Allocation Schemes or products being offered by the Pension Fund Manager at the date of Opening of Individual Pension Account. The Pension Fund Manger is offering the following Allocation Scheme to allocate the Contribution recieved from the Employees in the Sub-Funds:
(a) Life Cycle Allocation Scheme:
This Allocation Scheme provides the Employees with an
option to allocate their contributions in a pre-planned
allocation strategy as per their age. The Younger
the Employee, the higher the allocation towards equity
market due to his/her risk-taking ability with reference
to long term horizon.
| Age | EQUITY INDEX SUB-FUND | EQUITY SUB FUND | COMBINED EXPOSURE TO EQUITY | DEBT/MONEY MARKET SUB-FUND |
| For the period of 3 years from date of account opening | 0% | 0% | 0% | 100% (only in Money Market - Sub Fund) |
| Up to 30 years | Max 50% | Max 25% | Max 50% | Min 50% |
| Up to 40 years | Max 40% | Max 20% | Max 40% | Max 60% |
| Up to 50 years | Max 30% | Max 15% | Max 30% | Min 70% |
| Up to 60 years | Max 20% | Max 10% | Max 20% | Min 80% |
The exact exposure to each Sub Fund within the Allocation Scheme would be decided by the Employee at time of account opening and may be changed at any time at the discretion of Employee subject to age limits prescribed under KPK Rules.
(b) default Asset Allocation Scheme:
If no choice is made by the Employee,
then Default Asset Allocation Scheme, Pension
Fund Manager keeping
in view the profile and age of the Employee,
shall allocate the Contributions to the default
Asset Allocation Scheme as follows:
| Age | EQUITY INDEX SUB-FUND | EQUITY SUB FUND | DEBT SUB FUND | MONEY MARKET SUB-FUND |
| For the period of 3 years from date of account opening | 0% | 0% | 0% | 100% (only in Money Market - Sub Fund) |
| Up to 30 years | 30% | 10% | 30% | 30% |
| Up to 40 years | 20% | 10% | 30% | 40% |
| Up to 50 years | 15% | 5% | 20% | 60% |
| Up to 60 years | 10% | 0% | 10% | 80% |
| Sub-Fund | Maximum Total Expense Ratio excluding Takaful charges and Govt levies (as % of Net Assets) | Maximum Takaful Charges (as % of Net Assets) |
| Money Market Sub-Fund | 0.75% p.a. | 0.25% p.a. |
| Debt Sub-Fund | 0.75% p.a. | 0.25% p.a. |
| Equity Index Sub-Fund | 1.00% p.a. | 0.25% p.a. |
| Equity Sub-Fund | 1.75% p.a. | 0.25% p.a. |
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