Role of Trustee In Protecting Role of Trustee In Protecting The Pension Fund Under The Pension Fund Under The Voluntary Pension System (VPS) The Voluntary Pension System (VPS) And Other Pension Systems And Other Pension Systems Presented by: Mohammad Hanif Jakhura Chief Executive Officer September 5, 2005 The Central Depository Company of Pakistan Limited
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Role of Trustee In Protecting The Pension Fund Under The Pension Fund Under The Voluntary Pension System (VPS) The Voluntary Pension System (VPS) And Other.
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Role of Trustee In ProtectingRole of Trustee In Protecting
The Pension Fund UnderThe Pension Fund Under
The Voluntary Pension System (VPS) The Voluntary Pension System (VPS)
And Other Pension SystemsAnd Other Pension Systems
Role of Trustee In ProtectingRole of Trustee In Protecting
The Pension Fund UnderThe Pension Fund Under
The Voluntary Pension System (VPS) The Voluntary Pension System (VPS)
And Other Pension SystemsAnd Other Pension Systems
Presented by:
Mohammad Hanif Jakhura
Chief Executive Officer
September 5, 2005
The Central Depository Company of Pakistan Limited
Appointment of Trustee according to Appointment of Trustee according to VPS Rules, 2005VPS Rules, 2005
The Pension Fund Manager (PFM) shall appoint a The Pension Fund Manager (PFM) shall appoint a
Trustee for every fundTrustee for every fund
Trustee and PFM must be independentTrustee and PFM must be independent
The Commission may, in the interest of the The Commission may, in the interest of the
participants, capital market and public, give participants, capital market and public, give
directions to the Trusteedirections to the Trustee
A Trustee may retire with the prior approval of A Trustee may retire with the prior approval of
the Commissionthe Commission
Eligibility Criteria of a Trustee underEligibility Criteria of a Trustee underVPS Rules, 2005VPS Rules, 2005
A scheduled bank A scheduled bank Having A+ rating Having A+ rating Been in business for atleast five yearsBeen in business for atleast five years
A trust company - subsidiary of a scheduled A trust company - subsidiary of a scheduled bankbank
A foreign bankA foreign bank Operating as scheduled bank in Pakistan Operating as scheduled bank in Pakistan Providing Trustee services internationallyProviding Trustee services internationally
A central depository company approved by the A central depository company approved by the CommissionCommission
Trustee of VPSTrustee of VPS
VPS Rules, 2005
VPS Rules, 2005
Trust Deed & Offering
Document
Trust Deed & Offering
Document
Income Tax Ordinance,
2001
Income Tax Ordinance,
2001
Companies Ordinance, 1984
Companies Ordinance, 1984
Regulatory / Legal Frame work
Obligations of the Trustee under VPSObligations of the Trustee under VPSRules, 2005Rules, 2005
TakeTake control of all the property of the Fund. The control of all the property of the Fund. The
title of all the Fund’s property shall be vested in title of all the Fund’s property shall be vested in
the Trustee the Trustee [VPS Rule 31 (a)][VPS Rule 31 (a)]
Be liable for any act or omission of any agent Be liable for any act or omission of any agent
appointed by the Trusteeappointed by the Trustee [VPS Rule 31 (b)][VPS Rule 31 (b)]
Ensure that the methods adopted in calculating the Ensure that the methods adopted in calculating the
value of units are in accordance with the value of units are in accordance with the