RegAlert2026-09-29
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Circular No. 21 of 2026 – Amendment in Investment and Allocation Policies for Pension Funds
The Securities and Exchange Commission of Pakistan amends Circular No. 12 of 2021 to introduce an Exchange Traded Fund (ETF) Sub-fund, requiring Pension Fund Managers to invest at least 95% of its net assets in listed passive equity ETFs, with a 35% cap on sector-specific ETFs and a management fee capped at 0.75% per annum. The amendment also revises the Allocation Policy by substituting the previous sub-clause with new tables that mandate Pension Fund Managers to offer at least four allocation schemes based on volatility levels for funds with three or four sub-funds, specifying minimum or maximum percentage thresholds for Debt, Equity, ETF, Money Market, and Commodity sub-funds.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION PENSION DEPARTMENT
No. SECP/PD/Circular/2025/ September 25, 2026
Circular No. 21 of 2026
Subject: Amendment in Investment and Allocation Policies for Pension Funds Authorized under Voluntary Pension System Rules, 2005 issued vide Circular No. 12 of 2021 dated April 06, 2021.
In exercise of powers conferred under sub-section (3) of Section 282B of Companies Ordinance 1984, read with sub-rule (3) of rule 24 of the Voluntary Pension System Rules, 2005, the Securities and Exchange Commission of Pakistan is hereby pleased to make the following amendments in Circular No. 12 of 2021 dated April 06, 2021, namely:-
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.