Regulatory Alerts2026-08-31
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Pension Fund Manager Assessment Framework
The Pakistan Credit Rating Agency (PACRA) outlines its methodology for assigning management quality ratings to pension fund managers. This framework provides an independent opinion on the relative quality of services, management, and capacity to handle investment and operational challenges, focusing on qualitative factors like ownership, governance, and investment risk management, alongside financial risk as a quantitative factor. The methodology specifically applies to life insurance companies licensed as pension fund managers. This framework is prompted by a March 2024 amendment by the Securities and Exchange Commission of Pakistan (SECP), which introduced a minimum "AM2" asset management rating criterion for licensed pension fund managers, thereby requiring life insurance companies offering these services to obtain a PFM rating.
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