The Securities and Exchange Commission of Pakistan (SECP) organised one-day conference to launch Voluntary Pension System (VPS) here on Monday. While addressing the inaugural session of the conference, SECP Commissioner highlighted key features of the VPS and likely social and economic impact it would have on the economy.
Other speakers were prominent professionals from actuarial, accounting and taxation and other related fields.
They touched on various aspects of VPS like eligibility criteria and tax implications for the participants/employers, other occupational retirement schemes, development of annuity products, and role of trustees and credit rating agencies.
An international consultant gave an overview of the international pension practices and comparison with Pakistan.
During the conference, speakers and participants recommended eligibility criteria should be expanded to cover all including those who were members of other pension schemes and those who did not have national tax number (NTN).
It was also proposed the benefits in shape of an annuity should be exempted from tax so that VPS was compatible with other occupational schemes.
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