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| Home > About
the Funds > Atlas
Pension Fund > Introduction |
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The Atlas Pension Fund (APF) is launched to serve as a primary savings
vehicle for retirement savings (i.e. pension savings) for individuals
and is created as a Pension Fund under the Voluntary Pension System
Rules, 2005 (Rules) having an umbrella structure composed of different
underlying Sub-Funds
in the form of unit trust schemes under its wing. The Contributions
received from the Participants
shall be issued Units in the underlying Sub-Funds
in proportion to their respective preferences (based on their selected
Allocation
Scheme), on a continuing basis.
Atlas Pension Fund is constituted by a registered Trust Deed
entered into at Karachi on June 8, 2007 between Atlas Asset
Management Limited (AAML) as the establisher and Pension Fund
Manager and the Central Depositary Company of Pakistan Limited
(CDC) as the Trustee.
Initially, the Atlas Pension Fund is offering six Allocation
Schemes, which are available for dealing in the following three
Sub-Funds
of the Atlas Pension Fund, that are being offered on the terms of
the Trust Deed and the Offering Document:
(a) APF – Equity Sub-Fund (AEF)
(b) APF – Debt Sub-Fund (ADF)
(c) APF – Money Market Sub-Fund
(AMMF)
Atlas Pension Fund is open for Contributions by the eligible
persons/Participants on
a continuous basis from June 28, 2007.
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Investment Risks and Tax Implication
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All investments in Atlas Pension Fund are
subject to market risks. The value of such investments
may depreciate as well as appreciate, subject to market
fluctuations and risks inherent in all such investments.
Investors should read the Offering Document carefully
to understand the investment policies, risks and tax implication
and should consult legal, financial or tax adviser before
making any investment decision. Withdrawals from the Pension
Fund before the Retirement Age are subject to tax under
the provisions of the Income Tax Ordinance, 2001. |
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| Basic Information of Atlas Pension
Fund |
| Pension Fund Manager |
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Atlas Asset Management Limited |
Trustee |
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Central Depository Company of Pakistan
Limited |
| Registrar |
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Atlas Asset Management Limited (in-house
arrangement) |
| External Auditors |
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M/s. Ford Rhodes Sidat Hyder & Co. |
| Legal Advisors |
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Bawaney & Partners |
| Distribution Companies |
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Atlas Asset Management Limited and
its branches |
| Registered Address |
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Ground Floor, Federation House, Sharae
Firdousi, Clifton, Karachi-75600 |
| Date of Registration of Trust Deed |
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8th day of June 2007 |
| Date of Authorization |
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14th day of June 2007 |
| Launch Date |
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28th day of June 2007 |
| Governing Rules |
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Voluntary Pension System Rules, 2005 |
| Regulator |
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Securities and Exchange Commission of Pakistan |
| Taxation matters governed by |
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Income Tax Ordinance, 2001 |
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| SALIENT FEATURES |
| Eligibility |
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Any Pakistani who holds a valid National
Tax Number or Computerized National Identity Card. |
| Par Value of Units of Sub-Funds |
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Rs. 100 |
| Dealing Days |
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Monday to Friday (between 9.00 am
to 4.00 pm) |
| Method of pricing |
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Daily on each Dealing Day (based
on NAV of same working day) |
| Front-end Fee |
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3% of Contribution amount |
| Minimum Subscription |
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Rs. 5,000/- or 10% of monthly income
which ever is lower |
| Contribution Frequency |
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Annual, Half-Yearly, Quarterly, Bi-Monthly
or Monthly (as selected by the Participant |
| Income Distribution |
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No dividend distribution |
| Retirement Age |
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Between sixty & seventy years of
age (as selected by the Participant ) |
Note: Tax Incentives on Contributions
and Tax Implications in case of early withdrawals shall be subject
to the terms mentioned in the Income Tax Ordinance, 2001 from time
to time and reproduced on the Taxation
Page.
Free Insurance Coverage is offered. Please see Page 22 of
Atlas Pension
Fund Brochure for further details.
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