Service overview
Registration as a Pension Fund Manager allows an eligible existing asset manager, investment adviser or life insurer to establish a voluntary pension fund under the VPS Rules, 2005.
A company certificate does not itself authorise a regulated business. Depending on the activity, SECP may require prior formation permission, incorporation, a separate operational licence, and continuing financial and fit-and-proper compliance.
Who is eligible for Voluntary Pension Fund Management Licence?
An eligible licensed Asset Management Company, Investment Advisory Company or life insurer must meet the applicable solvency, fit-and-proper and management-experience requirements. SECP's September 2025 checklist identifies a minimum three-year relevant management experience requirement.
Under SECP's September 2025 checklist, the applicant is an eligible existing AMC, licensed investment adviser or life insurer with the prescribed three-year qualifying experience and fit-and-proper directors; pension fund authorisation is separate from manager registration.
Documents and information for Voluntary Pension Fund Management Licence
Prepare the following information for voluntary pension fund management licence. The relevant regulator may require further forms or certified evidence, depending on the applicant and chosen procedure.
- Valid AMC/IAS/life-insurance licence and regulatory history
- Three years of qualifying experience and relevant audit records
- Form I of the VPS Rules, 2005
- Fit-and-proper declarations for directors and executives
- Proposed pension fund strategy and trustee or custodian arrangements.
How can I obtain Voluntary Pension Fund Management Licence in Pakistan?
- 01Determine whether the applicant is an eligible existing manager
SECP's VPS Rules, 2005 allow a licensed AMC, investment advisory company or life insurer meeting regulatory fitness and management-experience requirements; an unlicensed startup cannot simply apply to manage pension funds.
- 02Apply for pension fund manager registration on VPS Form I
Submit the company's current SECP licence, supporting three-year management experience, audited accounts and directors' fit-and-proper evidence to SECP's Licensing Department.
- 03After Form II registration, seek fund authorisation
Complete VPS Form III and submit the draft pension fund trust deed and other Schedule II particulars for authorisation of the actual fund.
- 04Seek approval of public invitation documents
Before inviting participants, submit fund offering documents for SECP's separate review; then maintain regulated pension investment and reporting conditions.
Regulator resource: SECP 2025 pension fund manager Form I checklist and three-stage approval
After registration or approval
Maintain approved pension fund investment and valuation rules, fiduciary oversight, custodian/trustee controls and SECP reporting.
Governing law & official references
Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003; NBFC and Notified Entities Regulations, 2008; and the licensing conditions applicable to that activity.
The links below lead to government or official regulatory sources relevant to this service. Use the currently consolidated Act, regulations, statutory checklist and official portal when making an application.
How Chambers can assist
Chambers can review the legal route, identify regulatory constraints, prepare or review the supporting corporate and legal documents, manage the prescribed submission and correspond with the competent authority where instructed. The scope of the engagement will be determined by the applicant’s particular circumstances.
For an initial enquiry, identify the proposed activity, applicant entity and current stage, and provide the available documents indicated above. Please avoid sending confidential or identity-sensitive records through an unencrypted first contact.
Common questions about Voluntary Pension Fund Management Licence
Who is eligible for Voluntary Pension Fund Management Licence in Pakistan?
An eligible licensed Asset Management Company, Investment Advisory Company or life insurer must meet the applicable solvency, fit-and-proper and management-experience requirements. SECP's September 2025 checklist identifies a minimum three-year relevant management experience requirement.
What documents are needed for Voluntary Pension Fund Management Licence?
Valid AMC/IAS/life-insurance licence and regulatory history; Three years of qualifying experience and relevant audit records; Form I of the VPS Rules, 2005; Fit-and-proper declarations for directors and executives. Additional requirements can apply to the actual business or regulator.
How can I obtain Voluntary Pension Fund Management Licence in Pakistan?
Determine whether the applicant is an eligible existing manager: SECP's VPS Rules, 2005 allow a licensed AMC, investment advisory company or life insurer meeting regulatory fitness and management-experience requirements; an unlicensed startup cannot simply apply to manage pension funds. Apply for pension fund manager registration on VPS Form I: Submit the company's current SECP licence, supporting three-year management experience, audited accounts and directors' fit-and-proper evidence to SECP's Licensing Department. After Form II registration, seek fund authorisation: Complete VPS Form III and submit the draft pension fund trust deed and other Schedule II particulars for authorisation of the actual fund. Seek approval of public invitation documents: Before inviting participants, submit fund offering documents for SECP's separate review; then maintain regulated pension investment and reporting conditions.
This guide is general information, not advice on your facts. Check the applicable law, notifications, updated regulator checklists and jurisdiction before acting. The authority alone determines eligibility, acceptance and approval; no outcome or processing period is guaranteed.