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? — step-by-step guide
- 01Identify the appropriate application route and eligibility
First determine whether the proposed applicant and activity fall within this procedure. 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. Review the separate conditions and exclusions in the eligibility section before submitting any form or payment.
- 02Prepare the application documents and evidence
Start with the particulars listed for this service: 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.. Ensure the names, applicant identity and documents are consistent. The authority may require further supporting material under its current checklist.
- 03Check the current regulator instructions before filing
Refer to the regulator resource identified on this page (SECP 2025 pension fund manager Form I checklist and three-stage approval ↗). Reconfirm the currently prescribed forms, online or physical submission method, supporting evidence, fee and any current amendments. Do not assume that historic processing times or fees remain applicable.
- 04Determine 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.
- 05Apply 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.
- 06After 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.
- 07Seek 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.
- 08Keep the approval record and track ongoing obligations
After the authority has made its decision, retain the acknowledgement, correspondence, evidence of approval and any conditions attached to it. Maintain approved pension fund investment and valuation rules, fiduciary oversight, custodian/trustee controls and SECP reporting. Check whether separate approvals, renewals or reporting duties apply to the actual business.
Use the current regulator checklist to confirm that every listed item is still required and that any activity-specific conditions have been met. The items below are drawn from the document requirements identified on this page, not a representation that the checklist is exhaustive.
- 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.
Before signing or paying, reconcile the particulars across Valid AMC/IAS/life-insurance licence and regulatory history and Three years of qualifying experience and relevant audit records; check the applicant and business classification, identify the person authorised to submit, and retain a copy of the final application and official correspondence. Official instructions control if the portal or law has changed.
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.
Registration of pension fund manager and subsequent fund approval
Primary-source research note. The following procedural analysis is based on the identified government or regulator sources. Confirm enacted amendments, applicable forms, fees and filing requirements on the date of submission. A consultation draft is not operative law merely because it has been published. This note does not represent final legal-editor certification of the entire guide.
Who may apply
The SECP Voluntary Pension Funds page identifies eligible asset management companies, life insurers and certain investment advisers, with the qualification and experience conditions set by the Voluntary Pension System Rules, 2005 as amended. This is not a general licence open automatically to every newly incorporated company.
Separate regulatory stages
SECP sets out Stage I, registration as Pension Fund Manager, and Stage II, review and approval of public invitation documents for a proposed pension fund. Registration of a manager cannot be represented as automatic approval of each fund it intends to launch.
Application materials
Review the currently effective VPS Rules and checklist. The manager should demonstrate its existing legal status, financial solvency, leadership and fit-and-proper credentials, experience, investment governance and proposed fund operations. Scheme-level materials should cover the participant disclosure and relevant investment and allocation arrangements.
Post-registration
Monitor seed-capital, fund allocations, reporting, participant-account governance and approval of fund offering materials. SECP's rules were updated as of February 2024 and later circulars may affect policies; verify those before quoting historic fee amounts or terms.
Official legal and regulatory sources
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.