ISLAMABAD, Aug 12: The Securities and Exchange Commission of Pakistan (SECP) organized a one-day conference in Karachi to launch the Voluntary Pension System (VPS).

SECP Chairman Dr Tariq Hassan inaugurated the conference, said a press release here on Friday.

He highlighted the key features of the VPS and its social and economic impact.

Other speakers were prominent professionals from actuarial, accounting and taxation, asset management, and other related fields.

The speakers deliberated on various aspects of the scheme, 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.

Overview of international pension practices and comparison with Pakistan, particularly with regard to the VPS, was provided by a consultant.

During the conference, the speakers and participants recommended that eligibility criteria for participating in the VPS should be extended to even those who were members of other pension schemes and those who do not have National Tax Numbers (NTNs).

It was also proposed that the benefits in shape of an annuity should be exempted from tax so that the VPS could be made compatible.

The SECP commissioner informed the participant that such interaction with stakeholders would be made a regular feature and another conference on the VPS would be held for upcountry stakeholders.

—APP