ISLAMABAD, Nov 11: Federal Ministry of Sports on Monday decided to deposit the employees’ pension fund worth Rs55 million with a British bank, saying the bank was offering better interest rates.

Responding to a news published in Dawn on Sunday with a headline “PSB employees pension funds: transfer of Rs55 million to UK bank opposed”, a ministry statement did not challenge the thrust of the report and claimed that the operational account of pension funds amounting Rs9 million was still lying with the National Bank of Pakistan.

However, it said the Barclays Bank offered the higher rate of return, 13.20 per annum, on investment of Rs55 million that was more than that offered by all the major banks in Islamabad.