The Securities and Exchange Commission of Pakistan (SECP) has approved new annuity products designed to provide stable monthly income for individuals after retirement, aiming to strengthen financial security for retirees.
According to the regulator, the newly approved financial products will allow employees and retirees to convert their accumulated savings into a regular income stream, helping them manage expenses and maintain financial stability during retirement.
The products include life contingent annuities, deferred annuities, and guaranteed payment annuities. In addition, hybrid annuity schemes will also be introduced, combining lifetime income benefits with guaranteed payouts for policyholders.
SECP said the initiative addresses growing financial concerns linked to increasing life expectancy and rising inflation, which have made long-term retirement planning more important than ever.
Officials further stated that these annuity products will be available through both conventional insurance and Islamic takaful frameworks, ensuring broader accessibility for consumers across Pakistan.
The regulator believes the introduction of these products will strengthen retirement planning options and encourage long-term savings in the country’s financial sector.
