The federal government has moved to operationalise the Defined Contribution (DC) Pension Fund Scheme-2024, directing all ministries and divisions to identify eligible employees, update their records and nominate focal persons within 15 days.
The Finance Division, through an Office Memorandum, said the Defined Contribution Pension Fund Scheme has entered its operational phase after being introduced with effect from July 1, 2024.
Under the new directives, all federal ministries and divisions have been instructed to nominate a BS-17 or above officeras a focal person to coordinate matters related to implementation of the pension scheme. Details of the nominated officials are to be shared with the Finance Division and Accountant General Pakistan Revenues (AGPR).
Ministries and divisions have also been directed to designate offices or sections responsible for the verification, certification and maintenance of employee data required for implementing the scheme.
A key requirement is for ministries and divisions to prepare and verify lists of employees appointed on a regular basis from July 1, 2024, who fall within the scope of the DC pension scheme.
Their particulars and credentials must be updated with the AGPR within 15 days of receiving the Finance Division’s memorandum.
The government has further directed ministries and divisions to carry out the same exercise across all departments, subordinate offices and other entities under their administrative control where employees are covered by the scheme.
The Human Resource Management Wing of the Finance Division has separately been assigned responsibility for implementing the requirements for departments, subordinate offices and other entities under the Finance Division’s administrative control.
According to the memorandum, the scheme’s rules require implementation through the Accountant General, Finance Division, ministries, divisions, departments and subordinate offices of the federal government.
All concerned ministries and divisions have been directed to provide full cooperation and assistance to the AGPR and Finance Division for implementation and monitoring of the pension scheme.
The Finance Division has also been empowered under Rule 6 of the DC Pension Fund Scheme Rules to issue guidelines and instructions necessary to implement the scheme.
Meanwhile, the Controller General of Accounts (CGA) has been instructed to coordinate with the AGPR and submit an updated consolidated list of employees registered under the Federal Government Defined Contribution Pension Fund Scheme.
The consolidated data will be arranged according to ministry, division, department and Basic Pay Scale (BPS) after verification by the respective ministries, divisions and departments.
The Finance Division has emphasised that the implementation process should be treated as a priority to ensure the smooth operationalisation of the new pension system.
