govt approves pension
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Govt approves 16 pension fund managers for new pension scheme

ByJustpaste.in

The federal government has taken a significant step towards implementing its newly introduced contributory pension system by approving 16 eligible Pension Fund Managers (PFMs) under the Defined Contribution Pension Fund Scheme-2024 for newly recruited federal employees.

According to an official notification issued by the Ministry of Finance, the approved Pension Fund Managers have successfully completed all required legal and administrative agreements with the federal government. Following the completion of these formalities, they are now authorized to receive, manage, and invest pension contributions under the new pension framework.

The move marks an important milestone in the government’s broader pension reform agenda, aimed at ensuring the long-term financial sustainability of the country’s pension system while reducing the growing fiscal burden associated with traditional pension payments.

The Defined Contribution Pension Fund Scheme-2024 was introduced under the Federal Government Defined Contribution Pension Fund Scheme Rules, 2024, replacing the long-standing defined benefit pension model for newly appointed federal government employees. Under the previous system, retired employees received pensions funded entirely by the government. The new framework, however, shifts to a contributory model in which both employees and the government make regular monthly contributions toward retirement savings.

As per the scheme, every newly recruited federal employee will contribute 10 percent of their pensionable salary each month to an individual pension account. In addition, the federal government will contribute 12 percent of the employee’s pensionable salary, creating a combined retirement fund that will be professionally managed by the approved Pension Fund Managers.

The accumulated contributions will be invested in a diversified portfolio of financial instruments and investment opportunities with the objective of generating long-term returns. Upon retirement, employees will receive pension benefits based on the total value of their accumulated savings and the investment returns earned over the course of their service, rather than relying on a fixed government-funded pension.

Officials believe the reform will help establish a financially sustainable pension system by encouraging long-term savings and reducing future pension liabilities on the national exchequer. The appointment of the 16 Pension Fund Managers is expected to facilitate the smooth rollout of the scheme and provide newly inducted federal employees with multiple professionally managed investment options for their retirement savings.

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