NIT Islamic Pension Fund aims to provide participants with a savings vehicle geared for retirement planning and providing decent returns through investments in its various sub-funds.
National Investment Trust Ltd. (NITL) is the first and the largest Asset Management Company of Pakistan, formed in 1962.With the recent launch of 2 new Funds namely NIT Pension Fund & NIT Islamic Pension Fund the size of total Funds under management by NITL is approximately Rs. 88 billion as of March.
The family of Funds of NIT comprises including 9 following funds
- 4 Equity Funds
- 2 Fixed income nature Funds
- 1 Money Market Fund
- 1 Conventional Pension Fund
- 1 Islamic Pension Fund
NIT’s tally of nationwide branches is 23, no other Mutual Fund in Pakistan has such a vast network of nationwide branches. Further to cater to the matters relating to investments in NIT and day to day inquiries issues of its unit holders, a state of the art Investors’ Facilitation Centre is also in place.
The Board of Directors of NITL consists of representatives of leading financial institutions, prominent industrialists and nominee of Govt. of Pakistan. The Company has been assigned an Asset Manager rating of “AM2” by PACRA, which reflects the company’s very strong capacity to manage the risks inherent in the asset management business and the asset manager meets very high investment management industry standards and benchmarks. All Investment decisions are taken by the Investment Committee of NITL.
NIT Islamic Pension Fund Programs Criteria Funds Centers Info
During the month of March, the benchmark KSE-100 gained 5.64% to close at 33,139 levels. Average daily trading volume also improved by 4%MoM to 141mn shares. The relief rally in the market was primarily driven by recovery in the Oil & Gas sector on the back of rebound in international oil prices and bullish sentiment in Cement sector owing to higher industry dispatches and growth in sector profitability. On the money market front, yields are expected to remain stable as the SBP is expected to keep the discount rate unchanged in its next Monetary Policy to be announced in April.
The Participant may choose his/her Retirement Age which would be between sixty and seventy years or twenty-five years since the age of first contribution to a islamic pension fund whichever is earlier. Participant shall send a notice to the Pension Fund Manager at least thirty days before the chosen date of Retirement. If a Participant suffers from any of the following disabilities, which render him unable to generate any income he/she may, if he/she so elects, be treated as having reached the Retirement Age at the date of such disability and all relevant provisions shall apply accordingly, namely:
- a. loss of two or more limbs or loss of a hand and a foot;
b. loss of eyesight;
c. deafness in both ears;
d. severe facial disfigurement;
e. loss of speech;
f. paraplegia or hemiplegia;
h. advance case of incurable disease; or
i. wounds, injuries or any other diseases etc., resulting in a disability due to which the Participant is unable to continue any work.
An assessment certificate from the medical board approved by the Commission and appointed by the Pension Fund Manager or any such procedure that the Commission has approved would be required to confirm any of the disability, specified above.
The NIT Islamic Pension Fund through its three Sub-Funds, NIT-IPF Equity Sub-Fund, NIT-IPF Debt Sub-Fund and NIT-IPF Money Market Sub-Fund, under its umbrella, will invest in equities, bonds and money market instruments. (Further details as per offering document).