Announcement For Punjab Goverment Employees
The Government of Punjab amended the Punjab Civil Servants Act, 1974 (VIII of 1974), through the Punjab Civil Servants (Amendment) Ordinance, 2023 (I of 2024). This amendment introduced the Punjab Defined Contribution Pension Scheme Rules, 2025, shifting the pension structure for new appointees.
National Investment Trust Limited (NITL) is proud to announce that it has entered into an agreement with the Government of Punjab. Under this partnership, Punjab Government employees appointed on or after January 8, 2024, can now invest in NITL's Conventional or Shariah-compliant Pension Schemes as part of the Punjab Defined Contribution Pension Scheme.
Why choose the NIT Punjab Pension Fund for your retirement?
- Takaful Coverage as outlined in the Offering Document
- Start Investing with Just Rs. 1,000
- Enjoy Attractive Tax Benefits
- Stand Out with Good Returns
Punjab Contributory Pension Fund the Ideal Plan for Government Employees who want:
- Punjab Contributory Pension Fund Scheme perfect for GoP Employees Who Want to Save for Retirement with Low Initial and Ongoing Contributions – Handled by the Government of Punjab and NITL.
- The Punjab Contributory Pension Fund – Ideal for Government Employees Seeking Smart Diversification invest across Equities, Debt, Money Market & More for a Balanced Portfolio*
- Freedom to Choose his/her Preferred Pension Fund Manager and Investment Mode – Conventional or Shariah-Compliant.
- To transfer the balance from Conventional to Shariah compliant scheme or from Shariah compliant to Conventional with the same Pension/Asset Management Company or transfer any other Pension/Asset Management Company free of cost, any time under the VPS rules, 2005.
* During first three years, 100% allocation will be made in Money Market Sub-Funds only. After 3 years completion, employees may choose customized allocation as per limits allowed or default allocation will be applied.
Note: Any early withdrawal OR withdrawal in excess of 50% of the accumulated pension account balance at retirement OR after retirement will attract withholding tax under the Income Tax Ordinance, 2001 (U/s 23A of Part I of The Second Schedule).
Income from Income Payment Plans or Annuity Plans is also subject to income tax in the hands of the Participant as per the Income Tax Ordinance, 2001, effective 1st July, 2022, following the withdrawal of exemption through the Finance Act, 2022.
