{ "schema_version": "qanun-law-text/1", "id": "punjab-code-08779cf741a4b280", "title": "PUNJAB PENSION FUND ACT 2007", "source_collection": "Punjab", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/XGlXY1ZhATA-", "version": null, "source_snapshot": "2026-08-06T16:59:11Z", "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a", "source_sha256": "fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a", "text_version_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a", "quality_flags": [], "encoding": "UTF-8", "text": "THE PUNJAB PENSION FUND ACT 2007 \r\n(I of 2007) \r\nCONTENTS \r\nCHAPTER-I \r\nPRELIMINARY \r\n1. Short title, extent and commencement \r\n2. Definitions \r\nCHAPTER-II \r\nRESERVE AND PENSION FUNDS \r\n3. Reserve Fund \r\n4. Punjab Pension Fund \r\nCHAPTER-III \r\nMANAGEMENT COMMITTEE \r\n5. Management Committee \r\n6. Composition of the Management Committee \r\n7. Qualifications for non-official Members \r\n8. General Manager \r\n9. Disqualification of Member \r\n10. Term of office \r\n11. Resignation \r\n12. Casual vacancy \r\nCHAPTER-IV \r\nPOWERS AND FUNCTIONS OF THE MANAGEMENT COMMITTEE \r\n13. Powers and functions of the Management Committee \r\n14. Delegation of powers \r\n15. Limitations on the investment \r\nCHAPTER-V \r\nBUDGET, EXPENSES AND AUDIT \r\n16. Budget and accounts \r\n17. Expenses \r\n18. Audit \r\nCHAPTER-VI \r\nMISCELLANEOUS \r\n19. Public servant \r\n20. Prohibition of insider trading \r\n21. Liability of the Government \r\n22. Conflict of interest \r\n23. Submission of annual report before the Assembly \r\n24. Rules \r\n25. Regulations \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB PENSION FUND ACT 2007 \r\n(I of 2007) \r\n[29th March, 2007] \r\nAn \r\nAct \r\nto provide for the establishment of a Fund to generate revenue for the discharge of \r\nthe pension liabilities of the Government. \r\nPreamble.– Whereas it is expedient to establish a Fund to generate revenue for the \r\ndischarge of the pension liabilities of the Government and to make provisions for \r\nmatters ancillary thereto; \r\n It is hereby enacted as follows:– \r\nCHAPTER-I \r\nPRELIMINARY \r\n1. Short title, extent and commencement .– (1) This Act may be cited as the \r\nPunjab Pension Fund Act 2007. \r\n (2) It extends to whole of the Province of the Punjab. \r\n (3) It shall come into force at once. \r\n2. Definitions.– In this Act– \r\n(a) “Chairman” means the Chairman of the Management Committee; \r\n2\r\n(aa) “financial year” means the year starting from first day of July and \r\nending on 30th day of June of the succeeding year;] \r\n(b) “Fund” means the Punjab Pension Fund; \r\n(c) “General Manager” means the General Manager of the Fund; \r\n(d) “Government” means the Government of the Punjab; \r\n3\r\n[(dd) “Government bonds” include the bonds issued by or under the authority \r\nof the Federal Government, a Provincial Government or by a body or \r\nentity own ed or controlled by the Government, a Provincial \r\nGovernment or the Federal Government or a prescribed body or entity;] \r\n(e) “Management Committee” means the Punjab Pension Fund \r\nManagement Committee; \r\n(f) “Member” means the Member of the Management Committee; \r\n \r\n1This Act was passed by the Punjab Assembly on 7 March 2007; assented to by the Governor of the Punjab on 26 March 2007; \r\nand, was published in the Punjab Gazette (Extraordinary), dated 29 March 2007, pages 4325-4329. \r\n2Inserted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008) , w.e.f.16.8.2008, s.2; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n3Inserted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.2; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n(g) “prescribed” means prescribed by the rules made under this Act; \r\n(h) “Province” means the Province of the Punjab; \r\n(i) “regulations” means the regulations framed under this Act; \r\n(j) “Reserve Fund” means the Reserve Pension Fund created under \r\nsection 3 of this Act; \r\n(k) “rules” means the rules made under this Act; and \r\n(l) “sub-committee” means the sub -committee of the Management \r\nCommittee. \r\nCHAPTER-II \r\nRESERVE AND PENSION FUNDS \r\n3. Reserve Fund.– (1) The Government shall, by notification, create a Reserve \r\nPension Fund in the Public Account of the Province. \r\n \r\n4\r\n[(2) The amounts placed in the Reserve Fund by the Government shall \r\nform part of the Public Account of the Province as defined in Article 118(2) of the \r\nConstitution of Islamic Republic of Pakistan.] \r\n4. Punjab Pension Fund .– (1) The Government shall, by notification, establish \r\nthe Punjab Pension Fund for proper management and discharge of its pension \r\nliabilities. \r\n (2) The Fund shall be a body corporate with perpetual succession, \r\ncommon seal, power to enter i nto contract and may sue or be sued by the said \r\nname. \r\n (3) The Fund shall perform such functions and exercise such powers with \r\nregard to the Reserve Fund as vested in it under this Act and the rules made \r\nthereunder. \r\nCHAPTER-III \r\nMANAGEMENT COMMITTEE \r\n5. Management Committee.– (1) The Government shall, by notification, establish \r\na committee to be called the Punjab Pension Fund Management Committee. \r\n (2) The management and administration of the Fund shall vest in the \r\nManagement Committee. \r\n (3) Subject to the provisions of this Act and the rules, in the performance of its \r\nfunctions and in exercise of its powers, the Management Committee shall act and be \r\nbound by the directions of the Government. \r\n6. Composition of the Management Committee .– The Management \r\nCommittee shall consist of– \r\n(i) Minister for Finance, Government of the Punjab; Chairman \r\n \r\n4Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.3; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n(ii) Chief Secretary, Government of the Punjab; Vice-Chairman \r\n(iii) Chairman, Planning & Development Board, Member \r\n Government of the Punjab; \r\n(iv) Secretary, Government of the Punjab; Member \r\n Finance Department; \r\n(v) Secretary, Government of the Punjab, Member \r\n Law, Parliamentary Affairs & \r\n Human Rights Department; \r\n(vi) Secretary (Services), Government of the Punjab, Member \r\n Services and General Administration Department; \r\n(vii) General Manager; and Member/Secretary \r\n(viii) four persons to be appointed by the Non-official Members \r\n Government from the private sector. \r\n5\r\n[7. Qualifications for non-official Members.– A person shall not be appointed as \r\nnon-official Member unless he has at least ten years experience of banking, finance, \r\naccounting, asset management, fund management or unit trust management and holds \r\na sixteen years, equivalent or higher degree.] \r\n8. General Manager .– \r\n6\r\n(1) The Government shall, by notification, appoint \r\nGeneral Manager of the Fund on such terms and conditions as it may determine.] \r\n \r\n7\r\n[(2) A person shall not be appointed as the General Manager unless he has \r\nat least twelve years experience of management including at least three years \r\nexperience of investment b anking, treasury operations, finance, asset management, \r\nfund management or unit trust management and holds a sixteen years, equivalent or \r\nhigher degree.] \r\n (3) Subject to the provisions of this Act and the rules, the General \r\nManager shall exercise such powe rs and perform such functions as may be \r\nassigned to him by the Management Committee. \r\n (4) The General Manager shall hold the office for a renewable term of \r\n8\r\n[three] years. \r\n (5) The Government may, after providing an opportunity of being heard, \r\nremove the General Manager during the tenure of his office. \r\n (6) The General Manager may tender his resignation to the Government and \r\nshall cease to hold office upon acceptance of his resignation. \r\n \r\n5Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.4; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n6Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.5; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n7Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.5; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n8Substituted for the word “five” by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s. 5; and \r\npublished in the Punjab Gazette (Extraordinary), pages 235-236. \r\n9. Disqualification of Member .– Notwithstanding anything contained in \r\nsections 6 and 7, a person shall be disqualified from being a Member who is or has \r\nbeen– \r\n(a) convicted of an offence of fraud or breach of trust or any other offence \r\ninvolving moral turpitude; \r\n(b) adjudged as an un -discharged insolvent or has suspended pay ment of \r\nhis debts or has compounded with the creditors; \r\n(c) a sponsor, director, chief executive, or in the management of a \r\ndefaulted cooperative finance society or finance company; \r\n(d) a director or a major shareholder in a company that has overdue loans \r\nor investments outstanding towards any financial or non -financial \r\ninstitution; \r\n(e) removed or dismissed from the service of Pakistan; and \r\n(f) penalised or convicted of any offence under the Securities and \r\nExchange Ordinance, 1969 (XVII of 1969), the Compan ies Ordinance, \r\n1984 (XLVII of 1984), the Banking Companies Ordinance, 1962 (LVII of \r\n1962) or any other law relating to the banking or capital markets. \r\n10. Term of office.– (1) A Member, not being an ex-officio Member, shall hold the \r\noffice for a renewable term of three years. \r\n (2) The Government may, after providing an opportunity of being heard, \r\nremove any such Member during the tenure of his office in the prescribed manner. \r\n11. Resignation.– A Member, not being an ex -officio Member, may tender his \r\nresignation to the Government and shall cease to be a Member upon the acceptance \r\nof his resignation. \r\n12. Casual vacancy.– Any vacancy due to the death, resignation or removal of a \r\nMember, other than an ex -officio Member, shall be filled by the Government through \r\nappointment of another person as Member and such appointee shall, subject to the \r\nprovisions of this Act, hold such office for the unexpired period of the term of his \r\npredecessor. \r\nCHAPTER-IV \r\nPOWERS AND FUNCTIONS OF THE MANAGEMENT COMMITTEE \r\n13. Powers and fu nctions of the Management Committee. – Subject to the \r\nprovisions of this Act, the Management Committee shall, in the prescribed manner, \r\nexercise such powers and perform such functions as may be necessary for carrying \r\nout the purposes of this Act, including– \r\n(a) formulation of investment policy, establishment of standards and \r\nprocedures for the investment from the Reserve Fund; \r\n(b) investment of amounts from the Reserve Fund; \r\n(c) transfer of any profit generated through the investment to the Reserve \r\nFund; \r\n(d) initiating proposals for making or amendment of the rules; \r\n(e) employ such persons as may be necessary for the purposes of this \r\nAct; \r\n(f) creation of sub -committees from amongst its Members to make \r\nrecommendations on a specific issue or issues; \r\n(g) preparation of an annual report for submission to the Government \r\ndetailing the performance of the Fund; \r\n(h) borrow money from the Government or any other institution; and \r\n(i) performance of such other functions which are ancillary to the above \r\nfunctions or incidental to the purposes of this Act. \r\n14. Delegation of powers .– The Management Committee may delegate to the \r\nGeneral Manager, a sub-committee or a Member, any of its powers or functions: \r\n Provided that it shall not delegate the power to– \r\n(a) adopt, amend or repeal regulations; \r\n(b) approve the investment policy, standards and procedures for the \r\noperation of the Fund; or \r\n(c) fill a vacancy in a sub-committee. \r\n15. Limitations on the investment. – \r\n9\r\n[Notwithstanding anything contained in \r\nsection 13 or any other law for the time being in force, no investment in a financial \r\nyear shall be made by the Management Committee from the Reserve Fund of the \r\nyear–] \r\n(a) for a period of more than three years or in any foreign market or firm, \r\nexcept with the prior approval of the Government; \r\n(b) for an amount of more than twenty -five percent of the Reserve Fund in \r\none financial institution cumulatively; \r\n(c) for an amount 10[up to one hundred] percent of the Reserve Fund in the \r\nGovernment bonds cumulatively; \r\n(d) for an amount of more than five percent of the Reserve Fund in \r\ncorporate or other bonds or short term financial instruments, per issue \r\nof the bond or the instrument; and \r\n(e) for an amount of more than five percent of the Reserve Fund in third party \r\nproducts, unit trust or through managed portfolios in each case. \r\nCHAPTER-V \r\nBUDGET, EXPENSES AND AUDIT \r\n16. Budget and accounts.– \r\n11\r\n[(1) The General Manager shall prepare the budget \r\nof the Fund for a financial year.] \r\n \r\n9Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.6; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n10Substituted for the words “more than seventy -five” by the Punjab Pension Fund (Amendment) Act 2023 ( XII of 2023), \r\npublished in the Punjab Gazette (Extraordinary), dated: 17 February 2023, pp. 3889, s.2. \r\n (2) The budget shall be placed for approval before the Management \r\nCommittee at least thirty days prior to the commencement of a financial year. \r\n (3) The accounts of the Fund shall be maintained in such manner as may \r\nbe prescribed. \r\n17. Expenses.– The expenses incurred on the operation of the Fund, including \r\nexpenses relating to the functioning of the Management Committee, shall be paid out of \r\nthe Reserve Fund in such manner as may be prescribed. \r\n18. Audit.– (1) The Government shall appoint a firm of chartered accountants for \r\nthe annual audit of the accounts of the Fund. \r\n (2) Annual audit report of the accounts of the Fund shall be laid before the \r\nManagement Committee for approval. \r\nCHAPTER-VI \r\nMISCELLANEOUS \r\n19. Public servant.– All persons acting or purporting to act in pursuance of any \r\nprovision of this Act, shall be deemed to b e public servants within the meaning of \r\nsection 21 of the Pakistan Penal Code, 1860 (XLV of 1860). \r\n20. Prohibition of insider trading .– The provisions of Chapter III -A of the \r\nSecurities and Exchange Ordinance, 1969 (XVII of 1969), shall apply, mutatis \r\nmutandis, to the Members, employees, or any other person associated with the \r\nFund. \r\n21. Liability of the Government .– Notwithstanding anything contained in this \r\nAct, right to pension of any person shall not be restricted, extinguished, annulled or \r\nvaried and th e Government shall not be absolved from its liabilities with respect to \r\nthe payment of pension. \r\n22. Conflict of interest .– (1) No Member shall, directly or indirectly, receive any \r\nprofit from his position as a Member, except the reasonable expenses incurre d by \r\nhim in the performance of his duties. \r\n (2) The pecuniary interests of immediate family members or close \r\npersonal or business associates of a Member shall also be considered the pecuniary \r\ninterests of the Member. \r\n (3) A Member shall be in conflict of interest if he– \r\n(a) is an employee, or a paid consultant of a business entity that has, or of \r\na trade association of business entities that have, a substantial interest \r\nin the management of the Fund; \r\n(b) owns, controls, or has, directly or indirectly, more than ten percent \r\ninterest in a business entity that has a substantial interest in the Fund; \r\n(c) receives more than twenty -five percent of his individual income from a \r\nbusiness entity that has a substantial interest in the Fund; \r\n \r\n11Substituted by the Punjab Pension Fund (Amendment) Act 2008 (II of 2008), w.e.f.16.8.2008, s.7; and published in the Punjab \r\nGazette (Extraordinary), pages 235-236. \r\n(d) not being an ex-officio Member, is in employment of any government in \r\nPakistan, or a body managed or controlled by the government, except \r\nas a teacher or academician in an institute of higher learning; and \r\n(e) himself, or one or more members of his family, business partners or \r\nclose personal associates, may personally benefit either directly or \r\nindirectly, financially or otherwise, from his position on the Committee. \r\n (4) A Member shall disclose a potential, real or perceived conflict of \r\ninterest as soon as he becomes aware of the potential conflict and before the \r\nCommittee or any of its committees takes cognizance of the matter. \r\n (5) If a Member is not certain about the conflict of interest situation, he \r\nshall bring the matter before the Committee for advice. \r\n (6) The decision of the Committee on conflict of interest shall be final. \r\n (7) A Member shall not take part in the proceedings of the Committee in \r\nwhich any question of his conflict of interest is on the agenda. \r\n (8) The disclosure of conflict of interest and the decision of the Committee \r\nshall be recorded in the minutes of the meeting. \r\n23. Submission of annual report before the Assembly .– The Government \r\nshall, within six months of a financial year, submit the annual report of the Fund \r\npertaining to the previous financial year before the Provincial Assembly of the \r\nPunjab. \r\n24. Rules.– The Government may make rules for carrying out the purposes of \r\nthis Act. \r\n25. Regulations.– Subject to the provisions of this Act and the rules, the \r\nManagement Committee may frame regulations to give effect to the provisions of this \r\nAct.", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-0-1798:b4909c8888e29d7ba234b4a16cda3c971659c257be297256aa903906bf5172fa", "character_start": 0, "character_end": 1798, "utf8_byte_start": 0, "utf8_byte_end": 1812, "passage_sha256": "b4909c8888e29d7ba234b4a16cda3c971659c257be297256aa903906bf5172fa", "reader_fragment": "p-0-1798-b4909c8888e29d7b" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-1798-3584:15f43a1c168a67670afd53417673b568d7bed517697431c1199fe17c3d74f777", "character_start": 1798, "character_end": 3584, "utf8_byte_start": 1812, "utf8_byte_end": 3650, "passage_sha256": "15f43a1c168a67670afd53417673b568d7bed517697431c1199fe17c3d74f777", "reader_fragment": "p-1798-3584-15f43a1c168a6767" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-3584-5380:cc0f56e803ae9e90ab8ceaddb0c439ecb2db10706c8868fadaba90c7c404696b", "character_start": 3584, "character_end": 5380, "utf8_byte_start": 3650, "utf8_byte_end": 5456, "passage_sha256": "cc0f56e803ae9e90ab8ceaddb0c439ecb2db10706c8868fadaba90c7c404696b", "reader_fragment": "p-3584-5380-cc0f56e803ae9e90" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-5380-7152:66d81a3f86a4de8964c4e3620b669a28ca3cf7b2184bfaadd457b424eb25d6a0", "character_start": 5380, "character_end": 7152, "utf8_byte_start": 5456, "utf8_byte_end": 7232, "passage_sha256": "66d81a3f86a4de8964c4e3620b669a28ca3cf7b2184bfaadd457b424eb25d6a0", "reader_fragment": "p-5380-7152-66d81a3f86a4de89" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-7152-8942:dcb9fecf9ca8ba2ba526266e6d79327720a36f01a077f5db09c1697aec3bdb04", "character_start": 7152, "character_end": 8942, "utf8_byte_start": 7232, "utf8_byte_end": 9030, "passage_sha256": "dcb9fecf9ca8ba2ba526266e6d79327720a36f01a077f5db09c1697aec3bdb04", "reader_fragment": "p-7152-8942-dcb9fecf9ca8ba2b" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-8942-10724:1e68336fb699ee5ac73fbe9edcefbf8fbbf2041c0bf24756862a560a62a06f4f", "character_start": 8942, "character_end": 10724, "utf8_byte_start": 9030, "utf8_byte_end": 10822, "passage_sha256": "1e68336fb699ee5ac73fbe9edcefbf8fbbf2041c0bf24756862a560a62a06f4f", "reader_fragment": "p-8942-10724-1e68336fb699ee5a" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-10724-12491:0b5043eeebd07f2e899095c19a67ac26d653eed7323c0624144aec36cc8f5457", "character_start": 10724, "character_end": 12491, "utf8_byte_start": 10822, "utf8_byte_end": 12599, "passage_sha256": "0b5043eeebd07f2e899095c19a67ac26d653eed7323c0624144aec36cc8f5457", "reader_fragment": "p-10724-12491-0b5043eeebd07f2e" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-12491-14238:0e9af5750055d0a64543745ccf279509a840191f7b8d90f475379928d7913850", "character_start": 12491, "character_end": 14238, "utf8_byte_start": 12599, "utf8_byte_end": 14358, "passage_sha256": "0e9af5750055d0a64543745ccf279509a840191f7b8d90f475379928d7913850", "reader_fragment": "p-12491-14238-0e9af5750055d0a6" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-14238-16021:6d9d0ae7bab0821495ab5d030d72f6499127e801f2726f7275f4754fda8a7771", "character_start": 14238, "character_end": 16021, "utf8_byte_start": 14358, "utf8_byte_end": 16147, "passage_sha256": "6d9d0ae7bab0821495ab5d030d72f6499127e801f2726f7275f4754fda8a7771", "reader_fragment": "p-14238-16021-6d9d0ae7bab08214" }, { "passage_id": "law:punjab-code-08779cf741a4b280:sha256:fff5dd404e5e59ffeb451d076c73b42cf2fbc78b9dc338d0bc03460ccd8d5e7a:chars-16021-17459:5b42b9b9a9aa0df0dce1b1e63ee184ca6f544303508177cb0d1cfeb8c2c31557", "character_start": 16021, "character_end": 17459, "utf8_byte_start": 16147, "utf8_byte_end": 17591, "passage_sha256": "5b42b9b9a9aa0df0dce1b1e63ee184ca6f544303508177cb0d1cfeb8c2c31557", "reader_fragment": "p-16021-17459-5b42b9b9a9aa0df0" } ] }