ISLAMABAD, November 21 2024: In a significant development for Pakistan’s pension sector, the Securities and Exchange Commission of Pakistan (SECP) has rejoined the International Organization of Pension Supervisors (IOPS) as a Governing Member. This strategic move reflects Pakistan’s determination to modernize its pension systems and align with global standards, ensuring sustainable retirement income solutions for its citizens.
SECP, a founding member of IOPS in 2004, had previously been part of the organization until 2016. Its decision to rejoin comes at a crucial juncture when the country is implementing defined contribution (DC) pension schemes in the public sector, aiming for more robust governance and technical expertise in the pension domain.
As part of IOPS, SECP will gain access to a global network of pension supervisors from 79 jurisdictions, enabling the adoption of international best practices and strengthening the governance of pension funds. This collaboration will be vital in refining Pakistan’s Voluntary Pension System and increasing investor confidence in the sector.
The SECP’s renewed membership also comes at a time when significant pension reforms are underway across federal and provincial levels, including the launch of innovative DC schemes. SECP is now positioned to lead these reforms, promoting transparency, security, and long-term sustainability for the nation’s pension system.
This move reinforces SECP’s commitment to providing financial security for retirees and bolstering Pakistan’s economic resilience through comprehensive pension reforms.
