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What is the role of OPF and who will manage
this scheme? |
Overseas Pakistanis Foundation is an organization for the
welfare of overseas Pakistanis controlled by Ministry of Labour,
Manpower & OP's. It has been providing services in the
fields of Housing, Education, Health, etc to the overseas
Pakistanis and their families in Pakistan. Now OPF has launched
pension scheme for its members. The scheme will be managed
by Overseas Pakistanis Pension Trust (Regd.), a subsidiary
of OPF.
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Who can apply? |
All Overseas Pakistanis can subscribe to the pension scheme.
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How do I apply for the pension scheme?
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You simply fill in the forms and send to the Overseas Pakistanis
Pension Trust (Regd) Islamabad.
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In what currency will contribution be paid? |
All
contributions are to be paid in US Dollars or Pak Currency through
direct transfer or demand draft to the OPPT accounts in Islamabad.
Procedure is advised after acceptance of the plan. |
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Where and in what currency will benefits
be paid? |
All benefits will be paid in Pak Rupee in Pakistan.
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How the pension scheme works? |
Your
contributions will be credited to your Plan account maintained
by the Overseas Pakistanis Pension Trust (OPPT).Before the cash
stream pension starts, the balance in your plan will build up
year by year out of your contributions, plus investment income
credits minus charges. As the cash stream pension starts, the
balance in your plan will continue to get investment income
and this will be paid monthly as pensions and it will be debited
to each members plan account. In this way the fund balance in
your pension account with OPPT at the time of maturity will
remain intact and safe. |
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Suppose
I return to Pakistan permanently before maturity of my plan. What
is my option? |
You
can continue to deposit the yearly contributions in Pak. Rupees
also.
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Shall
pension be paid after contribution of 10 or 15 years or attaining
the age of 60? |
It
is not a age based, but a time based scheme.The pension will
start after 5, 10 or 15 years as per the plan selected, irrespective
of the age.
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Is
this a good thing? Isn’t Pakistan rupee depreciating against
other currencies especially the currency of GCC countries? |
True,
the Pakistani rupee has depreciated but now it has stabilized.
But past experience indicates that the depreciation of the
Pakistani rupee has usually been offset by the higher rates
of return. In fact, those who have US Dollars have earned
less as compared to those who held Pakistani rupees and took
advantage of the higher returns.
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Can
husband & wife have a joint policy? |
Both
husband & wife if residing overseas can separately subscribe
for pension scheme.There is no provision of joint policy in
the pension scheme. However, spouse, if nominated, as beneficiary
in case of (God-forbid) death of a subscriber shall draw the
benefits as official nominee.
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Can
a plan be taken for family members living in Pakistan by making
payments in foreign exchange from abroad? |
Plan
can be taken for family members by the OPF member in his name.
On maturity the payment of pension can be distributed by the
member at his/her discretion.
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Is
there any restriction as to who could be a nominee? Can there
be more than one nominee with specified percentages? |
Any
person can be nominated as your nominee. You can change your
nominee at any point of time. There has to be one nominee
for each plan.
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Why
should we invest our savings with OPPT if there are so many other
investment avenues available in Pakistan? |
Beside
a reasonably higher rate of return,OPPT is the only organization
which provides security of the capital invested. Besides all
members of OPPT are covered under a group insurance package
with State Life Insurance Corporation, which ensures that
in case of the earlier death or disability of a member before
the maturity of the Pension Plan the cash stream pension is
started immediately. No other investment scheme provide for
such a security.
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Is
Zakat declaration a must? It was indicated that this scheme is
free from all kinds of taxes then why Zakat? |
Declaration
of Zakat is a must. Zakat is not a tax but a religious obligation
of Muslims. Had it been a tax, it would have been received
from non-Muslims as well.
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What
would be the status of pension scheme if there is a change in
government? |
The
Pension Scheme has been launched & managed by Overseas
Pakistanis Pension Trust (OPPT). OPPT is registered as a Trust,
which is an on-going entity & will not be affected by
the change of Government. OPPT is a subsidiary of Overseas
Pakistanis Foundation, which was established in 1979.
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If
a person is already participating in a state life insurance or
other such scheme, can he simultaneously apply for the OPF pension
scheme? |
Yes,
one can apply for OPF Pension Scheme irrespective of the fact
that the member is participating in any other similar scheme.
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