Pension Fund Rules Amendment Finance Department Punjab
AMENDMENT GOVT. OF THE PUNJAB FINANCE DEPARTMENT
July 12, 2023
No.FD (W&M)9-138/2023.- In exercise of the powers conferred under section 24 of the Punjab Pension Fund Act 2007 (I of 2007), Governor of the Punjab is pleased to make the following amendment in the Punjab Pension Fund Rules 2007, with immediate effect.
In the Punjab Pension Fund Rules 2007:
- In Rule 2, in sub-rule (1), after clause (j), the following shall be inserted:
“(jj) “pension liabilities” means obligation of the Government as provided under section 18 of the Punjab Civil Servants Act, 1974 (VIII of 1974).”. - after CHAPTER-IV, the following shall be inserted:
“CHAPTER IV-A WITHDRAWAL OF PROFITS
13A. Estimate of withdrawable profits.- (1) Subject to rule 13B, the Fund shall provide an estimate of the size of the fund and annual profits, which may be withdrawn, not later than the end of the third quarter of the ongoing financial year.
(2) The Finance Department shall make budgetary allocations based on the estimates of withdrawable profit provided by the Fund under rule 13A in the Annual Budget as a Non-Tax Receipt.
of: 13B. Limits on withdrawal of profits from Reserve Fund. The annual limit for withdrawal of profits from the Fund to discharge pension liabilities shall not be more than fifty percent of the net profits realized by the Fund during the previous financial year: Provided that the computed amount shall be capped at the lower
(a) the total amount contributed by the Government to the Reserve Fund during the previous three financial years; and
(b) the amount of profits that is in excess of the highest closing value of the Fund at closing of any previous financial year.
13C. Process of withdrawal from Reserve Fund.- (1) No amount shall be withdrawn from the Fund except with the approval of the Management Committee.
(2) The Finance Department shall communicate its actual requirement to the Fund for withdrawal of profits during the ongoing financial year subject to rule 13A.
(3) The General Manager shall place the requirement of the Finance Department before the Management Committee for its
consideration and approval.
(4) The Management Committee shall approve the withdrawal of profits from the Reserve Fund subject to rule 13B.
