Individual Pension Account definition

Individual Pension Account means an account of a subscriber, executed by a contract setting out the terms and conditions under the National Pension System;

Individual Pension Account means an individual account of a Participant maintained by the Pension Fund to record his/her investment and the Units of the Sub- Funds as issued there against, including appreciations thereof;

Individual Pension Account means a distinct account being maintained in the name of each Participant by the Pension Fund Manager to record the Participant’s investment in the Pension Fund and the Units of the Sub-Funds issued thereagainst, including appreciations thereof;

Examples of Individual Pension Account in a sentence

• Each Participant has a beneficial interest in the Pension Fund proportionate to the Units held by such Participant in the respective Sub-Fund in his Individual Pension Account.

• The liability of the Participant shall be limited to the amount paid against the number of Units or in certain circumstances cash, as may be allowed by the Rules, held by each Participant in his Individual Pension Account.

• Additionally, each Participant shall be entitled to receive any statement in respect of his Individual Pension Account at any time on written application.

• The Register shall be conclusive evidence as to the Sub-Fund Units or Individual Pension Account or Approved Income Payment Plan Account balances held by each Participant.

• Each Participant shall provide an undertaking when establishing their Individual Pension Account or when selecting or deemed to be selecting an Allocation Scheme that they have no objection to the Investment Policy and the Approved Allocation Policy and that they are fully aware of the risks associated with the Allocation Scheme selected by them.

• Such amount in the Individual Pension Account shall be used to purchase the Units of Sub-Funds of the Pension Fund as per the Allocation Scheme selected by the Participant, at the Net Asset Value notified by the Pension Fund Manager at the close of that Dealing Day for each Sub-Fund.

• A Participant has the option to select any Allocation Scheme in relation to his Contributions and shall make such selection at the date of opening his Individual Pension Account.

• In the event that any withdrawal request or request to transfer the whole or any part of a Participant’s Individual Pension Account is incomplete in any respect, the Pension Fund Manager or the Registrar shall inform the Participant of the discrepancies within one week of the receipt of the request.

• The proceeds of Units redeemed will be credited to the Participant’s Individual Pension Account.

• The application for transfer of the account, specifying the name of the new pension fund manager/pension fund and Individual Pension Account number with the new pension fund manager must be sent by the Participant at least twenty-one days before the effective date of the proposed change.

More Definitions of Individual Pension Account

Individual Pension Account means a distinct account being maintained in the name

Individual Pension Account means a distinct account being maintained in the name of each Participant with the Pension Fund Manager to record his investments and the Units of Sub-Funds as issued there against including appreciations thereof.

Individual Pension Account means the individual pension account as defined in Clause 4.11.

Individual Pension Account means an account opened as per the scheme;

Individual Pension Account means a distinct account being maintained in the name of each Participant with the Pension Fund Manager to record his investments and the Units of Sub-Funds as issued there against including appreciations thereof. xxxviii.“Investment” means any Authorized Investment forming part of the Deposited Property of any Sub-Fund.xxxix. “Launch Date” means the date, as may be determined by the Pension Fund Manager, from which the Atlas Pension Islamic Fund shall be offered to theParticipants for continual Contribution dealing. xl. “Life Cycle Allocation Scheme” means an Allocation Scheme approved by the Commission, where the percentage allocations to each Sub-Fund will automatically vary based on the age of the Participant. xli. “Life Insurance Company” means a company registered under the Insurance Ordinance, 2000 (XXXIX of 2000), to transact life insurance business, and includes the State Life Insurance Corporation of Pakistan. xlii. “NBFC Rules” means the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003, as amended from time to time. xliii. “Net Assets” shall mean the excess of assets over liabilities of each Sub- Fund of the Pension Fund, such excess being computed in the manner as defined in the Rules or as may be specified by the Commission from time to time. xliv. “Net Asset Value” or “NAV” means per Unit value of each Sub-Fund arrived at by dividing the respective Net Assets by the number of Units outstanding of the respective Sub-Funds on the basis indicated in the Rules or as may be specified by the Commission from time to time, which shall constitute the price at which the Units of each Sub-Fund shall be issued and the price at which the Units of each Sub-Fund shall be redeemed. xlv. “Offering Document” means the prospectus or other document issued by the Pension Fund Manager with consent of the Trustee and after approval of the Commission, which contains the investment policy of the respective Sub-Funds, Prescribed Allocation Policy and all other information in respect of the Pension Funds, as required by the Rules and Regulations and is circulated to invite offers by the public to contribute in the Fund. xlvi. “Par Value” means the face value of Unit of each Sub-Fund that shall be Rupees one hundred (Rupees 100). xlvii. “Participant” means any person who makes Contributions or on whose behalf Contributions are made into the Pension Fund, and held in an identifiable Individual Pension Account managed by the Pension Fund Manager. xl...