JS / Roshan Digital Account / JS Roshan Pension Plan

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Income After Retirement

The Roshan Pension Plan under VPS is a self-contributory defined contribution pension scheme open to all overseas Pakistani individuals. Under the voluntary pension scheme (VPS), all employed and self-employed individuals can voluntarily contribute to a pension fund starting with as low as PKR 10,000/- during their working life to provide regular income after retirement



Customers may choose from the following allocation schemes available under the RPP.

Medium Volatility 50% 40% 10%
Low Volatility 25% 60% 15%
Lower Volatility NIL 50% 55%

All investments in Mutual Funds & Pension Funds are subject to market risks, Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies, risk and tax implications involved. This is for general purpose information only.

  • Roshan Digital Account holder (NRVA)
  • Individuals with Computerized National Identity Card/ National Identity Card for Overseas Pakistanis (CNIC/NICOP)

Q1. What is Roshan Pension Plan?

The Roshan Pension Plan (RPP) is a voluntary pension scheme run by a Pension Fund Manager who manages the voluntary contributions made by a participant, whether employed or not or by an employer on his behalf, based on Voluntary Pension Scheme Rules, 2005. It is a saving mechanism where an individual saves from his/her current income to retain financial security and comfort in terms of regular income after retirement.
RPP is a steady income given to a person (usually after retirement). RPP is a saving, or a contribution, which is collected during the working life of an RDA holder and invested for profit. After the opted retirement date, the account holder is entitled to a steady monthly income from a fund built up from the earlier savings.

Q2. Who is a Participant?

A Participant is an individual (NRVA holder) who has contributed or on behalf of whom contributions are made into the pension scheme.

Q3. Who is the Pension Fund Manager?

Pension Fund Manager means an asset management company or a life insurance company duly authorized by the Securities and Exchange Commission of Pakistan (SECP) to efficaciously manage the contributions made by or on behalf of participants in the pension fund and meet such other conditions as may be prescribed from time to time by the SECP.

Q4. Is RDA Investor eligible for investment in RPP?

All Roshan Digital Account holders with NRVA having a valid CNIC/NICOP/POC and a source of income are eligible to invest in RPP.

Q5. What are the minimum and maximum age limits for RPP?

The minimum age is 18 years and the Maximum age is 70 years.

Q6. What are JS Pension Saving Fund and JS Islamic Pension Saving?

JS Pension Saving Fund and JS Islamic Pension Saving Fund is a voluntary pension fund registered under Voluntary Pension System Rules, 2005 and managed by JS Investments Limited (JSIL).

Q7. JS Investments Limited.

JS Investments Limited (JSIL) (estd. 1995) is the oldest private sector Asset Management Company in Pakistan. Our founding partners were INVESCO PLC (formerly known as AMVESCAP PLC) – Europe’s largest investment Management house & International Finance Corporation (IFC) – the private sector arm of the World Bank Group. JSIL is a subsidiary of JS Bank, one of the fastest-growing banks in Pakistan with a rapidly expanding network of 277 branches across the country. JSIL offers a wide range of investment products including Mutual Funds, Voluntary Pension Schemes, and Separately Managed Accounts (SMAs) to cater to the needs of individual and institutional investors. The company has played a key role in defining the standards of the Asset Management Industry in Pakistan. JSIL is licensed by SECP to provide “Asset Management”, “Investment Advisory”, “REIT Management”, “Private Equity and Venture Capital Fund Management” services. In addition, the Company also acts as Pension Fund Manager under the VPS Rule. JSIL is a member of the Mutual Fund Association of Pakistan (MUFAP) and is listed on the Pakistan Stock Exchange Limited.

Q8. How to contribute to RPP?

NRVA holders can open a Pension Account in JSBL by visiting the following link: https://jsbl.com/personal/accounts/current-accounts/roshan-digital-account/

Q9. What is the minimum initial amount to contribute?

Rs. 10,000/-. To properly build a pension fund, one should have to first determine the amount required every month after the time of retirement. In addition, one will have to work out how much one will need to set aside monthly to come up with a lump sum amount large enough to create an annuity, which provides a desirable monthly income after retirement.

Q10. How is NAV calculated?

A fund’s Net Asset Value (NAV) represents the value per unit at a given point in time. The NAV is equal to the market worth of assets held in the portfolio of a Fund, minus liabilities, divided by the number of units currently issued to investors.

Q11. What are the different allocation schemes in RPP?

An investment allocation scheme provides an opportunity to create a personalized retirement fund through regular contributions, with allocations adjusted according to the age & risk-taking capacity of the investor.

It provides the following options to the participants to select a Pension Allocation scheme according to their requirements:

Without Gold
Equity Sub Fund
Debt Sub Fund
Money Market Sub Fund
Medium Volatility
Low Volatility
Lower Volatility

Q12. Can I change my allocation scheme?

Yes, at any point during the year.

Q13. In which avenues JS Investment Limited will invest the investor money?

JS Investments Limited shall invest the investor’s pension fund money in different conventional and shariah-compliant equity, income, and money market instruments to maximize the return for participants. All investments are made under the investment policy defined in the offering documents of the respective funds.

14. What is the sales load?

The sales load fee under Roshan Pension Plan is 100% waived.

Q15. What is the backend load?

There is no Backend Load under Roshan Pension Plan.

Q16. What is the Management fee for RPP?

A management fee is charged up to 1.5 % per annum of the net assets value of the pension fund.

Q17. What is the rate of return on the funds?

Rates of return under RPP are market-driven, however, historical returns in various avenues of investment are considered for illustrations. They can be referred to from the monthly Fund Manager Report (FMR) from the JS Investment website.

Q18. What is the frequency of contribution?

The participant can contribute at any time at his/ her convenience.

Q19. What is the duration of profit? Monthly, quarterly or yearly?

Profit will not be distributed to the participant, it will accumulate with the investment and after retirement, the participant can get the benefits. However, in case of early withdrawal of any amount, it will be subject to the deduction of applicable taxes.

Q20. What is the maturity period for RPP?

The term of the allocation scheme would depend on the age of the investor, as the allocation scheme can mature any time between 60 and 70 years or the age which he/she will be after 25 years from the date of the first contribution into a VPS; whichever comes first. However, the participant is free to redeem as and when desired, with returns up to the day of redemption and payment of tax thereon (if applicable).

Q21. After maturity how will I get benefits?

All accumulated funds at the date of retirement of the participant will be available to him/her with the following options, namely:

  • To withdraw Tax-Free up to fifty percent (50%) of the amount in his/ her pension account, as cash;
  • To enter into a Monthly Income Payment Plan (MIPP) till the age of seventy-five years or earlier, according to an income payment allocation scheme, approved by the SECP. Disbursement of MIPP is subject to applicable Tax laws;
  • To use the remaining amount to purchase an annuity from a Life Insurance Company / Family Takaful company of his/her choice.

Q22. What will happen if the participant dies or become disabled before the maturity period of RPP?

In case of death before retirement:

  • All his/ her investment will be available to the nominated survivors as per the Succession Certificate issued by the Court or NADRA with the following options:
  • Withdraw his/her share of the amount subject to the conditions laid down in the Income Tax Ordinance 2001;
  • Transfer his/her share of the amount into his existing or new individual pension account to be opened with the Pension Fund manager,
  • Use his/her share of the amount to purchase an annuity on his/her life from a Life Insurance Company, only-if his/her age is fifty- five years or more; or
  • Use his/her share of the amount to purchase a deferred annuity on his/her life from a Life Insurance Company to commence at age fifty-five years or later

In case of disability before retirement:

  • The person will be treated as retired and will get all the benefits as on retirement

Q23. In case of withdrawal of more than 50%, what will be the rate of tax applied?

The withdrawal of 50% at the time of Retirement age remains tax-free, however, the over and above amount shall be subject to payment of tax @ of participant’s average tax rate of the preceding three years.

Q24. Is it mandatory to withdraw 50% at the time of Retirement?

Not necessarily. The entire amount can be shifted to a Monthly Income Payment Plan (MIPP) or 50% tax-free can be withdrawn.

Q25. What happened if the participant withdraws/ redeems his/ her fund before retirement?

A participant at any time before retirement shall be entitled to redeem the total or part of his/her accumulation subject to payment of tax @ of his/her average tax rate of the preceding three years.

Q26. What allocation schemes are available for the Monthly Income Payment Plan (MIPP)?

The Participant will have the option to place the amount selected for MIPP purposes in one of the following allocation schemes for systematic redemption of units to get a periodic payment.

  • Medium Volatility (Minimum 35% Equity, Minimum 40% Debt, Minimum 10% Money Market)
  • Low Volatility (previously conservative) (Minimum 10% Equity, Minimum 60% Debt, Minimum 15% Money Market)
  • Lower Volatility (previously very conservative)
    • (0% Equity, Minimum 40% Debt, Minimum 40% Money Market)
    • Debt Sub: 100%
    • Money Market Sub Fund: 100%

Q27. Is there any limit on the monthly withdrawal amount from MIPP? How is the amount determined?

Withdrawals can be made through any of these three options.

  • Systematic Withdrawal Option – Under this option, the Participant shall instruct the Management Company to pay a fixed amount at the end of each Period. This payment option will not be available to participants choosing the Medium Volatility Option.
  • Actual Appreciation Payment plus Fixed Amount – Under this option, the Management Company shall calculate the amount a Participant receives based upon the actual appreciation of the Participation Amount at the end of the Period plus a fixed amount. If investment depreciates during the Period, only a fixed amount shall be paid to the Participant through his Participation Amount. The fixed amount shall be revisited annually to adjust for any depreciation in the account balance.
  • Balance to the remaining number of Months Methodology – The value of the total remaining balance shall be divided into the remaining number of months in the selected period. This exercise shall be undertaken at the end of each year.

Q28. What if a principal participant of MIPP dies?

In case of death of the MIPP participant, the successor(s) can continue with the Plan after converting the funds under their name for the remaining period. If withdrawn early the tax will be applied as per law.

Q29. How Pension Funds are different from other open-end mutual funds?

Pension funds are similar to other open-end funds in terms of their returns. However, they are regulated under VPS rules while open-end funds are regulated under NBFC regulations 2008. Tax Credit is available in VPS Investment as per Section 63 of ITO 2001, for individuals who also have some source of income in Pakistan.

Q30. Will Zakat be deducted at source under RPP?

State Bank of Pakistan (SBP) has clarified that JS Roshan Digital Accounts are not subject to compulsory deduction of Zakat as per rule 24-A of the Zakat Collection & Refund Rules, 1981.

Q31. How does one know that his/her investment is in safe hands?

The funds are managed by JS Investments Limited (a subsidiary of JS Bank), the oldest private sector Asset Management Company in Pakistan, and are regulated via Voluntary Pension System (VPS) Rules, 2005, as defined by the Securities and Exchange Commission of Pakistan (SECP). Moreover, the funds constitute a portfolio of investments carefully selected by a team of professional fund managers. The aim is to provide a secure source of savings & retirement income to individuals.

Q32. Can the participant get a physical unit certificate?


Q33. How frequently will the statement of accounts be sent to the participants?

E-statement is sent on each transaction and monthly basis. However, the participant can request JS for an e-statement.

Q34. Can the participant transfer the fund to any other pension fund manager?


Q35. Can the participant change his retirement age?

Retirement age can be changed, on written request for a maximum up to the age of 70 years.

Q36. Can an investor open another Pension Account after claiming retirement?

Yes, there is no restriction in VPS Rules, 2005. The Participant after retirement can open another pension account with the same Pension Fund manager or with any other Pension Fund Manager subject to that participant’s age being lesser than 70 years.

Q37. What is the benefit of Takaful in VPS?

JS Investment offers free Takaful coverage to the investors of VPS funds. The participant enjoys coverage equivalent to cumulative investment in the VPS Funds, with a ceiling of PKR 5 million. For more details on eligibility criteria and terms and conditions, please refer to the offering documents of the respective funds.

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