Examples of Individual Pension Account in a sentence
Participants shall be allowed to transfer the entire or part of his/her Individual Pension Account with the AGIPF to another pension fund manager/pension fund by completing the Forms.
The Participant will then have the following options, namely:(a) to en-cash up to fifty percent (50%) or any percent as admissible under the Income Tax Ordinance, 2001, of the amount in his Individual Pension Account, without any Tax deductions.
If an application received pursuant to this Clause 6.3 is found by the Pension Fund Manager, Registrar or the Distributor to be complete and correct in all material respects, the Pension Fund Manager, Registrar or the Distributor shall advise the applicant in writing of the opening of the applicant’s Individual Pension Account with the Pension Fund Manager and shall also advise the applicant the number of such 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.
Allocation Policy 6.10.1. A Participant has the option to select any Allocation Scheme in relation to his/her Contributions and shall make such selection at the date of opening his Individual Pension Account.
The procedure for transfer of Individual Pension Account from the Pension Fund Manager/pension fund to another pension fund manager/pension fund shall be specified in the Offering Document.
On receiving a transfer application mentioned in clause 9 iv above, complete in all respects, the Pension Fund Manager shall redeem the requested amount out of the balance available in Individual Pension Account of the Participant at the close of first Business Day that falls on or after the effective date of the proposed change and transfer the requisite amount to the requested pension fund.
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.
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.
The remaining Contribution amount is then credited to the Participant’s Individual Pension Account and is invested intheunderlyingSub-FundsoftheAlfalah GHP Islamic Pension Fund (AGPF) as per the Allocation Scheme selected by the Participant.