N.-W.F.P. Pension Fund Ordinance 1998

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ORDINANCE II OF 1998

NORTH‑WEST FRONTIER PROVINCE PENSION FUND ORDINANCE, 1998

An Ordinance to provide from the establishment of a Pension Fund in the North‑West Frontier Province

[Gazette of N.‑W.F.P. Extraordinary, 11th June, 1998]

. No. Legis:1(9)/97, dated 11‑6‑1998.‑‑‑The following Ordinance by the Governor of the North‑West Frontier Province is hereby published for general information:‑‑

Whereas it is expedient to provide for establishment of a Pension Fund in the North‑West Frontier Province;

And whereas the Provincial Assembly is not in session and the Governor of the North‑West Frontier Province is satisfied that circumstances exist which render it necessary to take immediate action;

Now, therefore, in exercise of the powers conferred by clause (1) of Article 128 of the Constitution of the Islamic Republic of Pakistan, the Governor of the North‑West Frontier Province is pleased to make and promulgate the following Ordinance:

  1. **Short title, extent and commencement.‑‑‑(1)**This Ordinance may be called the North‑West Frontier Province Pension Fund Ordinance, 1998.

(2) It shall extend to whole of the North‑West Frontier Province.

(3) It shall come into force at once.

  1. **Establishment of Fund.‑‑‑(1)**As soon as may' be after the commencement of this Ordinance, Government shall establish a fund to be known as the Provincial Pension Fund.

(2) The Fund shall be established with a seed money of Rs.150 million from the financial year 1996‑97. The Fund shall, subject to the availability of resources, be enhanced from year to year by depositing such amount in the Fund as Government may, with particular reference. to its over all liabilities towards payment of pension, determine in respect of each year.

(3) The amount credited to the Fund shall be distinct and operated upon strictly in accordance with the provisions of this Ordinance and the rules made thereunder.

(4) An expenditure from the Fund shall be charged upon the Provincial Consolidated Fund within the meaning of Article 121 (e) of the Constitution of the Islamic Republic of Pakistan.

(5) The amount in the Fund shall be invested in such Bank/Developmental Financial Institutions/National Saving Schemes or any other profitable Scheme as the Board may approve.

  1. Maintenance of Fund.‑‑‑(1) The Fund or any portion thereof, not for the time being invested under subsection (5) of section 3, shall be kept in a scheduled bank determined by the Board in consultation with Government.

(2) The Fund shall be under the control of and operated upon by the Board and shall be utilized for the payment of pension to the employees of Government.

(3) The Finance Department of Government shall provide secretariat services to the Fund.

5 . **Constitution of Board.‑‑‑(1)**There shall be a Board to carry out the purposes of this Ordinance, consisting of the following members:‑‑

(i) the Chief Secretary to Government; Chairman.

(ii) the Secretary to Government, Member,

Finance Department;

(iii) the Secretary to Government, Service Member.

and General Administration Department;

(iv) a representative of the High Court to be Member.

nominated by Chief Justice, Peshawar

High Court;

(v) the Managing Director, Bank of Khyber; Member.

(vi) the President, Islamabad Stock Exchange; Member.

(vii) the Chief Manager, State Bank of Member.

Pakistan, Peshawar;

(2) An Additional Secretary of the Finance Department, nominated by the Secretary Finance, shall act as Secretary of the Board.

(3) The Chief Secretary, or in his absence, the Secretary Finance, shall preside over a meeting of the Board.

(4) The Board shall meet at such time and place and on such date as the Chairman may direct.

(5) The Board shall evolve its own procedure for the conduct of its business under this Ordinance.

(6) No remuneration shall be admissible to any member, including the Secretary, of the Board.

  1. Withdrawal, audit etc. ----(1) the Bank, in whose custody the fund is kept, shall be responsible to maintain the accounts in the in such form and in such manner as may be prescribed.

(2) No amount from the Fund shall be withdrawn unless it is approved by the Board. Withdrawal of amount shall be permissible only under the joint signatures of the Chief Secretary and the Secretary Finance in their capacity as Chairman and Member of the Board.

(3) The Finance Department shall prepare annual statement of accounts of the Pension fund within 30 days of closing of. the respective financial year. The Board shall cause the annual statement to be laid before Government accompanied by a brief report on the maintenance of the Fund.

(4) The Fund shall be audited in the prescribed manner.

  1. Power to make rules. ‑‑‑Government may make rules for carrying out the purposes of this Ordinance

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