Notification of Retirement Benefit and Death Compensation Fund Rules 2017 for KPK Govt Civil Servants by Finance Department
In exercise of the powers conferred by section 12 of the Khyber Pakhtunkhwa Retirement benefit & death compensation act 2014 (Khyber Pakhtunkhwa Act No. XXVIII of 2014), the Government of Khyber Pakhtunkhwa KPK is pleased to make the following rules namely:The Khyber Pakhtunkhwa Retirement Benefit & Death Compensation Fund Rules 2017.
1. Short title and commencement (I) These rules may be called the Khyber Pakhtunkhwa Retirement Benefit & Death Compensation Fund Rules 2017.
(II) These rules shall come into force at once.
2. Definition (I) In these rules, unless the context otherwise requires the following expression shall have the meanings thereby respectively assigned to them that is so say, a) Act means Khyber Pakhtunkhwa Retirement Benefit & Death Compensation Fund Act 2014 (Khyber Pakhtunkhwa Act No. XXVIII of 2014).
b) Accountant General means Accountant General of the Khyber Pakhtunkhwa Province. c) Government securities means Government securities defined in the securities act 1920 (X of 1920).
(II) words and expressions used not defined in these rules shall have the same meanings as are assigned to them in the act.
3. Payment from the Fund: (I) The Fund shall be made available by the board of delay Government liabilities on account of retirement benefit and death compensation by adopting the integrated financial management information system of the province of the Khyber Pakhtunkhwa.
(II) A retired civil servant in case of the retirement, or his family, in case of his death shall apply to the board for claims pursuance to his retirement or death compensation as the case may be as specified in the appendix appended to these rules.
(III) The board shall make payment of retirement benefit and death compensation to the retired civil servant or his family as the case may be and shall maintain the following consolidated broadsheet of the Fund.
a. Civil Servants.
b. Director budget and accounts, forestry, environment and wildlife department.
c. Peshawar High Court Peshawar and
d. Provincial Assembly, Khyber Pakhtunkhwa.
(IV) The board shall approve an estimated annual budget demand for payment of the claims of retirement benefit and death compensation.
(V) After approval of the Board the amount of all claims in respect of retirement benefit and death compensation shall be paid from the fund to respective retired civil servant or his family as the case may be through his bank account.
(VI) The board shall also reconcile the above mentioned receipt with the Accountant General on monthly basis.
(VII) The board shall, for the purpose of the management of Fund maintain a pool account in a schedule commercial bank, as it deems fit for the receipt of the amount. The board shall also maintain various bank accounts in the regional head offices of different scheduled commercial banks for the purpose of payments to the retired civil servants or his family as the case may be.
(VIII) The amount so required shall be transferred from pool account to accounts maintained at regional head offices of various scheduled commercial banks for onward payment through respective bank accounts of the retired civil servants or his family as the case may be.
(IX) In addition to payment under subject section 5 of section 8 of the Act, a retired civil servant shall also pay the amount of the contribution for the period of his leave without pay through or treasury challan in the pool account.
4. Permissible Investments: (I) Subject to the Act and these rules, the board shall invest directly or through a third party in,
a)Government Securities and the National savings schemes of the federal government at a fixed or variable rate of interest.
b) bonds term finance certificates and other forms of debt subject to the following minimum credit rating to be determined by the management committee:
(i) listed on a stock exchange or
(ii) issued under a prospectus approved by the securities and exchange commission of Pakistan established under the securities and exchange commission of Pakistan Act 1997 (XI-II of 1997) or
iii) Issued with the approval of state bank of Pakistan.
c) shares listed on a stock exchange as part of the portfolio investment of the Fund.
d) units trusts, mutual funds and other collective investment funds authorized by the management committee and
e) a scheduled bank that has a minimum credit rating A (Long term) or above as may be determined by the management committee provided that the aggregate of deposits in the scheduled commercial bank shall not exceed twenty percent 20% of the value of the fund at the time of making a deposit.
(II) The fund shall not be invested in the Government securities or the national savings schemes of the federal government. If, at the time of the investment, the cumulative investment in such investments exceeds seventy five percent 75% of the value of the fund. Similarly, the fund shall not be invested in shares, units trusts and mutual funds and other collective investment of funds if at the time of making an investment the aggregate of such investments exceeds ten percent 10% of the value of the fund.
Download Full Notification for More detail
Notification of Retirement Benefit and Death Compensation Fund Rules 2017 for KPK Govt Civil Servants by Finance Department
