| Q. No. 1 |
What is the role of OPF
and who will mange this scheme? |
| Answer |
Overseas
Pakistanis Foundation is an organization for the welfare of
overseas Pakistanis controlled by Ministry of Overseas Pakistanis.
It has been providing services in the fields of Housing, Education,
Health, etc to the overseas Pakistanis and their families
in Pakistan. Now OPF has launched pension scheme for its members.
The scheme will be managed by Overseas Pakistanis Pension
Trust (Regd.), a subsidiary of OPF.
|
| Q. No. 2 |
Who can apply? |
| Answer |
All
Overseas Pakistanis can subscribe to the pension scheme.
|
| Q. No. 3 |
How do I apply for the pension scheme? |
| Answer |
You simply fill in the
forms and send to the Overseas Pakistanis Pension Trust (Regd)
Islamabad. |
| Q. No. 4 |
In what currency will contribution
be paid? |
| Answer |
All contribution are to be paid in US Dollars through direct
transfer or demand draft to the OPPT accounts in Islamabad.
Procedure is advised after acceptance of the plan.
- OPF Head Office Islamabad. Pakistan,
- Deposited in designated bank branches.
|
| Q. No. 5 |
Where and in what currency will benefits
be paid? |
| Answer |
All benefits will be paid in Pak Rupee in Pakistan.
|
| Q. No. 6 |
How the pension scheme works? |
| Answer |
Your contributions will be credited to your Plan account
maintained by the Overseas Pakistanis Pension Trust (OPPT).Before
the cash stream pension starts, the balance in your plan
will build up year by year out of your contributions, plus
investment income credits minus charges. As the cash stream
pension starts, the balance in your plan will continue to
get investment income and this will be paid monthly as pensions
and it will be debited to each members plan account. In
this way the fund balance in your pension account with OPPT
at the time of maturity will remain intact and safe.
|
| Q. No. 7 |
Suppose I return to Pakistan permanently
before maturity of my plan. What is my option? |
| Answer |
You can continue to deposit the yearly contributions in
Pak. Rupees also.
|
| Q. No. 8 |
Shall pension be paid after contribution
for 10 years or attaining the age of 6o? |
| Answer |
It is not a age based, but a time based scheme.The pension
will start after 5, 10 or 15 years as per the plan selected,
irrespective of the age.
|
| Q. No. 9 |
Is this a good thing? Isn?t Pakistan
rupee depreciating against other currencies especially the currency
of GCC countries? |
| Answer |
True, the Pakistani rupee has depreciated but now it has
stabilized. But past experience indicates that the depreciation
of the Pakistani rupee has usually been offset by the higher
rates of return. In fact, those who have US Dollars have
earned less as compared to those who held Pakistani rupees
and took advantage of the higher returns.
|
| Q. No. 10 |
Can husband & wife have a joint
policy? |
| Answer |
There is no provision of joint policy in the pension scheme.
However, spouse, if nominated, as beneficiary in case of
(God-forbid) death of a subscriber shall draw the benefits
as official nominee.
Both husband & wife can separately subscribe for pension
scheme, if residing overseas.
|
| Q. No. 11 |
Can a plan be taken for family members
living in Pakistan by making payments in foreign exchange from
abroad? |
| Answer |
Plan can be taken for family members by the OPF member
in his name. On maturity the payment of pension can be distributed
by the member at his/her discretion.
|
| Q. No. 12 |
Is there any restriction as to who
could be a nominee? Can there be more than one nominee with
specified percentages? |
| Answer |
Any person can be nominated as your nominee. You can change
your nominee at any point of time. There has to be one nominee
for each plan.
|
| Q. No. 13 |
Why should we invest our savings with
OPPT if there are so many other investment evenues availabale
in Pakistan? |
| Answer |
Beside a reasonably higher ratee of return thh OPPT is
only organizationwhich provide security of the capital invested.
|
| Q. No. 14 |
As to why contributions are payable
in US Dollars? |
| Answer |
The dollor has been chosen as mode of payment/computation
to give uniformity to all the transactions to be received
from different countries.
|
| Q. No. 15 |
Is Zakat declaration must? It was indicated
that this scheme is free from all kinds of taxes then why Zakat? |
| Answer |
Declaration of Zakat is a must. Zakat is not a tax but
a religious obligation of Muslims. Had it been a tax, it
would have been received from non-Muslims as well.
|
| Q. No. 16 |
What would be the status of pension
scheme if there is a change in government? |
| Answer |
The Pension Scheme has been launched & managed by Overseas
Pakistanis Pension Trust (OPPT). OPPT is registered as a
Trust, which is an on-going entity & will not be affected
by the change of Government. OPPT is a subsidiary of Overseas
Pakistanis Foundation, which was established in 1979.
|
| Q. No. 17 |
If a person is already participating
in a state life insurance or other such scheme, can he simultaneously
apply for the OPF pension scheme? |
| Answer |
Yes, one can apply for OPF Pension Scheme irrespective
of the fact that the member is participating in any other
similar scheme.
|
| Q. No. 18 |
Can I advise my bank in Pakistan to
pay you in us dollars from my us dollar account, which I transferred
from here through bank? |
| Answer |
Yes you can remit through your local bank.
|
PENSION
OPF MEMBERSHIP