SINDH PROVINCE PENSION FUND (AMENDMENT) ACT, 2006

PROVINCIAL ASSEMBLY OF SINDH

N O T I F I C A T I O N

Karachi, the 18th December, 2006

NO.PAS/Legis-B-7/2006-.    The Sindh Province Pension Fund (Amendment) Bill, 2006 have  been  passed  by  the  Provincial  Assembly  of  Sindh  on  Wednesday,  the  15th November, 2006  and  assented to  by  the  Governor of  Sindh  on  Thursday, the  14th December, 2006 is hereby published as an Act of the Legislature of Sindh.

THE SINDH PROVINCE PENSION FUND (AMENDMENT) ACT, 2006

SINDH ACT NO.VI OF 2006

(First published after having received the assent of the Governor of Sindh in the 

Gazette of Sindh (Extra-Ordinary) dated18th December 2006).

                                                        AN ACT

to amend the Sindh Province Pension Fund Ordinance, 2002.

Preamble    WHEREAS it is expedient to amend the Sindh Province Pension Fund Ordinance,

2002, in the manner hereinafter appearing; 

It is hereby enacted as follows:-

1.Short title and commencement        (1) This Act may be called the Sindh Province Pension Fund  

               (Amendment) Act, 2006.

(2) It shall come into force at once and be deemed to have taken effect on and from 10th April, 2005.

2. Amendment of Section 3 of Sindh Ordinance XXVI of 2002         In the Sindh Province Pension Fund Ordinance, 2002 herein after referred to as the said ordinance, in section 3-

(i)        in the sub-section (3) between the word “year” and the word “by” the word

“by adding investment returns and” shall be inserted;

(ii)      after sub-section (6), the following new sub-section shall be added:-

“(7) The Board may enter into a contract with a an insurance company incorporated   in Pakistan having competence and expertise in the field of management of fund to provide pensionary benefits to the employees of Government under the scheme prepared by the company with the approval of Government.”

3. Amendment of Section 5 Sindh Ordinance XXVI of 2002.       In the said ordinance, in section 5-

(i)        for sub-section (1), the following shall be substituted:-

“(1)      The Fund shall be controlled and managed by the Board Consisting of-

(a) Minister Finance                                                                       Chairman 

(b) Chief Secretary                                                                          Member 

 c) Secretary Finance                                                                      Member

 (d) Secretary (G.A) SG& C Department                                         Member

(e) Nominee of the institute of Chartered Accountants                    Member of Pakistan

(f) Nominee of the Bank or Organization                                         Member”;

in which the fund is kept.

(ii)       for sub-section (2), the following shall be substituted:-

“(2) The Secretary of Finance shall act as Secretary of the Board.

(2-A) The Chief Secretary shall, in the absence of the Minister Finance, act as Chairman.”.

4.Amendment of Section 6 Sindh Ordinance XXVI of 2002.        In the said Ordinance, in section 6, -

(i)        for sub-section (2), the following shall be substituted:-

“(2) The Chairman shall preside over the meetings of the Board.”; (ii)       for sub section (4) the following shall be substituted:-

“(4) No remuneration shall be admissible to the Chairman or any member to the Board.”.

5.Amendment of Section 8 Sindh Ordinance XXVI of 2002.        In the said Ordinance, in section 8, for 

              sub-section (2), the following shall be substituted: -

“(2) The amount approved by the Board shall be withdrawn from the fund under the signatures of the Secretary Finance as Secretary of the Board.”.

BY ORDER OF THE SPEAKER 

PROVINCIAL ASSEMBLYOF SINDH 

 HADI BUX BURIRO

                                                                     SECRETARY

                                        PROVINCIAL ASSEMBLY OF SINDH