The Securities and Exchange Commission of Pakistan (SECP) has granted permission to a life insurance company namely the Postal Life Insurance Company Limited to manage private pension funds under the Voluntary Pension System (VPS). Private pension funds under the VPS are regulated by the SECP in terms of VPS Rules, 2005, and are self-contributory, tax advantaged long-term saving schemes, whereby individuals can voluntarily contribute to a pension fund during their working life to have a regular income after retirement. The employer can also contribute on behalf of their employees, said a press release issued here. Considering the need and importance of private pensions in Pakistan’s context, the SECP has undertaken various regulatory reforms for the development of this sector. This includes revamping the investment framework and raising awareness of the need for private pensions, especially in case of private sector workers.