The SECP regulates the VPS. The pension fund managers, pension funds and trustees are subject to monitoring by the SECP.
The VPS is governed by the following laws:

>    Part VIII of the Companies Ordinance, 1984;
>    Voluntary Pension System Rules, 2005;
>    Circulars

Other applicable laws
>    Income Tax Ordinance, 2001; and
>    Trust Act, 1882.

Net Asset Value of a Sub-Fund

The net asset value per unit of a sub-fund represents the value at which the units of the respective sub-funds can be issued or redeemed each working day. This value represents the share of each unit of sub-fund in the net assets of the pension fund. It is calculated for each sub-fund by dividing the net assets of that sub-fund by the number of units outstanding in respect of that sub-fund.

               NAV=     Net Assets of the Sub Funds – Expenses – Liabilities
                                         Total Number of Units Outstanding