Pension Scheme is self-contributory and flexible with option to decide how much one wants to contribute. There is no maximum limit of contribution. It is not deducted by salaries of an employee forcefully rather we are free to choose from an option of different maturity periods as well as range of lump sum payments. See the following link for details http://www.opf.org.pk/htmlall/pension/ Special Features: Conditional insurance cover without medical checkup. Contribution to be invested in Riba Free ventures. All contribution received would be invested through Professional Fund Managers in Government Securities and Bonds providing Riba Fee profits. Contributions and pension amounts Tax Exempt. Annual increase in pension and principal amount. Both the pension amount and the principal sum shall increase gradually every year. Death or disability? (Pension Scheme Trust) has entered into a contract with the State Life Insurance Corporation to ensure immediate payment of pension in the event of serious disability or death caused by an accident of a subscriber. In such cases the spouse/ dependents nominated will start receiving a monthly pension immediately. Is such a scheme Halal?
We were unable to check the details of the pension scheme from the link provided by you.
However, your have stated in the special features of the scheme that there will be conditional insurance and the Trust has entered into a contract with state Life Insurance Co-operation. In principle, all conventional insurance schemes are prohibited. It is incorrect to have a conventional insurance scheme in the pension scheme.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai