Pension Funds Investment Islamic - PDF

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					Atlas Pension Fund
Atlas Pension Islamic Fund
                                                                The Atlas Group
Name                Atlas Asset Management Limited (AAML)
                                                                Shirazi Investments          1962

Rating              AM3+
                                                                Engineering
                                                                Atlas Honda                  1963
                                                                Atlas Battery                1966
Sponsor             Atlas Group of Companies                    Atlas Engineering            1981
                                                                Honda Atlas Cars             1992


Incorporation       20 August, 2002                             Finance
                                                                Atlas Insurance              1980
                                                                Atlas Asset Management       2002
                    Securities and Exchange Commission of
Registration with
                    Pakistan (SECP)
                                                                Trading
                                                                Shirazi Trading              1973
Paid up capital     Rs. 250 million                             Honda Atlas Power Products   1997
                                                                Total Atlas Lubricants       1997


Parent company      Shirazi Investments Private Limited (SIL)   Power
                                                                Atlas Power                  1998
Voluntary Pension Scheme

   Flexible savings cum investment plan

   Facilitates individuals to save for their retirement

   Savings topped up with investment returns

   Desired investment exposure

   Tax benefits

   Options before, at and after retirement
Governing Law

  Companies Ordinance, 1984

  Income Tax Ordinance, 2001

  Voluntary Pension System Rules, 2005

  All Other Applicable Laws, Rules & Regulations
Why a Pension Fund?

   To date, private citizens of Pakistan have not had access to a
   pension plan, which would enable them to plan for their
   retirement in a methodical manner.

   Most official (Gov’t or Private Company sponsored) provident
   funds that cater to similar needs provide low returns and people
   don’t get any status report on investments.

   Generally, private citizens depend on investments (in most cases
   yield on property or interest on bank deposits) or rely on their
   children to cater for them during retirement
Purpose of Atlas Pensions

    To provide regular income to participants after retirement.

    Inculcating the habit of savings in the individuals during their life
    term.

    A mix of free and optional insurance covers.
Advantages for Employees
   Planned Retirement

   Tax Advantages (E+E+ 1/2 T Structure)
   E = Tax rebate on contributions
   E = Investment income and gains accumulate tax free
   ½ T = Tax paid at the stage when pension drawn

   Job Mobility; Portability

   Flexibility as to choice of Fund Manager

   Pension Payments always better than a lump-sum PF or Gratuity payments–
   lower chances of abuse

   Individualized Asset Allocation

   Choices at retirement

   50% tax-free Cash

   Dynamic Income Payment Plan

   Free Insurance/Takaful Wrap
Advantages for Employers

  Minimal Administration

  Transparent Benefit Structure

  Flexibility as to choice of Fund Manager

  Risks of Defined Benefit Removed – Known Costs in Defined
  Contribution Scheme
Getting Started

    All Pakistani Nationals / Expatriate Pakistanis with CNIC.

    Employers can participate.

    Minimum contribution amount is lower of:
       10% of Gross Salary
       Rs. 5000/-

    No upper limit or maximum contribution.
Investment Choices                                           ATLAS PENSIONS

                               ATLAS PENSION FUND                                   ATLAS PENSION ISLAMIC FUND


                          EQUITY       DEBT        M.M.                                  EQUITY        DEBT     M.M.
                           FUND        FUND        FUND                                   FUND         FUND     FUND
  High Volatility        65%        20%        Nil             High Volatility          65%            20%     Nil
  Medium Volatility      35%        40%        10%             Medium Volatility        35%            40%     10%
  Low Volatility         10%        60%        15%             Low Volatility           10%            60%     15%
  Lower Volatility       Nil        40%        40%             Lower Volatility         Nil            40%     40%

            Life Cycle Allocation Scheme for Participants with high/ moderate/ low tolerance for risk

                                   Equity Sub-Fund               Debt Sub-Fund                      Money Market

  18 – 30 Yrs)                   90%      75%         60%      10%      25%       40%         Nil        Nil       Nil

  31 – 40 (Yrs)                  70%      60%         50%      30%      40%       50%         Nil        Nil       Nil
  41 – 50 (Yrs)                  50%      40%         30%      40%      50%       60%         10%       10%        10%
  51 – 60 (Yrs)                  25%      20%         10%      45%      50%       55%         30%       30%        35%
  61 & Above (Yrs)               15%          5%       Nil     40%      45%       40%         45%       50%        60%
  Customized                            0%-80%                       20%-75%                          0%-60%



    = High Tolerance                                 = Medium Tolerance                              = Low Tolerance
Transfer of Funds

  Individuals may transfer their IPA between two approved VPS
  fund managers

  No charge shall be deducted on such transfer

  No front-end load on the transferred amount in the new VPS fund
Investment Policy - Atlas Pension Sub Funds
                                              Atlas Pension Fund (APF)




           Equity Sub-Fund                          Debt Sub-Fund                      Money Market Sub-Fund


 90% min. in listed shares (on avg.           Debt securities – Weighted             Weighted average time to
during an year)                             average time to maturity not            maturity not exceeding 90 days
                                            exceeding five years
  5% max. in any one company with 5                                                   Time to maturity of any asset
years operational record                      25 % min in securities of Federal     shall not exceed 06 months
                                            Govt. & 25% min in ‘AA plus’ banks.
 5% max in companies with less than 5       Both these make a min 50% of net         Short term debt instruments with
years operational record                    assets of Debt sub Fund.                weighted avg. time to maturity
                                                                                    not exceeding one year
  20% max. in any one sector                  Investment in all other securities:
                                                                                      No restriction on amount
  1% max. in green field companies                  7.5% max. in ‘AA’ rated         invested in securities of Federal
  5% max. in green field sectors                  securities                        Governments
   Un invested amount to be kept in                 5% max. in ‘A’ or ‘A Plus’        Investment in all other
treasury bills, bank deposits, securities         rated securities                  securities 20% max. only with min
of less than one year maturity.                     2.5% max. in “A minus”          rating of “A minus”
  No investment in unlisted securities &          securities                          25% max. deposits in any one
securities of associated companies &          Max exposure in one sector 20%        bank
defaulting companies                        except Banking sector = 30%
                                             Max deposit in a single bank 10%
Investment Policy - Atlas Pension Islamic Sub Funds

                                       Atlas Pension Islamic Fund (APIF)



           Equity Sub-Fund                      Debt Sub-Fund                       Money Market Sub-Fund


 90% min. in listed shares (on avg.        Debt securities – with weighted avg.     Short term debt instruments
during an year)                         time to maturity of fund not exceeding     with duration not exceeding
                                        ten years                                  one year
  10% max. in any one company with 5
years operational record                   25 % min in bank deposit of scheduled      Instruments on the basis of
                                        Islamic bank A plus rating or Islamic      Musharakah, Mudarabah,
  25% max. in any one sector            windows of Commercial Banks AA and         Murabahah, Ijarah, Salam,
  1% max. in green field companies      25% in Shariah compliant bonds/            Istisna’ and Wakalah.
                                        Sukuks/securities of Federal Government
  5% max. in green field sectors                                                     7.5% max. exposure in
                                         Investment in other securities            Shariah complaint
  10% max. of paid up capital of the
                                               spread transactions and COI’s       Commercial Paper or any
company
                                                                                   other money market debt.
 Un invested funds in Shariah                  Instruments on the basis of         security
compliant spread transactions                 Musharakah, Mudarabah,
                                              Murabahah, Ijarah, Salam, Istisna
                                              and Wakalah.
                                          5% max in A minus or unrated security
Retirement
  Investor may choose any between 60 and 70 years

  Early Retirement is possible in case the individual suffers from any
  disabilities specified in the rules


Options at Retirement
All units would be redeemed.

  Withdraw upto 50% cash tax-free.

  Purchase an annuity with the balance.
                   OR
  Enter into an approved Income Payment Plan upto a maximum 75
  years age and then purchase an annuity from a life insurance
  company.
Insurance Cover by NJI Life Assurance Limited – APF
Takaful Cover By Pak Qatar Family Takaful Company – APIF


  A.   Free cover 24 hours a day up to the age of 60 years.
          Sum Insured = 100 x Monthly Contribution
          Maximum = Rs. 4000,000/-
       Undergoing Medical Examination not required

  B.   Optional Insurance Benefits:
             Life Insurance – as a top up
             Critical Illness
             Accidental Hospitalization
50% Tax Free Withdrawal


  Everyone may not need full 50% cash lump-sum at time of retirement.

  Equation is simple – the more you wish to withdraw as Cash Lump-
  sum, the lower Pensions you will get in your retirement and vice versa.

  It is therefore recommended to withdraw as little as possible, may be
  NONE at all if possible.

  This only increases your pension throughout retirement.
Income Payment Plan

    Income Payment Plan starts from retirement upto the age of 75 yrs.

    Regular income (pension payments) at a set frequency after
    retirement

    Income payment plan to be invested in 3 sub funds with an aim to
    provide:
         Regular income
         Capital appreciation



Point to Note:

As per Second Schedule of the Income Tax Ordinance, 2001, a senior citizen tax payer aged 60
or more on the first day of the relevant tax year, is allowed a rebate of 50% of the tax payable
if his/her taxable income in that tax year is less than Rs. 750,000/-
Allowable Portion of Taxable Income (APTI)

The allowable portion of total contribution paid for the year is the lower of:

    A.   Total Contribution paid by the individual in the year

    B.   Rs. 500,000

    C.   20% of individuals taxable Income (for relevant year)
         2% p.a. for each year exceeding 40 years; total contribution not
         to exceed 50% of the total taxable income of preceding year.
Tax Benefit – Illustration
 Mr. X

    Monthly income                         Rs. 200,000/-
    Annual income                          Rs. 2,400,000/-
    Monthly contribution                   Rs. 40,000
    Annual contribution                    Rs. 480,000/-
    Applicable tax rate                    16%

 Calculating Mr. X’s APTI (Lower of A, B & C)

 A. Total annual contribution paid         Rs. 480,000/-
 B. Ceiling                                Rs. 500,000/-
 C. 20% of Mr. X’s taxable income          Rs. 480,000/-

 Hence, APTI = Rs.480,000/-

 Calculating Tax Benefit: Rs.480,000/- x 16% (tax bracket) = Rs. 76,800/-
Tax Benefit – Illustration


   Contribution to Atlas Pensions effectively increases return on investment
   by the % of tax rate. In our example the return on investment of Mr. “X”
   increased by 16% p.a. just by contributing to Atlas Pensions

   Latest amendments in tax laws have clarified provision of direct
   adjustment of these credits at the time of disbursement of salary
Atlas Pensions Vs. Provident Fund

                           Atlas Pensions                                                    Provident Fund

1   Employee can avail a tax credit up to Rs.100,000 per             Tax credit is not available on employees’ contribution to PF.
    annum. The tax credit is directly adjusted in monthly salary     The employer contribution to PF in excess of one-tenth of
    thereby increasing monthly cash flows.                           employees salary or Rs.100,000/-, whichever is lower, will be
                                                                     deemed to be income of such employee
2   Atlas Pensions offers free world wide accidental death and       There is no insurance in PF; the employee just depends on the
    disability insurance & takaful coverage up to Rs.4,000,000. It   group insurance scheme of the company.
    is ideal for employees working in the industrial sector.

3   Each employee has an independent pension account                 There is no separate asset allocation for an employee in PF.
    which has an asset allocation as per his/her risk profile and
    investment horizon.
4   Atlas Pensions is portable and an employee can continue          The PF account of an employee finishes off at the time of
    his/her individual pension account while switching from one      switching his/her job and he/she has to make a fresh start in
    job to another.                                                  terms of savings.
5   An employee can choose between four pension fund                 If the employee feels that the firm’s provident fund is not
    managers if he/she is not satisfied with the performance of      growing in line with his/her expectations, he/she has no choice
    the fund manager. There is no additional cost associated         but to hope for the best.
    with such a transfer.
6   Tax-free Growth: The employee’s investment income                According to Sixth Schedule, Part I, Rule 3 (b) of Income Tax
    accumulates tax-free until the participant retires.              Ordinance, 2001 interest exceeding one-third of the salary of
                                                                     the employee or exceeding a rate as fixed by the Federal
                                                                     Government in official Gazette shall be included in employee’s
                                                                     total income and liable to income tax.
7   APIF offers investments in Shariah Compliant securities          PF does not provide the Participant with an option of
    providing an outlet to investors who want Riba-free returns.     investment in Shariah compliant securities.
Atlas Pensions Vs. Provident Fund – Illustration



                                        Person A                                          Person B
Scheme                                          VPS                                   Provident Fund
                             Case A     Case B Case C         Case D     Case A     Case B Case C         Case D
Gross Salary (Annual)        720,000   1,200,000 2,100,000   3,000,000   720,000   1,200,000 2,100,000   3,000,000
Basic Salary                 504,000    840,000 1,470,000    2,100,000   504,000    840,000 1,470,000    2,100,000
Contribution %               20.00%     20.00% 20.00%         20.00%     20.00%     20.00% 20.00%         20.00%
Contribution (Rs.)           100,800    168,000 294,000       420,000    100,800    168,000 294,000       420,000
Tax credit on Contribution
Tax Rate (%)                 6.00%      10.00%    15.00%      17.50%     6.00%      10.00%    15.00%      17.50%
Tax Benefit (Rs.)            6,048      16,800    44,100      73,500     3,024       8,400    15,000      17,500
Withdrawal of Funds – Tax Implication


Tax will be deducted if any individual withdraws from the pension fund
as follows:

   Any withdrawal before retirement age that is not transferred to
   another approved VPS manager

   Any withdrawal at or after retirement age in excess of 50% of
   accumulated balance that is not used to purchase an approved
   annuity or invest in an approved income payment plan
  According to the SECP data, following is the Performance of
  Conventional Pension Funds                                                                         Arif Habib
                                                                                                    Investment          Atlas Asset
                                                                               JS Investments      Management          Management
                               Name of PFM                                         Limited            Limited             Limited
                                                                                 JS Pension           Pakistan         Atlas Pension
                               Name of Pension Fund                             Savings Fund       Pension Fund            Fund
                               Date of Launch                                         27-Jun-07          27-Jun-07          27-Jun-07


                               Debt sub-fund of the Pension Fund:
                               **NAV on December 31, 2009 (Rs)                            128.69             114.36             121.82
                               NAV on June 30, 2009 (Rs.)                                 122.95              110.9             117.32
                               Return (net of expenses) for 6 months
                               ended December 31, 2009 (Rs & %)                             5.74                3.46                4.5
                                                                                          4.67%               3.12%              3.84%
                               Expenses***                                                1.13%               1.09%              0.42%
                               NAV at the date of launch (Rs.)                             99.95                100                100
                               Return (net of expenses) since date of
                               launch to December 31, 2009 (Rs. & %)                       28.74             14.36               21.82
                                                                                         28.75%             14.36%             21.82%


                               Equity sub-fund of the Pension Fund:
                               NAV on December 31, 2009 (Rs)                               77.25              81.17             104.15
                               NAV on June 30, 2009 (Rs.)                                  61.57              63.04              83.48
                               Return (net of expenses) for 6 months
                               ended December 31, 2009 (Rs & %)                            15.66             18.13               20.67
                                                                                         25.47%             28.76%             24.76%
                               Expenses***                                                1.46%              1.12%              1.13%
                               NAV at the date of launch (Rs.)                             99.95               100                100
                               Return (net of expenses) since date of
                               launch to December 31, 2009 (Rs. & %)                       -22.7              -18.83               4.15
                                                                                        -22.71%             -18.83%              4.15%


                               Money Market sub-fund of the Pension Fund:
                               NAV on December 31, 2009 (Rs)                               123.9             121.31              123.6
                               NAV on June 30, 2009 (Rs.)                                 116.98             115.85             117.93
                               Return (net of expenses) for 6 months
                               ended December 31, 2009 (Rs & %)                             6.92                5.46               5.67
                                                                                          5.92%               4.71%              4.81%
                               Expenses***                                                1.14%               1.11%              1.01%
                               NAV at the date of launch (Rs.)                             99.95                100                100
                               Return (net of expenses) since date of
                               launch to December 31, 2009 (Rs. & %)                       23.95             21.31                23.6
                                                                                         23.96%             21.31%             23.60%

                                                       accounts/data
•The statistics have been imported from annual audited accounts/data provided by the Pension Fund Managers to the SECP
**The expression NAV stands for net asset value per unit
                                                                                                                              respective sub-
***The expenses have been stated as a percentage of average net assets and include all the expenses and fee charged to the respective sub-funds during the 6 month period
                                                             during                                                           has
ended December 31, 2009. To calculate the average net assets during the six month period, the quarterly balance of net assets has been used for practical convenience.
Performance of Shariah Compliant Pension Funds
                                                                                Arif Habib                         Al-Meezan
                                                                               Investment       Atlas Asset        Investment
                                                           JS Investments     Management       Management         Management
              Name of PFM                                      Limited           Limited         Limited             Limited

                                                       JS Pension Savings Pakistan Pension     Atlas Pension     Meezan Tahafuz
              Name of Pension Fund                            Fund              Fund               Fund           Pension Fund
              Date of Launch                                     16-Jun-08        31-Oct-07         6-Nov-07          27-Jun-07

              Debt sub-fund of the Pension Fund:
              NAV on December 31, 2009 (Rs)                         118.16           115.18            122.51            123.67
              NAV on June 30, 2009 (Rs.)                            111.69           111.77            116.13            119.05
              Return (net of expenses) for 6 months
              ended December 31, 2009 (Rs & %)                         6.47             6.41              6.38              4.62
                                                                     5.79%            5.73%             5.49%             3.88%
              Expenses                                               1.08%            1.21%             0.94%             1.00%
              NAV at the date of launch (Rs.)                          100            100.2                100           100.25
              Return (net of expenses) since date of
              launch to December 31, 2009 (Rs. & %)                  18.16            17.98             22.51             23.42
                                                                    18.16%           17.95%            22.51%            23.36%

              Equity sub-fund of the Pension Fund:
              NAV on December 31, 2009 (Rs)                          113.4            91.08            119.82             98.47
              NAV on June 30, 2009 (Rs.)                             90.84            73.01                97             76.71
              Return (net of expenses) for 6 months
              ended December 31, 2009 (Rs & %)                       22.56            18.07             22.82             21.76
                                                                    24.83%           24.75%            23.53%            28.37%
              Expenses                                               1.64%            1.30%             1.12%             1.06%
              NAV at the date of launch (Rs.)                          100            100.2               100            100.14
              Return (net of expenses) since date of
              launch to December 31, 2009 (Rs. & %)                    13.4            -9.12            19.82              -1.67
                                                                    13.40%           -9.10%            19.82%            -1.67%

              Money Market sub-fund of the Pension Fund:
              NAV on December 31, 2009 (Rs)                         109.94           113.48            122.28            124.24
              NAV on June 30, 2009 (Rs.)                            106.72           109.43            116.69            119.33
              Return (net of expenses) for 6 months
              ended December 31, 2009 (Rs & %)                         3.22             4.05              5.59              4.91
                                                                     3.02%            3.70%             4.79%             4.11%
              Expenses                                               1.10%            1.21%             0.98%             1.02%
              NAV at the date of launch (Rs.)                          100            100.2                100           100.18
              Return (net of expenses) since date of
              launch to December 31, 2009 (Rs. & %)                    9.94           13.28             22.28             24.06
                                                                     9.94%           13.26%            22.28%            24.02%
Par Value: Rs. 100
                                                      NAV Jun-09                     NAV Jun-10                 NAV_December-11
                                            Equity     Debt   Money Mkt   Equity       Debt   Money Mkt    Equity    Debt Money Mkt
Launch June 2007
APF                                           83.46    117.30    117.91    100.77      127.85    129.15    125.92    132.89   135.63
  (NAV appreciation since launch)           -16.54%    17.30%    17.91%      0.77%     27.85%    29.15%    25.92%    32.89%   35.63%
  (NAV appreciation since previous year)    -17.30%     9.07%     9.89%     -0.15%     18.87%    20.36%    24.96%     3.94%    5.02%

PPF                                           63.04    110.90    115.85     82.54      121.68    127.25    102.30    126.44   133.66
  (NAV appreciation since launch)           -36.96%    10.90%    15.85%   -17.46%      21.68%    27.25%     2.30%    26.44%   33.66%
  (NAV appreciation since previous year)    -31.21%    13.09%     8.86%    -9.93%      24.09%    19.57%    23.94%     3.91%    5.04%

JSPSF                                         61.57    122.95    116.99     73.68      130.18    108.51      90.06   137.28   114.26
   (NAV appreciation since launch)          -38.43%    22.95%    16.99%   -26.32%      30.18%      8.51%    -9.94%   37.28%   14.26%
   (NAV appreciation since previous year)   -34.49%    17.02%    11.36%    19.67%       5.88%     -7.25%    22.23%    5.45%    5.30%

MTPF                                          76.71    119.58    119.93    101.01      129.71    128.94    126.64    135.82   135.85
  (NAV appreciation since launch)           -23.29%    19.58%    19.93%     1.01%      29.71%    28.94%    26.64%    35.82%   35.85%
  (NAV appreciation since previous year)    -26.48%    10.15%    11.11%    31.68%       8.47%     7.51%    25.37%     4.71%    5.36%

Launch November 2007
APIF                                          97.00    116.13    116.69    119.19      127.50    127.44    153.03    131.14   133.48
  (NAV appreciation since launch)            -3.00%    16.13%    16.69%    19.19%      27.50%    27.44%    53.03%    31.14%   33.48%
  (NAV appreciation since previous year)     -1.80%    10.35%    10.97%    22.88%       9.79%     9.21%    28.39%     2.85%    4.74%

PIPF                                          73.01    111.77    109.43     89.83      124.66    117.23    107.30    129.85   120.95
   (NAV appreciation since launch)          -26.99%    11.77%     9.43%   -10.17%      24.66%    17.23%     7.30%    29.85%   20.95%
   (NAV appreciation since previous year)   -22.58%     7.50%     6.00%    23.04%      11.53%     7.13%    19.45%     4.16%    3.17%

Launch June 2008
JSIPSF                                        90.85    111.69    106.73    108.25      121.59    112.71     134.78   129.10   117.11
   (NAV appreciation since launch)           -9.15%    11.69%     6.73%     8.25%      21.59%    12.71%     34.78%   29.10%   17.11%
   (NAV appreciation since previous year)    -9.59%    11.15%     6.21%    19.15%       8.86%     5.60%     24.51%    6.18%    3.90%

Launch May 2010
URSF                                                                        99.23      100.64    100.77     121.01   105.46   105.80
  (NAV appreciation since launch)                                          -0.77%       0.64%     0.77%     21.01%    5.46%    5.80%

UIRSF                                                                       98.68       100.55   100.19     120.46   104.12   103.12
   (NAV appreciation since launch)                                         -1.32%        0.55%    0.19%     20.46%    4.12%    3.12%
                               Atlas Pension Equity Sub Fund NAV Comparison with Peers
  140

  120

  100

      80
NAV




      60

      40
                                                                     APF         PPF         JSP         MTPF
      20

       -
           Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
                                                          Months
                             Atlas Pension Debt Sub Fund NAV Comparison with Peers
  160

  140

  120

  100
NAV




      80
                                                                              APF               PPF                   JSP                MTPF
      60

      40

      20

       -
           Jun-07   Sep-07   Dec-07 M ar-08   Jun-08   Sep-08   Dec-08   M ar-09   Jun-09   Sep-09 Dec-09   M ar-10    Jun-10   Sep-10    Dec-10
                                                                   Months
  160            Atlas Pension Money Market Sub Fund NAV Comparison with Peers
  140

  120

  100
NAV




      80

      60
                                                                      APF           PPF             JSP           MTPF
      40

      20

       -
           Jun-07 Sep-07 Dec-07 M ar-08 Jun-08 Sep-08 Dec-08 M ar-09 Jun-09 Sep-09 Dec-09 M ar-10   Jun-10        0
                                                                                                             Sep-1 Dec-10
                                                          Months
                  Atlas Pension Islamic Equity Sub Fund NAV Comparison With Peers
      180

      160

      140

      120

      100
NAV




      80

      60
                                                               APIF            MTPF        PIPF       JSIP
      40

      20

        -

       Sep-08   Dec-08   Mar-09   Jun-09   Sep-09     Dec-09          Mar-10      Jun-10     Sep-10     Dec-10
                                             Months
                 Atlas Pension Islamic Debt Sub Fund NAV Comparison With Peers

      130
      125
      120
      115
NAV




      110
      105
                                                     APIF       MTPF        PIPF            JSIP
      100
      95
      90

        Sep-08   Dec-08   Mar-09   Jun-09   Sep-09   Dec-09   Mar-10   Jun-10      Sep-10     Dec-10
                                            Months
                     Atlas Pension Islamic Money Market Sub Fund NAV Comparison With Peers
      130

      125

      120

      115

      110
NAV




      105
                                                                      APIF       MTPF        PIPF        JSIP
      100

      95

      90

       Sep-08   Dec-08    Mar-09      Jun-09     Sep-09      Dec-09     Mar-10      Jun-10          Sep-10      Dec-10

                                                    Months
                         APF Investment Versus Value on NAV - High Volatility
1,000,000                                                                                                                 30%
                         Investment        Value on NAV           Cumulative Return
     900,000                                                                   18%
                                                                                                                          20%
     800,000
                                      9%
                   10%                                                                  9%                                10%
     700,000               6%                                                                11%                   9%




                                                                                                                                 Percentage
     600,000                    5%                                       -1%
                                             -4%                                                      -2%    -2%          0%
     500,000                                                       -9%
Values




     400,000                                                                                                              -10%
                                                    -19%
     300,000                                                                                                              -20%
     200,000
                                                                                                                          -30%
     100,000
                                                           -31%
         -                                                                                                                -40%
               Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

                                                             Months
                                    APF Investment Versus Value on NAV - Medium Volatility
         1,000,000                                                                                                                20%


          900,000                     Investment   Value on NAV     Cumulative Return   15%
                                                                                                                                  15%

          800,000
                        10%                                                                                                       10%
                                           7%
          700,000                                                                                8%
                               5%
                                                                                                                                  5%




                                                                                                                                         Percentage
          600,000                                                              3%                 6%
                                      4%
                                                   -1%                                                                     -1%
          500,000
Values




                                                                                                                                  0%

                                                                                                              -4%
          400,000                                                        -2%                                         -6%          -5%

          300,000                                           -9%
                                                                                                                                  -10%
          200,000

                                                                  -17%                                                            -15%
          100,000

               -                                                                                                                  -20%

                     Jun-07 Sep-07 Dec-07 Mar-08 Jun-08   Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
                                                                    Months
                           APIF Investment Versus Value on NAV - High Volatility
         1,000,000              Inv estment           Value on NAV            Cumulativ e Return                          40%
          900,000                                                             31%
                                                                                                                          30%
          800,000
                                                                                     19%
          700,000                                                                                                         20%
                                                                                           18%                     13%




                                                                                                                               Percentage
Values




          600,000
                                                                 12%                                                      10%
                                                                                                    3%
          500,000                                              3%
                         4%   7%
                                     -3%                                                                                  0%
          400,000                                                                                           2%

          300,000                                                                                                         -10%
                                               -15%
          200,000
                                                      -25%                                                                -20%
          100,000

              -                                                                                                           -30%
                     Dec-07 M ar-08 Jun-08   Sep-08 Dec-08 M ar-09 Jun-09 Sep-09 Dec-09 M ar-10   Jun-10        0
                                                                                                           Sep-1 Dec-10
                                                              Months
                      APIF Investment Versus Value on NAV - Medium Volatility
         900,000                                                                          23%                                       25%
                        Inv estment            Value on NAV          Cumulativ e Return                                             20%
         800,000
         700,000                                                                                13%                                 15%

         600,000                                                                                                                    10%
                                                                              10%




                                                                                                                                           Percentage
                              6%
         500,000       4%                                               5%                                                   3%     5%
                                                                                                            0%
Values




         400,000                                                                                      2%              -2%           0%
                                        -1%
         300,000                                  -8%                                                                               -5%

         200,000                                                                                                                    -10%
                                                              -14%
         100,000                                                                                                                    -15%

             -                                                                                                                      -20%

                   Dec-07 Mar-08      Jun-08    Sep-08 Dec-08 Mar-09         Jun-09 Sep-09 Dec-09 Mar-10   Jun-10   Sep-10 Dec-10

                                                                             Months
Fee Structure

    Very similar to Asset Management Industry Norm.

    A front-end load of 3% shall be deducted on all contributions
    made into the scheme.

    Annual Management Fee shall be 1.50% pa. of the fund value,
    charged on a daily basis.

    No front-end load will be applied on amounts that are
    transferred between two approved VPS Fund Managers.
Thank You

				
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Description: Pension Funds Investment Islamic document sample