Establishment and Purpose: PPF was established under the Punjab Pension Fund Act 2007 with the primary objective of generating revenue to fulfill the pension liabilities of the Government of Punjab. It operates as a body corporate with perpetual succession.
Functions and Powers:
- PPF is authorized to perform specific functions and exercise powers outlined in the Punjab Pension Fund Act 2007 and the Punjab Pension Fund Rules 2007.
- The Act and Rules likely provide a legal framework for the fund's operations, investments, and governance.
Management and Administration:
- The management and administration of the fund are entrusted to the Management Committee, which is established under section 5 of the Act.
- This committee likely oversees the strategic decisions and day-to-day operations of the fund.
Investment Responsibilities:
- PPF is responsible for investing the funds it manages in profitable avenues to generate revenue
The mentioned investments include a diversified portfolio of assets, such as government securities, national saving schemes, term deposit receipts, debt securities, and bank deposits. These investments aim to maximize returns.
Assistance to Other Government Departments: PPF extends its support to other government departments, including PEEF (Punjab Educational Endowment Fund), PDMA (Punjab Disaster Management Authority), and TEVTA (Technical Education and Vocational Training Authority). This support could involve financial assistance, investment management, or other forms of collaboration to help these departments meet their respective objectives.
Overall, both PPF and PGPIF play a crucial role in managing funds to address pension and provident fund obligations for the government, and it appears to manage its investments prudently through diversification across various financial instruments. Additionally, its involvement in assisting other government departments suggests a broader role in supporting financial management and investment activities within the government of Punjab.