The government has signed agreements with 16 pension fund managers to formally launch the Defined Contribution Pension Fund Scheme (DCPFS) for public sector employees, a year after the scheme was first introduced, as part of reforms to control the growing pension burden on the national budget. The Ministry of Finance said the agreements cover 16 eligible fund managers, mostly linked to banks and insurance companies, including ABL Asset Management, Al Habib Asset Management, Al Meezan Investment, HBL Asset Management, UBL Fund Managers, NBP Fund Management, EFU Life Assurance and Pak-Qatar Family Takaful, among others. Under the rules, these managers will run conventional and Shariah-compliant funds for state employees under the federal contributory pension scheme. The government is required to set up a Non-Banking Finance Company (NBFC) to oversee the scheme. Transfers between fund managers are permitted.