As per Lawkidunya, Approved Income Payment Plan which is also known as Income Drawdown Plan provides an option to the participant to defer purchasing an annuity (an income for life) until several years into retirement.
In other terms, Income Payment Plan approved by Securities and Exchange Commission of Pakistan (SECP) under Voluntary Pension Sstem Rules, 2005 and offered by a Pension Fund Manager registered with the SECP under Voluntary Pension System Rules, 2005.
