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Provident Fund

Provident Fund Overview

The National Pension & Provident Fund (NPPF) of Bhutan was created with effect as from 1st July 2000. The Fund is charged with taking over the prior Government Employees Provident Fund (GEPF) that had been in effect since 1976 and previously administered by the Royal Insurance Corporation of Bhutan (RICB), which also handled the GEPF investments. In addition to taking over the GEPF, the new National Pension & Provident Fund Plan (NPPFP) introduced a new Pension element (Tier 1), which is a Defined Benefit Scheme. Tier 2 is a fairly standard Defined Contribution Provident Fund similar to the old GEPF. Presently, most of the members of the NPPFP are civil servants, employees of state-owned enterprises or joint-sector companies. In addition, the armed forces of the Kingdom are covered under a separate (but similar) scheme.