(1) In consideration for the services provided, the pension fund shall be entitled to charge an investment management fee from the subscriber.
(2) The rate and manner of charging the investment management fee shall be determined in accordance with the procedure as may be laid down by the Authority from time to time and shall be subject to such revision as deemed necessary in subscribers interest and for orderly growth of the pension sector.
(3) The investment management fee is to be calculated on the assets under management on a daily accrual basis and-paid to the pension fund at the end of every quarter of a year.
(4) The investment management fee is inclusive of brokerage but exclusive of custodian fee and applicable taxes. All other costs shall be borne by the pension fund and shall not be reimbursed or charged to the scheme by the pension fund.
(5) The pension fund shall load their charges (investment management fees) onto the net asset value on daily basis and the accrued charges (income) will be collected by them at the end of each quarter, from the scheme bank accounts maintained with Trustee Bank after approval of the National Pension System Trust.
CHAPTER IV GENERAL OBLIGATIONS AND RESPONSIBILITIES OF PENSION FUND