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StaffCorner

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04 May, 2015 06:59 AM

Govt employees under NPS set to get more flexibility

Govt employees under NPS set to get more flexibility
Government employees covered under the National Pension System (NPS) will soon get the right to choose their retirement fund manager, switch him if not satisfied with his performance and opt for higher (50%) investments in equities as the Pension Fund Regulatory and Development Authority (PFRDA) looks to liberalise norms for the sector’s growth.

These changes, which will likely be approved by the pension regulator at its board meeting on May 15, could ultimately end the monopoly of the three government sector pension fund managers (PFMs). These PFMs — SBI Pension Funds Private, UTI Retirement Solutions and LIC Pension Fund — managed Rs 69,316 crore, or 91% of the Rs 76,509-crore NPS assets under management (aum), as of January 2015.




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