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StaffCorner

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28 Jul, 2013 12:27 PM

Finance Min may allow 5 pvt funds to manage pensions of govt staff

Finance Min may allow 5 pvt funds to manage pensions of govt staff The Finance Ministry is considering a proposal to allow five private fund managers to manage pension corpus of government employees.

"We have received representation from Pension Fund and Regulatory Development Authority (PFRDA) that the government employees should have same choices of pension fund managers as is available to non-government subscribers," a source said.

The ministry is considering this proposal as there is no reason to deprive the government employees of the same choices both regarding pension fund managers and also the choice of investment pattern as is available to their private sector counterparts, sources added.

Based on the decision taken, sources said, a notification will be issued shortly.

Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd....




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