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| PFRDA working on corpus mgmt scheme for corporates |
| Press Trust of India / New Delhi Aug 23, 2009, 16:37 IST |
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Interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) is working on a separate fund management guideline for corporates, a move that will allow them to enter into agreement with fund managers for managing the pension fund of their employees.
"The roadmap on the corpus management would be announced in the next three to four months," an official of the interim PFRDA told PTI.
The authority has decided to work out a separate guideline for management of funds of employees of corporates and other entities, following request by large employers like the Indian Banks' Association and the State Bank of India (SBI).
The country's largest lender SBI has approached the pension regulator for management of the retirement money of its employees.
Similarly, IBA has shown interest in joining the New Pension System for the banks' new recruits.
Moreover, some self-help groups and one or two PSUs have also approached PFRDA for the management of their corpus.
"Discussion with them are on but no concrete decision have been taken so far," the official added.
New Pension System (NPS) was implemented for government employees who joined service on or after 1 January 2004. On May one this year, it was extended to all citizens.
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