LIC still eager to manage pension funds of unorganised sector

LIC Pension Fund, now out of the race to manage pension funds for the unorganised sector, would be happy to manage the funds if it gets an opportunity, a senior executive said.

The Pension Fund Regulatory and Development Authority (PFRDA) on Monday shortlisted six fund managers to manage pension funds of all citizens who would join the New Pension Scheme (NPS) from April this year and LIC Pension Fund was not a part of this.

"PFRDA selected the fund managers on the basis of the management fees quoted by them. LIC was the seventh lowest bidder and they (PFRDA) selected the six lowest bidders...And so we are out," LIC Pension Fund's Chief Executive Officer, H Sadhak, told PTI here today.

"In case, we get an opportunity to manage pension funds of the unorganised sector, we will be happy...We have all infrastructure in place," Sadhak said.

However, it is still possible for LIC Pension Fund to enter this segment in case any of the selected players opt out for any reason.

LIC Pension Fund, with its infrastructure and pan-India footprint is ideally positioned to serve its customers, he said.