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Thursday, October 22, 2020

New pension fund managers by December: PFRDA chief

Supratim Bandyopadhyay, Chairman, PFRDA, said it was doing a cost-benefit analysis and some changes in the cost structure for pension fund managers and other intermediaries.

By: ENS Economic Bureau | Mumbai | September 19, 2020 1:15:26 am
The ministry mentioned that the “requirement of continuous qualifying service of 7 years is done away with” effective from October 1, 2019 through a letter issued on Monday. (File)

The Pension Fund Regulatory and Development Authority (PFRDA) is working on a new cost structure for pension fund managers and intermediaries of National Pension System (NPS) and Request for Proposal (RFP) to appoint new Pension Fund Managers (PFMs).

Supratim Bandyopadhyay, Chairman, PFRDA, said it was doing a cost-benefit analysis and some changes in the cost structure for pension fund managers and other intermediaries. “By December, we will see the RFPs out and everybody is welcome. There will be some entry barriers to bring serious players,” he said at the CII Insurance and Pensions Summit.

Currently, there are 8 pension fund managers for the NPS — SBI Pension, UTI Retirement Solutions, LIC Pension, ICICI Prudential, HDFC Pension, Birla Sun Life Pension Scheme and Kotak Pension Fund. NPS has a corpus of close to Rs 5 lakh crore.

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