FinMin likely to let 5 pvt fund managers to manage govt employees' pensions

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FinMin to let 5 pvt fund to manage govt employees' pensions
In a bid to manage pension corpus of government employees, the finance minister is likely to appoint five private fund managers, said media report.

The Ministry is considering this proposal to facilitate the government employees with choices regarding pension fund managers as well as the choice of investment pattern as is available to their private sector counterparts, said the media report.

"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 told media.

Meanwhile, there are three fund managers for managing pension corpus of government employees, including LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd, added the media report.

However, the private sector pension corpus is managed by 8 players including three fund managers who manage the government employees' corpus.

Story first published: Monday, July 29, 2013, 9:21 [IST]
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