UTI AMC, LIC MF in race to manage pension scheme
UTI Asset Management and LIC Mutual Fund Asset Management are in the race for managing the country’s largest pension scheme. Tips to plan early retirement
By TNN |
NEW DELHI: UTI Asset Management and LIC Mutual Fund Asset Management are in the race for managing the country���s largest pension scheme with a corpus of over Rs 1.55 lakh crore.
���We have already submitted expression of interest for the management of EPFO���s fund,��� UTI AMC chief executive officer UK Sinha said.
EPFO, the country���s largest pension fund having over 4 crore subscribers, is being managed by a single fund manager.
A fortnight back, EPFO had invited bids from fund managers and portfolio managers for efficient management of the corpus. The bids closed on Wednesday.
The appointed fund managers will have to invest funds as per the prescribed investment pattern issued by the ministry of labour and investment guidelines issued by the EPFO from time to time, it had said.
As per the existing pattern, the corpus can only be invested in bonds issued by central, state governments and state-run companies.
���We have already submitted expression of interest for the management of EPFO���s fund,��� UTI AMC chief executive officer UK Sinha said.
EPFO, the country���s largest pension fund having over 4 crore subscribers, is being managed by a single fund manager.
A fortnight back, EPFO had invited bids from fund managers and portfolio managers for efficient management of the corpus. The bids closed on Wednesday.
The appointed fund managers will have to invest funds as per the prescribed investment pattern issued by the ministry of labour and investment guidelines issued by the EPFO from time to time, it had said.
As per the existing pattern, the corpus can only be invested in bonds issued by central, state governments and state-run companies.
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The EPFO paid 8.5% interest rate to its subscribers during 2007-08. The interest rate has come down substantially from over 10% some years back.
The EPFO manages schemes like the flagship Employees��� Provident Fund, the Employees��� Pension Fund and Employees��� Deposit-Linked Insurance Fund.
���About seven bids have already come and we are expecting about 10-15 more bids to come,��� an EPFO official said.
The government is also planning to issue draft investment guidelines for private pension funds in next 2-3 days, a finance ministry official said. ���We will issue the draft guidelines for public comments in the next 2-3 days,��� he said.
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