SBI, LIC, UTI AMC to be PF managers
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager.
By PTI |
NEW DELHI: State Bank of India, LIC and UTI AMC are all set to be appointed as managers of the about Rs 2,000 crore pension funds of Central and state government employees under a new system that allows investing up to 5 per cent of the money in stocks.
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
"Based on the overall evaluation, including technical and commercial parameters, a PFRDA-constituted committee has found SBI, UTI Asset Management Company and Life Insurance Corporation of India as the three best value bidders and recommended their appointment as sponsors of pension funds under the new pension system," an official statement said.
The report of the committee is under consideration of the Pension Fund Regulatory and Development Authority (PFRDA).
The three entities will have to set up separate companies and the whole process of managing pension funds could start in the next four to six months, said a PFRDA official.
He said the fund managers will offer alternative products to employees including risk-free options under which all funds will be invested in government securities and share market linked products.
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
"Based on the overall evaluation, including technical and commercial parameters, a PFRDA-constituted committee has found SBI, UTI Asset Management Company and Life Insurance Corporation of India as the three best value bidders and recommended their appointment as sponsors of pension funds under the new pension system," an official statement said.
The report of the committee is under consideration of the Pension Fund Regulatory and Development Authority (PFRDA).
The three entities will have to set up separate companies and the whole process of managing pension funds could start in the next four to six months, said a PFRDA official.
He said the fund managers will offer alternative products to employees including risk-free options under which all funds will be invested in government securities and share market linked products.
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