Govt defers new pension plan

NEW DELHI: The pension regulator has deferred its plan to open up the new pension scheme to all citizens by April 1, as it is unable to reach out to the public due to the constraints imposed by the code of conduct ahead of the national poll. The new pension scheme, which is mandatory for all government employees that have joined services after January 1 2004, was slated to be opened to all individuals, including unorganised workers, next month.

The Pension Fund Regulatory Development Authority (PFRDA) stated Thursday that it has not been possible to continue its information campaign and do other preparations as originally scheduled. It has, therefore, been decided to defer the date of opening up the new pension scheme to other citizens, the statement said.

The regulator had issued an advertisement on February 28 making clear its intention to open up the scheme to all citizens in April. Thursday���s statement said that the regulator has already appointed six new fund managers and 23 points of presence--agencies enrolling subscribers to the scheme. The regulator has also designed flexible investment options to those who buy the scheme.