The Finance Ministry of India is likely to appoint five private fund managers to manage pension corpus of government employees.
"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," local news agency PTI quoted an unknown source as saying.
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The Ministry is considering this proposal as there is no reason to deprive the government employees of the same choices both regarding pension fund managers and also the choice of investment pattern as is available to their private sector counterparts, the source added.
Based on the decision taken, sources said, a notification will be issued shortly.
Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund, SBI Pension Funds and UTI Retirement Solutions.
However, the private sector pension corpus is managed by 8 players including three fund managers who manage the government employees’ corpus.
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By GlobalDataThe other five players are HDFC Pension Management Company, ICICI Prudential Pension Funds Management Company, Kotak Mahindra Pension Fund, Reliance Capital Pension Fund and DSP BlackRock Pension Fund Managers.
