NEW PENSION SCHEME LIC PENSION FUND GETS 35% FROM NPS TRUST FUNDS - ALLCGNEWS

Central Government Employment News

Post Top Ad

22 July 2010

NEW PENSION SCHEME LIC PENSION FUND GETS 35% FROM NPS TRUST FUNDS


 LIC Pension Fund Ltd has emerged the number one from among the three entities managing Central Government New Pension Scheme (NPS) trust funds following the allocation of 35 per cent of the funds in 2010-11.”The allocation is done on the performance of the past year and ours was the highest due to which we have received the maximum allocation from the NPS trust,” LIC Pension Fund’s Chief Executive Officer, H Sadhak, said here today.


He added that in the last three-years since the NPS came into effect, his company’s allocation share has risen seven times from a mere 5 per cent in the first year to 35 per cent for FY 11.

SBI Pension Fund with 33 per cent allocation and UTI Retirement Solutions with 32 per cent, come second and third respectively, a release issued by LIC Pension Fund said here.

LIC’s return on its assets under management is understood to be a little over 10 per cent. Sadhak, however, declined to comment on this.

The Central Government introduced the NPS in 2004 and appointed the three funds to manage the Central Government NPS funds.

The PFRDA (Pension Fund Regulatory and Development Authority) has put a cap under which 55 per cent can be invested in Central and State Government securities, 40 per cent in corporate securities and bonds, 15 per cent in equity and equity mutual funds and five per cent in money market instruments.

Sadhak, however, refused to share details regarding the total assets under management and officials from the Central Government NPS trust were not immediately available for comment on the same.

Sadhak, who attributed the performance to scientific investing by the company, said it would benefit from the new allocation as State Government trusts also generally use the same ratios as the Central Government for
allocations.

Source : Financial Express

No comments:

Post a Comment

Feel free to drop your comments and suggestions

Disclaimer

The contents and information given in this blog are purely informative in nature and should not under any circumstances be taken as authority. Allcgnews blog may contain typographical errors in its contents. All efforts had been made to ensure accuracy of the content on this blog. The same should not be construed as a statement of law or used for any legal purposes. ALLCGNEWS accepts no responsibility in relation to the accuracy, completeness or otherwise, of the contents. Users are advised to verify/check any information with the relevant departments and to obtain any appropriate professional advice before acting on the information provided in the blog. We cannot guarantee the availability linked pages at all times.

Post Top Ad