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PFRDA Shortlists 8 Cos To Manage Pension Funds

Monday, April 21, 2014
By A Business Reporter

The Pension Fund Regulatory and Development Authority (PFRDA) is understood to have shortlisted eight companies for managing pension funds of non-government employees for a period of five years. Eight fund managers, including LIC Pension Fund, SBI Pension Fund, UTI Retirement, Reliance Capital Pension Fund have been shortlisted by PFRDA yesterday for managing the funds of private sector NPS," sources said.

Other contenders include DSP Blackrock Pension Fund Managers, ICICI Prudential Pension Funds Management and Kotak Mahindra Pension Fund, sources said. The pension fund regulator will issue letter of intent to the selected managers on April 25. As per the Request for Proposal (RFP), the three existing managers for NPS of government employees were also asked to submit commercial bids only, while others were required to submit both technical and commercial bids. According to sources, Reliance Capital Pension Fund turned out to be the lowest bidder.

To transparently and competitively determine key aspects like the Investment Management Fees (IMF), which have a significant impact on the terminal pension wealth of the subscribers, PFRDA, in the subscribers' interest proposes to appoint afresh, 8 competing professional Pension Funds (PFs) to manage the assets of the private sector NPS, RFP said. The proposed appointment would be valid for a period of five years, it said.

"While the appointment of PF(s) shall be valid for five years, subject to review, for continuation at the end of every succeeding year of operation, on consideration of performance in compliance with stipulated conditions," it said. The Central Government had introduced the New Pension System (NPS), now known as National Pension System with effect from 1 January 2004

Initially, the New Pension System covered new entrants to Central Government services (excluding Armed Forces) and some State Government services. From May 1, 2009, PFRDA has extended NPS to all citizens of India, including workers of the unorganised sector.

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Franklin Templeton MF announces changes in key personnel

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Reliance MF emerges lowest bidder for managing NPS
Reliance MF has emerged as the lowest bidder among the fund managers qualified to manage funds in National Pension Scheme (NPS) for private sector on behalf of the sector regulator, PFRDA. Its bid of 1 paise for every Rs. 100 was way below the other nine bidders, which included UTI Mutual Fund, DSP Blackrock Mutual Fund and HDFC Pension Fund Management, a wholly-owned subsidiary of HDFC Standard Life. Bids of other nine entities were between 15 paise and 25 paise per Rs. 100.

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