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UTI to launch pension fund in UAE

UTI to launch pension fund in UAE
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First Published: Sun, Feb 11 2007. 02 34 PM IST
Updated: Sun, Feb 11 2007. 02 34 PM IST
New Delhi: Buoyed by its success in the home turf, country’s largest fund manager UTI Mutual Fund is now planning to take its micro-pension scheme overseas.
“We have already tied-up with the UAE Exchange to offer the micro- pension scheme to NRI workers which would be launched in March, UTI Mutual Fund, Chairman and Managing Director U K Sinha told PTI.
Non-resident investors residing in Gulf countries can deposit a minimum amount of 100 dirham (Rs1,196)under the scheme and reap the benefit of surging stock market, he said.
The effort would draw good response given the sizable Indian population in the region, he said adding it provides sustainable business model.
Since launching it in April 2006 in Ahmedabad for members of the Self-Employed Womens Association (SEWA), the MF has extended this offering to members of the Paradip Port and Dock Mazdoor Union (in August 2006), Bank of Indias self-help groups (SHGs) in August 2006.
Besides, the fund house also introduced the scheme for the members of Bihar State Co-operative Milk Producers Federation (September 2006), and staff and customers of Union Bank of India (December 2006).
In its latest such initiative, the fund house launched micro pension scheme in Tiruchirappalli on Friday for the unorganised women workers.
Under this customised arrangement, investor would contribute minimum amount of Rs 100 every month towards UTI-Retirement Benefit Pension Fund up to the age of 52 years so as to enable them to receive pension after they reach the age of 58 years.
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First Published: Sun, Feb 11 2007. 02 34 PM IST
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