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Pension regulator receives final bids

Pension regulator receives final bids
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First Published: Wed, Jul 04 2007. 08 02 PM IST
Updated: Wed, Jul 04 2007. 08 02 PM IST
PTI
New Delhi: Interim pension fund regulator PFRDA said on 4 July it has received technical and commercial bids from the four shortlisted entities and the final three may be selected by 20 July for managing the Rs1,500-crore pension funds of the central and most state government employees.
The four shortlisted entities are SBI, LIC, IDBI Capital and UTI AMC. Today (4 July) was the last date for submission of the bids.
“We have received the bids from all the shortlisted entities and by 20 July we would be able to select three out of four contenders for managing the pension fund,” PFRDA executive director Meena Chaturvedi told PTI.
By the end of this year, money of about 500,000 employees of central government, 19 state governments and some autonomous institutions lying idle would come to active use.
The successful bidder will be asked to float a separate subsidiary for management of the fund with the parent entity being the sole sponsor for the pension fund manager, she said.
Initially, seven companies had pitched for asset management. Three entities — Canara Bank, Punjab National Bank and Stock Trading Corporation of India — were eliminated in the first stage itself.
The pension fund regulator has already appointed National Stock Depository Limited as the central record-keeping agency for pension funds.
Pending clearance of the Pension Bill in Parliament, the Centre and 19 state governments have allowed the option of putting up to 5% of funds collected under New Pension System in the stock market.
Under NPS, employers and employees chip in matching contribution for pension fund.
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First Published: Wed, Jul 04 2007. 08 02 PM IST
More Topics: PFRDA | pension fund | SBI | LIC | UTI AMC |