Home / Money / Personal Finance /  Tata Asset Management forays into pension business
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Tata Pension Management Limited (TPML) has been appointed as a pension fund manager (PFM) for managing the funds under National Pension System (NPS).

TPML is sponsored by Tata Asset Management Company and has been approved as a pension fund manager by the regulator Pension Fund Regulatory and Development Authority (PFRDA).

Tata Asset Management Company is one of the three new firms, including Axis Asset Management Company and insurance provider Max Life Insurance, to have secured a license for pension fund management in the past year.

According to the press release, the ‘certificate of commencement of business as pension fund’ was issued by PFRDA on 28 July 2022, and the business is now operational from 18 August 2022.

“With 28 years of investment management experience, Tata Asset Management now marks its entry in the pension space. The regulator has taken sizeable steps in promoting a pensioned society in India, and we are delighted to provide this array of pension products and services to the citizens of the country," said Prathit Bhobe, CEO & MD, Tata Asset Management Private Limited.

Speaking at the launch, Kurian Jose, CEO, Tata Pension Management Limited said, “in India, the concept of retirement planning is still at a nascent stage. We look forward to contributing towards creating awareness on pension literacy to support Indian citizens to achieve their retirement goals."

Currently, there are seven pension fund managers - SBI Pension Funds, LIC Pension Fund, UTI Retirement Solutions, HDFC Pension Management, ICICI Prudential Pension Fund Management, Kotak Mahindra Pension Fund and Aditya Birla Sunlife Pension Management Ltd.

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