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Mumbai, Nov. 22 The Life Insurance Corporation of India has formed a separate company called “LIC Pension Fund Ltd” to manage pension funds.

This is the first company incorporated in India to manage pension funds under the New Pension System (NPS).

The corporation had been selected by the Pension Fund Regulatory and Development Authority (PFRDA) for managing pension funds of Central Government employees, who joined services on or after January 1, 2004. One of the conditions for selection was that LIC had to form a separate company to manage these funds.

The PFRDA had also selected State Bank of India and UTI Asset Management Company to be the sponsors of pension funds under NPS.

The Government had switched over to the contributory pension scheme or NPS for fresh recruits after January 1, 2004.

More Stories on : Pension Plans | Life Insurance

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