The Hindu Business Line : LIC to manage pension fund

MANGALORE: Life Insurance Corporation of India has assumed the responsibility of management of pension liability of the Karnataka Bank Ltd (Employees') Pension Fund through its Annuity Purchase Scheme and matters incidental thereto.

The Executive Director of LIC, Mr S.R. Krishnaswamy, handed over the annuity policy document and the first pension cheque to the Chairman and Managing Director of the bank, Mr Ananthakrishna, here.

Mr Ananthakrishna said the arrangement would enhance safety and security to existing and future pensioners of the bank.

Mr Krishnaswamy pointed out that the assumption of responsibility by LIC towards existing and future pensioners of the bank has great significance in view of falling interest rates. He observed that this would relieve the bank of the underwriting risk in relation to management of its Pension Fund.

The General Managers of the bank, Mr P. Jayarama Bhat, Mr G.K. Bhat, Mr N.S. Chakkera and Mr Jayagopal Yekkar, and the Senior Divisional Manager of LIC, Mr Prem Kunil, were present.

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