New Delhi: Regulator PFRDA Friday said it will invite fresh bids for appointing Pension Fund Managers (PFMs) for the Rs 90,000 crore corpus.
"We are inviting bids from PFMs afresh to manage the pension fund of both government employees and non-government employees. The bids for appointment of PFMs should be in place in a months or so," Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant Contractor said here.
There are eight PFMs registered with PFRDA to manage the funds for the unorganised sector including SBI Pension Fund, UTI Retirement Solutions, HDFC Pension Management, Reliance Pension Fund and ICICI Pension Fund Management.
The existing PFMs and other than those can apply if they meet eligibility criteria.
"There is some eligibility cap like Rs 25 crore etc those fund managers can apply," he said.
PFRDA is currently framing the structure including process of selection and method, he said.
The appointment of PFMs may be for 5 years, Contractor said, adding that the details are being finalised and it would be part of the bid documents.
Asked if the private fund managers could be given mandate to manage government employee pension corpus, he said, PFRDA has requested the government to look into the matter and it is yet to take a view on the matter.
Speaking about Central Autonomous Bodies, he said, out of 498 such institution only 186 have joins the National Pension System. 312 are yet to join NPS.
Recently, PFRDA allowed Non-resident Indians (NRIs) to invest in NPS to get a social security cover.
The current corpus under the National Pension System is about Rs 91,000 crore.
Asked if the EPFO's entry into stock market will give PFRDA tough competition, Contractor said, "it is a good thing...We operate in different markets. We are investing a little more our return is also higher."
The important thing for the investor is the return that they get, he added.
