PFRDA has invited bids from FIs to manage NPS funds for next three Financial Year i.e. form April, 2012. According to PFRDA the fund managers will be required to manage the pension assets of Central government employees. They will have will have to submit bids by March 15, PFRDA said.
At present LIC Pension Fund, SBI Pension Fund, and UTI Retirement Solutions Ltd. are managing pension funds of government employees are also eligible for participating in the bidding process. As on December 2011 the total corpus of the government employees was Rs 12,769 crore. The total average monthly subscriptions of government employees is around Rs 500 crore.
In September 2010 PFRDA introduced the Swavalamban scheme in which the government contributed Rs 1,000 per year to each NPS account opened in the year 2010-11 and for the next three years, i.e., 2011-12, 2012-13 and 2013-14. To be eligible, a person has to make a minimum contribution of Rs 1,000 and maximum contribution of Rs 12,000 per annum.
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