PFRDA to soon announce names of nine pension fund managers

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PFRDA has allowed the PFMs to decide fund management charges of their own. However, it has put a cap of up to .1 per cent of the value of fund as commission to be charged by the PFMs from the existing commission of .01 per cent. (Reuters)

Pension fund regulator PFRDA will announce in the next 10 days the names of nine pension fund managers (PFMs) shortlisted by it under the new variable commission structure, a top official said on Wednesday. Moreover, the Pension Fund Regulatory Development Authority (PFRDA) is hopeful that Atal Pension Yojana (APY) will continue to grow by 35-40 per cent. There are more than 44 lakh subscribers registered in the scheme as of now.

“We have shortlisted nine PFMs under the new variable commission structure, which include seven existing PFMs. I, however, can’t tell you the names of companies until they are cleared by our board,” PFRDA Chairman Hemant Contractor told PTI here on the sidelines of an event here.

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“Still, I hope the names of nine PFMs would be announced within a week or 10 days from now,” he said.

PFRDA has allowed the PFMs to decide fund management charges of their own. However, it has put a cap of up to .1 per cent of the value of fund as commission to be charged by the PFMs from the existing commission of .01 per cent.

Replying to a query on the status of PFRDA’s proposal to the Centre to act as a sole regulator for all kinds of pension funds, Contractor said, “The Government has set up a committee to take a view on the issue.”

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