Tata Pension Management Limited (TPML) has been appointed as a pension fund supervisor (PFM) for managing the funds below National Pension System (NPS).
TPML is sponsored by Tata Asset Management Company and has been accepted as a pension fund supervisor by the regulator Pension Fund Regulatory and Development Authority (PFRDA).
Tata Asset Management Company is without doubt one of the three new corporations, together with Axis Asset Management Company and insurance coverage supplier Max Life Insurance, to have secured a license for pension fund administration prior to now yr.
According to the press launch, the ‘certificate of commencement of business as pension fund’ was issued by PFRDA on 28 July 2022, and the enterprise is now operational from 18 August 2022.
“With 28 years of funding administration expertise, Tata Asset Management now marks its entry within the pension house. The regulator has taken sizeable steps in selling a pensioned society in India, and we’re delighted to supply this array of pension services and products to the residents of the nation,” said Prathit Bhobe, CEO & MD, Tata Asset Management Private Limited.
Speaking at the launch, Kurian Jose, CEO, Tata Pension Management Limited said, “in India, the concept of retirement planning is still at a nascent stage. We look forward to contributing towards creating awareness on pension literacy to support Indian citizens to achieve their retirement goals.”
Currently, there are seven pension fund managers – SBI Pension Funds, LIC Pension Fund, UTI Retirement Solutions, HDFC Pension Management, ICICI Prudential Pension Fund Management, Kotak Mahindra Pension Fund and Aditya Birla Sunlife Pension Management Ltd.
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