Tata Pension Management Limited (TPML) has been appointed as the Pension Fund Manager (PFM) for managing the funds under the National Pension System (NPS).
TPML is sponsored by Tata Asset Management Company and has been approved as a pension fund manager by the regulator Pension Fund Regulatory and Development Authority (PFRDA).
Tata Asset Management Company is one of the three new firms, including Axis Asset Management Company and insurance provider Max Life Insurance, to have acquired licenses for pension fund management in the past one year.
According to the press release, the ‘Certificate of Commencement of Business as Pension Fund’ was issued by PFRDA on 28 July 2022, and the business is now operational with effect from 18 August 2022.
With 28 years of investment management experience, Tata Asset Management has now forayed into the pension space. Prathit Bhobe, CEO & MD, Tata Asset Management Pvt Ltd said, “The regulator has taken major steps to promote a pensioner society in India, and we are happy to offer this range of pension products and services to the citizens of the country. .
Speaking at the launch, Kurian Jose, CEO, Tata Pension Management Ltd. said, “The concept of retirement planning in India is still at a nascent stage. We aim to create awareness on pension literacy to help Indian citizens achieve their retirement goals. Look forward to contributing to the direction.”
At present, there are seven pension fund managers – SBI Pension Fund, 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.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.