New pension system

    New pension system- The PFRDA selected National Securities and Depository Ltd as the central Record keeping agency for the new pension system. NSDL will keep the Pension records of central government employees for its new recruits with effect form Jan 1, 04.The PFRDA gave its nod for investments up to 5% of the funds under the new pension system in stock markets and another 10% in equity linked MFs. SBI, UTI Mutual Fund and LIC have been appointed as fund managers by PFRDA for a period of three years and would start managing the Rs2000 crore corpus from June 2008. LIC formed a separate company called LIC Pension Fund Ltd to manage its pension fund business.