Tata Pension Administration Restricted (TPML) has been appointed as a pension fund supervisor (PFM) for managing the funds below Nationwide Pension System (NPS).
TPML is sponsored by Tata Asset Administration Firm and has been accredited as a pension fund supervisor by the regulator Pension Fund Regulatory and Improvement Authority (PFRDA).
Tata Asset Administration Firm is among the three new companies, together with Axis Asset Administration Firm and insurance coverage supplier Max Life Insurance coverage, to have secured a license for pension fund administration up to now 12 months.
In response to the press launch, the ‘certificates of graduation of enterprise 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 Administration now marks its entry within the pension area. 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,” stated Prathit Bhobe, CEO & MD, Tata Asset Administration Non-public Restricted.
Talking on the launch, Kurian Jose, CEO, Tata Pension Administration Restricted stated, “in India, the idea of retirement planning remains to be at a nascent stage. We look ahead to contributing in direction of creating consciousness on pension literacy to help Indian residents to realize their retirement objectives.”
At present, there are seven pension fund managers – SBI Pension Funds, LIC Pension Fund, UTI Retirement Options, HDFC Pension Administration, ICICI Prudential Pension Fund Administration, Kotak Mahindra Pension Fund and Aditya Birla Sunlife Pension Administration Ltd.
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Supply: Live Mint