Pension regulator to invite bids for fund managers for NPS - The Smart Investor

Pension regulator to invite bids for fund managers for NPS - The Smart Investor

My VIEW:

This short report is indicative of the uncertainties the post-2003 entrants to public service (excluding defence) are facing in regard to their savings for post-retirement life. The New Pension Scheme (later rechristened as National Pension System), even after eleven years of survival with ventilator (read GOI) support, is trying to learn things from first principles.
NPS has strangled or annihilated existing pension schemes in government (except for defence services) and public sector organisations. It is in the process of messing up schemes managed by Employees Provident Fund Organisation. It could not put in place a dependable social security system for survivors of those who die in harness. 
If reports are to be believed, the management of funds NPS has accumulated from subscribers in its captive clientele, nearing one lakh crore rupees, is not yet in safe hands. Uncertainties galore. From choice of fund managers to tax treatment.
Perhaps, having dived into unexplored waters, time is ripe for government to have a re-look into the whole pension system. The 2007 study (Facing the Future : Indian Pension Systems) by ING and IIM Bangalore could form the starting point.
M G Warrier, Mumbai

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