Pension fund managers to be appointed for open-ended term | Business Standard News

Pension fund managers to be appointed for open-ended term | Business Standard News

My VIEW:

EPFO has an incremental
inflow of Rs 1.2 lakh crore this year. National Pension System after more than
a decade of inception has a corpus of Rs 1 lakh crore of Assets Under
Management, of which over 90 per cent belong to Centre and states. There is
tremendous pressure from PFRDA for concessions and subsidies from government to
keep NPS attractive. The poor show of NPS outside its captive clientele speaks
volumes about the mess in which it is entrenched after 11 years of its launch.
If PFRDA and EPFO with
similar or almost equal mandates are allowed to compete and different central
ministries help out each of them, the ultimate loser will be the subscriber and
the taxpayer. Taxpayer, because, the kind of funding and concessions NPS is
expecting will ultimately land at the doors of the taxpayer.
This being the case, why
not consider merger of the two organisations and professionalise fund
management? The kind of interests being protected by too conservative approach
to equity investment by EPFO and the too liberal one- giving option to
subscribers to decide their risk appetite- followed by NPS are, for sure, not
those of the subscribers.
M G WARRIER, Mumbai



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