September 2021
06Sep

India. Atal Pension Yojana dominates social security scheme with 66% NPS subscriber base

Atal Pension Yojana has emerged as the most popular social security scheme under the National Pension System with over 2.8 crore subscribers, mainly from the non-metro centres. Out of 4.2 crore National Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY at the end of 2020-21, says the annual report of the National Pension Systems Trust (NPS Trust). The State Government Scheme ranks second with 11 per cent share, while the central autonomous bodies (CAB)...

September 6, 2021
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August 2021
31Aug

India. Pensioners’ body urges Govt to exempt pension from income tax; seeks PM’s intervention

Pensioners' body Bharatiya Pensioners Manch has urged Prime Minister Narendra Modi to exempt pension from income tax to provide relief to the senior citizens in the country. In a letter shot off to the Prime Minister on August 25 this year, the body argued that if the pensions of the Members of Parliament and Members of Legislative Assemblies are not taxable, then why does the government levy income tax on the pension of retired employees. "Every retired person is paid pension...

August 31, 2021
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18Aug

India: Advisory panel recommends increasing retirement age

The Economic Advisory Council to the Prime Minister has recommended increasing the retirement age saying life expectancy is expected to continue to increase due to better health infrastructure. In a report released last week, the Council said the retirement age needs to be raised in a phased manner as India is a young nation with a high working population, reported Hindustan Times citing the report. Read also Pakistan’s unsustainable public pension system The Council also warned, “A rise in the retirement age,...

August 18, 2021
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July 2021
22Jul

India. Want to give more options to pension funds, so opening up IPO investments: PFRDA chairman

Pension Fund Regulatory and Development Authority (PFRDA) will soon allow pension fund managers (PFMs) to invest in initial public offerings (IPOs), follow on public offers (FPOs) and offer for sale (OFS). This would mean that PFMs could use their investment corpus to invest into upcoming IPOs including the Rs 16,000 crore initial public offering of Paytm. Speaking to Moneycontrol, Supratim Bandyopadhyay, Chairman, PFRDA said these will allow PFMs to have a wider range of investment options. "This will broaden the PFMs investment...

July 22, 2021
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19Jul

India. PFRDA, government in talks to tweak law to cover retirement funds

The government and the Pension Fund Regulatory & Development Authority (PFRDA) are discussing amendments to the law to ensure the regulation of a large number of superannuation funds that currently escape the required scrutiny Although there are no official estimates, around 400-500 are seen to be “unregulated” superannuation funds, with 50-60 being large players. There are at least three regulators for the pension business, with PFRDA handling the National Pension System (NPS), while the insurance regulator deals with annuities sold...

July 19, 2021
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05Jul

India. Now, wider choice of pension funds in National Pension System

In order to make the National Pension System (NPS) more transparent, increase the subscriber base and ensure orderly growth, the pension fund regulator has taken a host of initiatives easing the process of transacting for the subscribers and the Points of Presence (PoP). The Pension Fund Regulatory and Development Authority (PFRDA) has now issued guidelines for opening ‘on tap’ registration of pension funds on a continuous basis to manage the pension assets of NPS subscribers under central government schemes, state...

July 5, 2021
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June 2021
07Jun

India. Punjab doubles social security monthly pension

Punjab is all set to hike the social security monthly pension from Rs 750 to Rs 1500 from July 1. A notification has been issued by the social security, women and child development department in this regard. An official spokesperson of the department said that the notification has paved way for doubling the pension for old age, handicapped persons, widow and destitute women besides dependent children in line with state government's commitment made during the budget session this year to ensure...

June 7, 2021
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02Jun

CPPIB, Phoenix Mills to Develop Retail Center in India

The Canada Pension Plan Investment Board (CPPIB) is developing a shopping center in the affluent Alipore, Kolkata, neighborhood in India, as part of a new joint venture with mall operator Phoenix Mills. India is an important destination for CPPIB, the pension fund said last week. The joint venture will fund the mall with about $77 million (C$93 million), which will be invested in tranches into Mindstone Mall Developers Private. After construction is completed in the latter part of 2024, CPPIB will...

June 2, 2021
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May 2021
27May

India. Demise of govt employees covered under NPS

Central Government employees covered under National Pension System have been given the option under rule 10 of CCS (Implementation of NPS) Rules, 2021, to choose benefits either from old pension schemes or accumulated pension corpus under NPS in the event of their death. The family of a deceased government employee cannot exercise this option. Read also Africa’s Biggest Fund Manager Loses Head of Impact Investing In case, the employees could not furnish the option in this regard, there is a default...

May 27, 2021
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April 2021
16Apr

India. National Pension System: PFRDA to extend entry age to avail benefits

Senior citizens who have not yet got into the National Pension System (NPS) bandwagon may have some cause for cheer. Pension regulator PFRDA plans to soon extend the maximum entry age for availing NPS benefit to 70 years from the current 65 years, its Chairman Supratim Bandyopadhyay said on Thursday. Read also EU insurance regulator cracks down on unit-linked policy costs Simultaneously, the exit age limit is proposed to be extended from 70 years to 75 years, he said at a...

April 16, 2021
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