No pension funds available for the subscribers of Reliance Capital Pension Fund Ltd under NPS
The registration of Reliance Capital Pension Fund under the government’s National Pension Scheme(NPS) has been cancelled following a request by the company, sector regulator PFRDA in a written notice. The freedom to enjoy the pension service for the subscribers under NPS is no longer in term of Reliance. As per the Pension Fund Regulation and Development Authority of India (PFRDA) the company had surrendered its NPS license early this year.
Reliance was one of the eight companies registered under NPS to manage funds for subscribers from the private sector.
The PFRDA notice says, “This is to inform to the general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS”.
The other seven funds for private sector subscribers are HDFC Pension Management Co, ICICI Prudential Pension Fund Management Co, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and Birla Sunlife Pension Management.
LIC Pension Fund, UTI Retirement Solutions and SBI Pension Funds manage NPS for the government employees.
NPS is a pension cum investment scheme launched by the government to provide old age security to the citizens. There were about 1.28 NPS subscribers at end-October, 2019.