INDIA - The launch of the Indian national New Pension Scheme (NPS) has been set for May 1 following concerns about the ability to inform prospective members in time.
The NPS was initially set up as an occupational pension scheme for members of the Indian civil service and has received contributions since January 2004.
Last year, the Indian government announced its intention to open the scheme to all workers with a minimum annual investment of R6,000 (US$117).
The PFRDA has already appointed six new fund managers and outlined 23 'points of presence' to manage contributions for all citizens, including workers for the unorganised sector.
It has also set out the investment options available to members, limited to allocations to three asset classes in order to reduce the complexity and costs of the system, comprising equities, central government bonds and corporate bonds, with a default option of a life-cycle fund.
Initially, equity investments will be passive-only, tracking the Indian Nifty50 index, although the possibility of incorporating actively managed equities at a future date has not been ruled out.
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