India confirms manager appointments

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INDIA - The Union cabinet has confimed it will ask the Pension Fund Regulatory & Development Authority (PFRDA) to appoint fund managers to control the R15bn (US$340m) collected under the new pension scheme (NPS).

Of the 28 states, 19 have already agreed to allow their employees to invest 5% of their pension funds in the equity markets managed by NPS. PDFRA chairman D Swarup said: “We would appoint two or...

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