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New Pension System set for May 1 launch

business Updated: Apr 27, 2009 22:31 IST
HT Correspondent
HT Correspondent
Hindustan Times
New Pension System set for May 1 launch

The New Pension System (NPS) for the unorganised sector is all set for a launch on May 1, after it got deferred from its scheduled launch date of April 1.

“We are going to launch on May 1,” said D Swarup, chairman, Pension Fund Regulatory and Development Authority (PFRDA). “All structures are in place and the fund managers have received the required clearances.”

NPS, which will offer pension accumulation to all individuals on the basis of defined contribution, will be available for investment across the country through the network of 23 Points of Presence selected by the PFRDA. These include institutions like State Bank of India, LIC and ICICI bank.

“The launch across the country will depend on how our intermediaries go out to the market and encourage people enrol to the NPS as we are undertaking only generic advertisement,” said Swarup.