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NPS Trust to hire consultant for performance review of PFs, portfolio analysis

The Trust said the appointed BRC should complete the review of the current formats of the PFs and scheme-wise evaluation under the NPS within two months.

PTI|
Updated: Jul 09, 2019, 02.52 PM IST
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The pension scheme came to effect from 1 January 2004 .
The NPS Trust will rope-in business consultants to conduct a performance review of pension funds as well as portfolio analysis of schemes under the National Pension System.

The NPS Trust was established by the Pension Fund Regulatory and Development Authority (PFRDA) for taking care of assets and funds under the NPS in the interest of the subscribers.

In a request for proposal, the NPS Trust said it wants to appoint Business Review Consultant (BRC) to review the existing format for performance review of the pensions funds (PFs), review the performance of the PFs at prescribed intervals and to undertake their portfolio analysis.

"The appointed BRC will be required to undertake portfolio analysis of all schemes of NPS on quarterly basis and submit report to NPS Trust. The analysis shall identify the key portfolio risks.

"The report shall highlight the stressed sectors and companies analyzing the existing market conditions," the NPS Trust said.

The Trust said the appointed BRC should complete the review of the current formants of the PFs and scheme-wise evaluation under the NPS within two months.

Among others, the BRC will also be tasked to analyse rating distribution of the securities under NPS schemes as well as to identify fund's credit quality and risks of a portfolio.

Pension Fund Manger is appointed by PFRDA to manage pension contribution of all subscribers under NPS through various schemes.

There are in total eight fund managers engaged by the PFRDA: HDFC Pension Management, ICICI Prudential Pension Fund Management, Kotak Mahindra Pension Fund, LIC Pension Fund, Reliance Capital Pension Fund, SBI Pension Funds, UTI Retirement Solutions and Birla Sunlife Pension Management.

The last date for submission of interest under of the proposal is July 24, 2019.

The pension scheme came to effect from 1 January 2004 and in the initial phase covered new entrants to the central government services, excluding armed forces.

However, the NPS is now applicable on employees of majority of state governments, central autonomous bodies and some state autonomous bodies.

The scheme was extended to all other citizens of India between the age of 18-65 years on voluntary basis from May 2009. Private companies are also allowed enrol their employees under NPS either on mandatory or voluntary basis.
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