New Pension System : Revision of Investment Management Fee (IMF) for Pension Fund Managers for Private Sector NPS

CIRCULAR

PFRDA/CIR/1/PFM/1

Date: 31-08-2012

To,
All Pension Fund Managers,
National Securities Depository Limited
Stock Holding Corporation of India
Bank of India
NPS Trust

Sub: Revision of Investment Management Fee (IMF) for Pension Fund Managers for Private Sector NPS

1. Based on the recommendations of the Expert Committee to determine the Upper ceiling of the Investment Management Fees or other Fees (if any) to be charged by the PFMs in the Private Sector of NPS and with the approval of the Competent Authority, the upper ceiling of the Investment Management Fees has been fixed at 0.25% p.a. of the AUM (Asset Under Management) with effect from 1st November 2012.

2. This is applicable to all schemes for all Private and Corporate Sector subscribers. The PFMs can fix their own Investment Management Fee for different schemes subject to the upper ceiling of 0.25% p.a. This fee is inclusive of brokerage except Custodian charges and applicable taxes.

Reservation in promotion

Reservation in promotion

Minister of Dopt Shri.V.Narayanasamy replied to a question in Rajaya Sabha regarding the reservation policy in promotion on 8th August, 2012. The details was given as written reply that "The Supreme Court in the matter of M.Nagaraj Vs. Union of India has held that the constitutional amendments made to enable the State to provide reservation are constitutionally valid. However, the States have to collect quantifiable data showing backwardness of the class and inadequacy of representation of that class in public employment, keeping in mind maintenance of efficiency of administration, as indicated by Article 335".