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22/07/2010

Pension fund allocations up 38%

Pension fund allocations up 38%

The Pension Fund Regulatory and Development Authority (PFRDA) has allocated Rs 5,100 crore to pension fund managers this year, 38% more than last year’s Rs 3,700 crore.

“This is because of the high number of subscribers, which is at 9.9 lakh currently,” Rani Nair, executive director of PFRDA said.

The corpus mainly comprises contribution of central and state government employees. “Around Rs 5,000 crore is from the government and the rest comes from unorganised sector,” said Nair.

The corpus under the New Pension System (NPS), introduced in 2004, is allocated to three fund managers —- SBI Pension Funds, LIC Pension Fund and UTI Retirement Solutions —- which started investment operations in April 2008.

The highest allocation this year has gone to LIC Pension Fund (35%), followed by SBI Pension Funds (33%) and UTI Retirement Solutions (32%).

“We follow a method of allocating on the basis of pervious year’s performance. Marginally, they (LIC Pension) were better than the others,” said Yogesh Agarwal, chairman, PFRDA.

LIC Pension Fund was allotted 29% last year and 5% a year before that.

“We have more than 10% of our investments in the equity markets, which gave good returns as the markets revived last year. Other than that, our investments in government securities..,” said Hari Sadhak, chief executive officer, LIC Pension Fund.

While investing, fund managers need to adhere to PFRDA guidelines, which state that not more than 55% is to be invested in government securities, 40% in corporate bonds, 15% in equity and 5% in money markets. “Depending upon the market situation, we keep changing our portfolio,” said Sadhak.

As on July 17, 2010, SBI Pension Funds had a net asset value (NAV) of Rs 13.2430 for central government employees. LIC Pension Fund posted NAV of Rs 12.8277 for central government and Rs 11.1602 for state government employees.

Posted by Running Staff Solapur at 7/22/2010 08:42:00 am Labels:

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PME Due Date

Master Circular No. 25



Copy of Railway Board’s letter No. 69/H/3/11 dated 06.12.1974



Subject: Implementation of the Recommendations of the Visual Sub-Committee.



6. Periodical re-examination of serving Railway Employees:



6.l. In order to ensure the continued ability of Railway employees in Classes A l, A 2, A 3, B l and B 2 to discharge their duties with safety, they will be required to appear for re-examination at the following stated intervals throughout their service as indicated below:



6.1.1. Classes A l, A 2 and A 3 —At the termination of every period of three years, calculated from the date of appointment until they attain the age of 45 years, and thereafter annually until the conclusion of their service.



Note: (l) The staff in categories A l, A 2 and A 3 should be sent for special medical examination in the interest of safety under the following circumstances unless they have been under the treatment of a Railway Medical Officer.



(a) Having undergone any treatment or operation for eye trouble irrespective of the duration of sickness.



(b) Absence from duty for a period in excess of 90 days.



(2) If any employee in medical category A has been periodically medically examined at any time within one year prior to his attaining the age of 45, his next medical examination should be held one year from the due date of the last medical examination and subsequent medical examination annually thereafter.



If, however, such an employee has been medically examined, at any time earlier, than one year prior to his attaining the age of 45, his next medical examination should be held on the date he attains the age of 45 and subsequent medical examination annually thereafter.



Ammendment: It was ammended in 1993 as below



Age Group PME Due



Age 00-45 every 4yrs



Age 45-55 every 2yrs



Age 55-60 every year
Details:-
As per Rly Bd's Guideline of Medical Exam issued vide LNo. 88/H/5/12 dated 24-01-1993

a) PME would be done at the termination of every period of 4 years from date of appointment / Initial medical Exam till the date of attainment of age of 45 years, every 2 years upto 55 years & there after annual till retirement.
b) Employees who has been periodically examined at any time within 2years prior to his attaining the age of 45years would be examined after 2years from the date of last PME & subsequent PME for every 2years upto 55years age.Of

NRMU 4 you
SMLokhande





6.1.2. Classes B-1 and B-2—On attaining the age of 45 years, and thereafter at the termination of every period of five years.