New Pension Scheme (NPS) is set to receive a major boost with the SBI...
NPS gets a chunk of SBI staff’s pension corpus The Central government sponsored New Pension Scheme (NPS) is set to receive a major boost with the State Bank of India, moving a significant part of its employees’ pension corpus to the scheme. The NPS will also get significant contributions in coming months by way of employer and employee contribution towards the pension of public sector bank employees who join after April 1, 2010. A senior official at the pension regulator PFRDA said NPS fund managers will henceforth manage a chunk of a fund that helps pay for retirement benefits of all present and former employees of the country’s largest lender. “We received various queries from SBI regarding the nitty-gritties of our scheme,” said Rani Singh Nair, executive director at PFRDA. “We are happy to report that they have now joined us and we hope many others will also be encouraged to follow the example,” she told ET. Industry officials say SBI is moving close to Rs 2,000 crore ou