The Hindu : IRDA chief raises issue on pension funds

Online edition of India's National Newspaper
Friday, May 30, 2003

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IRDA chief raises issue on pension funds

By Our Special Correspondent

HYDERABAD MAY 29. The Chairman of the Insurance Regulatory and Development Authority (IRDA), N. Rangachary, once again raised the issue of whether pension funds should be `administered' or have total `freedom'.

He was speaking at the opening session of a two-day `second conference on Private Pensions in Asia', organised by the Organisation for Economic Cooperation and Development the IRDA, the Institute of Insurance and Risk Management (IIRM), and the International Network for Pension Regulators and Supervisors (INPRS) here on Thursday.

Mr. Rangachary said globally pension funds were coming under pressure both in developed as also developing countries. There was greater pressure in countries where the concept was yet to take deep roots.

The problem was one of lower and lower returns and reluctance on the part of members to participate. The important issue was of course whether an administered regime should be laid by the Government or should such funds have total freedom to invest in any share or asset they want, he said.

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