Date:05/07/2006 URL: http://www.thehindu.com/2006/07/05/stories/2006070502361600.htm

Business

UTI Mutual Fund's micro-pension initiative

Corporate Reporter

CHENNAI: UTI Mutual Fund has entered into a customised arrangement with Paradeep Port and Dock Mazdoor Union for providing its members an investment opportunity through a micro-pension initiative under its UTI-Retirement Benefit Pension Fund.

Under the micro-pension initiative members will contribute Rs. 200 every month towards the fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income/ cashflow after they reach the age of 58 years. Initially 200 members will be joining the scheme.

By the end of this fiscal year more than 1,000 members are expected to join the scheme, a release from UTI Mutual Fund says.