The introduction of the minimum assured return scheme (MARS) under the new pension system (NPS) is delayed as the Pension Fund Regulatory and Development Authority (PFRDA) wants more discussions on the product’s structure.
The pension product guarantees a minimum rate of return to subscribers was launched by September end last year but it was delayed till the beginning of Financial Year 2022-23 (FY23). One and a half months into FY3, the product is yet to see the light of the day.
Sources said unlike the current products under NPS, pension fund managers (PFMs) have to run market risks in MARS. In current products, subscribers run risks and not PFMs.
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