The Pension Fund Regulatory and Development Authority (PFRDA) has appointed Axis Pension Fund Management Limited (Axis PFM) as a Pension Fund Manager for managing the funds under the National Pension System (NPS). Axis PFM will primarily be responsible for managing pension funds of the investors, corporate and government sector respectively as per investment guidelines defined by the regulator.

“The concept of retirement planning is still at a very nascent stage in India. We want all the citizens in India to build their retirement wealth with NPS and enjoy regular income through Annuity post superannuation for a secured retired life. With a little retirement planning, citizens can continue to live with freedom while maintaining financial independence during their second innings of life,” said Sumit Shukla, MD and CEO, Axis Pension Fund.

Axis Pension Fund said in a press release that it is committed to supporting its customers and investors and will focus on quality investment approaches across asset classes within the prescribed regulatory guidelines.

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With this development, Axis Group shall now cater to all retirement product categories including pension products, pension fund management, and annuities to help customers plan their retirement.

Axis PFM is a subsidiary of Axis Asset Management Company Limited and a step-down subsidiary of Axis Bank Limited. The PFM received the certificate for business commencement on September 20 this year by PFRDA and started operations from October 21.

"The company has already become the fastest private Pension Fund to cross ₹100 crores of AUM within the first 45 days of business operations,” Amitabh Chaudhry, MD and CEO, Axis Bank said.

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