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Budget 2023 should hike additional NPS deduction from Rs 50,000 to Rs 1 lakh: Kurian Jose, CEO, Tata Pension Management

National Pension Scheme’s newest fund manager, Tata Pension Management’s CEO Kurian Jose, has a challenge ahead of him, what with a crowded space with nine other competitors and a product that is yet to hit the popularity levels it deserves.

January 17, 2023 / 10:48 AM IST

The National Pension Scheme (NPS) now has 10 pension fund managers with Tata Pension Management joining the list, having received its licence from the Pension Fund Regulatory and Development Authority last year. Retirement as a financial goal is slowly gaining popularity with more wealth managers and financial planners joining the discussion, even if many Indians are yet to fully understand the concept of retirement planning. On the flip side, more people are increasingly adopting the FIRE or financially independent, retire early philosophy, which brings the focus back on retirement planning. To tap into this growing (albeit at a slow rate) pool, mutual funds and insurance companies, too, have their suite of retirement products ready. In an interaction with Moneycontrol, Kurian Jose, chief executive officer, Tata Pension Management, shared his plans on how his company aims to take a slice of the retirement planning market pie. Edited excerpts:

It is five months since you started managing money for NPS. How has been the experience so far?

We got our licence to manage NPS money in July 2022 and we commenced our business on August 19, 2022. So far we are managing about Rs 40 crore across 4000 subscribers. We are getting around 320 subscribers per week. The target is to have at least 1,000 subscribers invest with us every week.

That will happen once we have a POP (point of presence, which enables investors to register and operate NPS accounts, besides handling service requests, among other things) licence where we can actively go and solicit business. Right now, we are more focused on spreading awareness than marketing.