Life Insurance Corporation of India (LIC), on Thursday, announced that it has been selected by Pension Fund Regulatory & Development Authority (PFRDA) to sponsor a company for managing pension funds of central government employees who joined services on or after January 1, 2004.

One of the rider imposed by PFRDA demanded that LIC has to form a separate company to manage the funds. Accordingly, LIC sponsored LIC Pension Fund Limited has been set up effective November 21, 2007. 
With this, LIC Pension Fund has become the first company incorporated in India to manage pension funds under the New Pension System (NPS), according to an official press release issued here.