The Business Bytes
TBB BUREAU
MUMBAI, AUG 30, 2022
The Union Asset Management Company Private Limited has launched an open-ended Union Retirement Fund, with a lock-in of five years or till the retirement age, whichever comes first.
The new fund offer (NFO) will open on September 1, 2022, and close on September 15, 2022. The minimum investment is Rs. 1,000 and thereafter, in multiples of Re. 1.
The fund hopes the new retirement scheme will benefit employees facing various layoff risks due to changes in the economy or those planning to drop out permanently to pursue their own dreams or career.
Moreover, it believes the rise in the national life expectancy to nearly 70 years makes it indispensable for people to have a retirement policy to capitalize on freedom and opportunities post their retirement age.
The fund claims its equity investment plan is designed to help customers achieve their life goals. For instance, it has a compulsory lock-in of five years or till the retirement age, whichever is earlier.
Commenting on the scheme at the launch event on Monday, Union AMC CEO G. Pradeepkumar said, “It (NFO) is a bugle that calls for serious introspection amongst all stakeholders to dovetail aspiration planning with financial planning.”
Pradeepkumar stressed that “Renewment planning is how one meticulously plans for freedom in a disciplined manner. It goes beyond just planning for the pursuit or accumulation of wealth.”
The scheme’s allotment date is September 22, 2022. It will re-open for ongoing sale and repurchase on September 29, 2022.
