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Union Asset Management Company has announced the launch of a new fund offer (NFO) on September 1 namely Union Retirement Fund. The fund offer will stay open for investors until September 15, 2022.
It is an open-ended retirement solution-oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier). Vinay Paharia and Sanjay Bembalkar are the fund managers for Union Retirement Fund.
According to the press release, the structure of the scheme has been designed to help customers in achieving the required discipline. The scheme comes with a compulsory lock-in of 5 years or retirement age whichever is earlier and offers only an equity investment plan.
The main objective of the scheme is to generate long termlong-term capital gains by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the scheme with a view to provide a retirement investment solution to investors. However, there is no assurance that the investment objective of the scheme will be achieved, as per AMC.
Top five retirement funds that demonstrated the best performance in the past three years
| Name of the schemes | 3 year trailing returns (%) |
| HDFC Retirement Savings Fund-Equity Plan | 23.8 |
| ICICI Pru Retirement Fund-Pure Equity Plan | 20.57 |
| Tata Retirement Sav Fund - Prog Plan | 15.19 |
| Nippon India Retirement Fund-Wealth Creation | 13.46 |
| Franklin India Pension Plan | 8.46 |
(Source: fundsindia, as of 30 August)
The allotment date of scheme will be September 22 and will re-open for ongoing sale and repurchase on September 29. The scheme is benchmarked against S&P BSE 500 Index (TRI). The minimum investment required is Rs. 1,000 and in multiples of Rs. 1 thereafter.
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.”
“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,” he added.