During the recent presidential campaign, it became clear that the world finally caught up with us as a climate emerged for acknowledging grandparents: We learned that Sarah Palin, the Republican nominee for vice president, was about to become a grandma and Barack Obama, then Democratic candidate for president, had supended his campaign for a few days to visit his ailing grandmother.
At Grandparents.com, we've scoured the news for grandparents, famous and not-so famous, who have affected the world, leading through example or changing the way we think. As the year comes to a close, we celebrate these extraordinary individuals who embody the finest attributes of today's grandparents — love, strength, and bold new perspectives — with our first Top 11 Grandparents awards.
11. Paul McCartney
The former Beatle proved that the birth of a grandchild never gets old — even if it's your sixth. The call of the American open road and the celebration of his 66th birthday with new love Nancy Shevell couldn't keep Sir Paul from flying back to England to meet his new grandson, Sam, born to daughter Mary.
10. Sarah Palin
Despite the controversy surrounding her teenage daughter Bristol's pregnancy, the vice-presidential nominee stood strong in support of her child. Nary an excuse flew out of her mouth, nor did she give a cold shoulder to the baby daddy. Instead, Palin embraced the situation and declared that her first grandchild will grow up in a loving family.
9. Sonia Briggs
Armed with her medical bag, weapon, ammunition pack, and her laptop (to keep in touch with the family), Sonia Briggs, 50, left the trappings of regular life to assume her role as a corporal nurse in Britain's Royal Auxiliary Air Force in Afghanistan. The grandmother of three humbly told the The Mirror she wanted to do "her bit," giving patriotism a new face along the way.
8. Dolph Overton
Serious collectors seek out the most beautiful and rare examples of the objects they love. For the North Carolinian, Korean War ace, 82-year-old Dolph Overton, it was a 1929 Ford 4-AT-E Tri-Motor airplane hit by bullets during the 1941 attack Pearl Harbor. Overton restored the plane and then decided it was time to sell, saying some things are more important than possessions. The funds will pay for the education of his ten grandchildren.
7. Louise Stoll
Watching her pregnant daughter awkwardly exit a plane carrying a toddler on one hip, a car seat on the other, and a diaper bag, Louise Stoll, 69, of Vermont, had a simple idea — ditch the car seat. Stoll designed the Child Aviation Restraint System (CARES), a harness for children between 22 and 44 pounds, making it easier for little ones to travel. With nearly half of all grandparents living 200 miles or more from a grandchild, according to an AARP survey, Stoll's invention helps bring families together safely.
6. Jacilyn Dalenberg and Crystal Sirignano
No parent wants to watch a child suffer through the pains of infertility but Jacilyn Dalenberg, 56, of Ohio, and Crystal Sirignano, 52, of Michigan, showed an uncommon level of support by acting as surrogates for their daughters' children. Dalenberg gave birth to three granddaughters and Sirignano to a girl and boy. Sirignano called it, "the best experience of my life."
5. Shimon and Yehudit Rosenberg
The three-day terrorist siege in Mumbai over theThanksgiving holiday claimed the lives of 163 people, including Rabbi Gavriel Holtzberg and his wife, Rivka, who ran the city's Chabad-Lubavitch center. Rivka's parents, Shimon and Yehudit Rosenberg of Israel, won't let an act of hate destroy the couples' legacy. They are raising their two-year-old grandson, Moshe, and said they will rebuild the center.
4. James Lewin
James Lewin, 65, was walking his newborn granddaughter in her carriage after a holiday celebration when a pickup truck came careening toward them. The Colorado grandfather pushed the carriage to safety but sustained life-threatening injuries that he continues to battle in the hospital. Lewin's heroics have become a symbol of the unconditional sacrifices grandparents make for the youngest generation.
3. Pope Benedict XVI
Okay, so he's not a grandpa, but the rock-star pontiff ingratiated himself to our cause when he said grandparents are "a treasure which the younger generation should not be denied." Speaking at a conference last April meant to highlight grandparents' roles in families, the Pope called grandparents "a precious resource … to be better valued." We couldn't agree more.
2. Marian Lucille Herndon McQuade
Marian Lucille Herndon McQuade, the West Virginia, housewife who lobbied for the creation of Grandparents Day, passed away this year at the age of 91. Her work serves as a national reminder to take the time to honor everyday heroes who make the world a better place for their grandchildren.
1. Marian Robinson
Her son-in-law Barack Obama got the lion's share of ink this year, but Marian Robinson, 71, is truly the "unsung hero," as the President-Elect referred to her on 60 Minutes. As the First Granny, Robinson is likely headed to D.C., at the behest of her daughter, Michelle. So far, grandparenthood has been hectic, with Robinson putting her own needs second to those of her granddaughters, Sasha and Malia, by devoting herself to maintaining their daily routine during the campaign. An extended Obama family proves the importance of grandparents in raising strong children. Now might be Obama's time, but the future is Sasha's and Malia's, as far as Robinson is concerned.
Courtesy: http://www.grandparents.com/gp/content/newsoftheday/news/article/top-11-grandparents-of-2008.html?utm_source=Newsletter&utm_medium=Email&utm_content=141&utm_campaign=top_11_gp?
Wednesday, December 31, 2008
Socializing and Cognition
Socializing with friends and family can do more than lift the spirits of elderly women - it can improve cognition and might help prevent dementia, according to a study.
The study began in 2001 and included women at least 78 years old who were free of signs of dementia. Researchers conducted follow-up interviews between 2002 and 2005 (American Journal of Public Health, July 2008).
"We've interviewed people who were not demented and who were able to report on their social network at baseline in 2001," said lead author Valerie Crooks, DSW, director of clinical trials administration and a research scientist at the Southern California Permanente Medical Group. "By starting with people who are cognitively intact and following them over time, you can begin to make a legitimate link between social networks and dementia."
Women frequently experience increasing social isolation as they age, but it has been difficult to make a solid connection between this social separation and cognitive function and dementia.
For this study, researchers pooled data from 2,249 members of a health maintenance organization, comparing health conditions and demographic information for women with and without dementia at follow-up, at which time they identified 268 new dementia cases in the previously screened women.
The researchers rated each woman's social network by asking about the number of friends and family members who kept in regular contact, and of these, how many she felt she could rely on for help or confide in.
Of the 456 women with low "social network" scores, 80 women (18 percent) had developed dementia. Of the 1793 women with stronger social networks, 188 (10 percent) had developed dementia.
"The study does a laudatory job of addressing the relationship of these variables," said Deborah Newquist, PhD, director of geriatric services at Louisville, Ky.-based ResCare, Inc. However, concluding that isolation causes dementia might be overstating the case, said Dr. Newquist, who is not associated with the study.
"The fundamental problem here is one of the chicken and the egg," she said. "Are weak social relationships caused by dementia or the other way around?"
"Finding ways to help older adults remain engaged in productive and enjoyable activities is an important component of successful aging," said Cathleen Connell, PhD, head researcher at the Center for Managing Chronic Disease at the University of Michigan. "Not only have social networks been linked to positive physical and mental health outcomes, but also to quality of life."
"Our findings indicate that it's important to think about ways to try to reduce the amount of isolation people have - even those with families," Dr. Crooks said. "It's also important for us to find out what kinds of social support groups we can create for people who are isolated based on extreme age or lack of family."
Courtesy: http://speech-language-pathology-audiology.advanceweb.com/editorial/content/editorial.aspx?cc=191186
The study began in 2001 and included women at least 78 years old who were free of signs of dementia. Researchers conducted follow-up interviews between 2002 and 2005 (American Journal of Public Health, July 2008).
"We've interviewed people who were not demented and who were able to report on their social network at baseline in 2001," said lead author Valerie Crooks, DSW, director of clinical trials administration and a research scientist at the Southern California Permanente Medical Group. "By starting with people who are cognitively intact and following them over time, you can begin to make a legitimate link between social networks and dementia."
Women frequently experience increasing social isolation as they age, but it has been difficult to make a solid connection between this social separation and cognitive function and dementia.
For this study, researchers pooled data from 2,249 members of a health maintenance organization, comparing health conditions and demographic information for women with and without dementia at follow-up, at which time they identified 268 new dementia cases in the previously screened women.
The researchers rated each woman's social network by asking about the number of friends and family members who kept in regular contact, and of these, how many she felt she could rely on for help or confide in.
Of the 456 women with low "social network" scores, 80 women (18 percent) had developed dementia. Of the 1793 women with stronger social networks, 188 (10 percent) had developed dementia.
"The study does a laudatory job of addressing the relationship of these variables," said Deborah Newquist, PhD, director of geriatric services at Louisville, Ky.-based ResCare, Inc. However, concluding that isolation causes dementia might be overstating the case, said Dr. Newquist, who is not associated with the study.
"The fundamental problem here is one of the chicken and the egg," she said. "Are weak social relationships caused by dementia or the other way around?"
"Finding ways to help older adults remain engaged in productive and enjoyable activities is an important component of successful aging," said Cathleen Connell, PhD, head researcher at the Center for Managing Chronic Disease at the University of Michigan. "Not only have social networks been linked to positive physical and mental health outcomes, but also to quality of life."
"Our findings indicate that it's important to think about ways to try to reduce the amount of isolation people have - even those with families," Dr. Crooks said. "It's also important for us to find out what kinds of social support groups we can create for people who are isolated based on extreme age or lack of family."
Courtesy: http://speech-language-pathology-audiology.advanceweb.com/editorial/content/editorial.aspx?cc=191186
Two Mothers: A poem by Daughter for her Alzheimer's suffering Mother
I had two mothers...
Two mothers I claim.
Two different people ..
Yet with the same name.
Two separate women ...
Diverse by design.
But I loved them both
Because they were both mine.
The first was the mother
who carried me here
Gave birth and nurtured and
launched my career.
She was the one whose features I bear.
Complete with the facial expression I wear.
She gave me some music which follows me yet.
Along with examples in the lafe that she set.
Then as I got older she some younger grew.
And we'd laugh as just mothers and daughter do.
As quickly she changed and turned to the other.
A stranger who dressed in the clothes of my mother.
Oh she looked the same at least at arms length
But she was the child now and I was her strength.
We'd come full circle we women three.
My mother the first, the second and me.
And if my own children should come to a day
When a new mother comes and the old goes away
I'd ask of them nothing that I didn't do
Love both of your mothers as both have loved you.
by Anonymous
Courtesy: http://www.lightbridgehealthcare.com/1566.xml
Two mothers I claim.
Two different people ..
Yet with the same name.
Two separate women ...
Diverse by design.
But I loved them both
Because they were both mine.
The first was the mother
who carried me here
Gave birth and nurtured and
launched my career.
She was the one whose features I bear.
Complete with the facial expression I wear.
She gave me some music which follows me yet.
Along with examples in the lafe that she set.
Then as I got older she some younger grew.
And we'd laugh as just mothers and daughter do.
As quickly she changed and turned to the other.
A stranger who dressed in the clothes of my mother.
Oh she looked the same at least at arms length
But she was the child now and I was her strength.
We'd come full circle we women three.
My mother the first, the second and me.
And if my own children should come to a day
When a new mother comes and the old goes away
I'd ask of them nothing that I didn't do
Love both of your mothers as both have loved you.
by Anonymous
Courtesy: http://www.lightbridgehealthcare.com/1566.xml
Top 10 Things to do After a Family Member has been Diagnosed with Alzheimer's Disease
1. Find people you can talk to for support and information. Join a dementia support group. Try not to blame yourself or the person with dementia. Talking to others will help you get through this.
2. Contact your local Alzheimer's Association chapter. Consider enrolling your family member in the Alzheimer's Association's Safe Return® Program, which helps find people with dementia in the event that they wander off and become lost. For more information, go to www.alz.org and http://www.alz.org/we_can_help_safe_return.asp.
3. Inform other family members. Involve them in the decision-making and planning processes. Consider involving the most appropriate family members first, bringing in others as needs arise.
4. Educate yourself and your family about the disease, caregiving needs and available options. Consult educational resources such as www.lightbridgehealthcare.com and www.alz.org.
5. Safety-proof your house, and restrict the family member's access to driving a car.
6. Discuss medications for dementia as well as other health issues and general health maintenance with your family member's doctors. Additionally, explore non-drug treatments for dementia-related issues.
7. Consider your own health--always make sure to take care of yourself. Try to get regular exercise, sleep, and relaxing moments to yourself. Find the things that bring you joy or happiness and seek them out. Try to keep your sense of humor.
8. Find activities that you and your family member can still enjoy and make time for those activities.
9. Review the state of your family member's finances, insurance, and health resources. Try to anticipate medical and financial issues. Seek advice from a lawyer regarding powers of attorney, wills, insurance, and other legal matters. Consider meeting with a financial planner regarding finances.
10. Develop a long-term plan of action for treatment and care. Consider whether at-home care, paid residential care, or a nursing home works best for you, your family, and your loved one with dementia.
You can also contact in India : info@silverinnings.com and http://www.mykerala.net/alzheimer/ ; www.silverinnings.com
Courtesy: http://www.lightbridgehealthcare.com/1557.xml
2. Contact your local Alzheimer's Association chapter. Consider enrolling your family member in the Alzheimer's Association's Safe Return® Program, which helps find people with dementia in the event that they wander off and become lost. For more information, go to www.alz.org and http://www.alz.org/we_can_help_safe_return.asp.
3. Inform other family members. Involve them in the decision-making and planning processes. Consider involving the most appropriate family members first, bringing in others as needs arise.
4. Educate yourself and your family about the disease, caregiving needs and available options. Consult educational resources such as www.lightbridgehealthcare.com and www.alz.org.
5. Safety-proof your house, and restrict the family member's access to driving a car.
6. Discuss medications for dementia as well as other health issues and general health maintenance with your family member's doctors. Additionally, explore non-drug treatments for dementia-related issues.
7. Consider your own health--always make sure to take care of yourself. Try to get regular exercise, sleep, and relaxing moments to yourself. Find the things that bring you joy or happiness and seek them out. Try to keep your sense of humor.
8. Find activities that you and your family member can still enjoy and make time for those activities.
9. Review the state of your family member's finances, insurance, and health resources. Try to anticipate medical and financial issues. Seek advice from a lawyer regarding powers of attorney, wills, insurance, and other legal matters. Consider meeting with a financial planner regarding finances.
10. Develop a long-term plan of action for treatment and care. Consider whether at-home care, paid residential care, or a nursing home works best for you, your family, and your loved one with dementia.
You can also contact in India : info@silverinnings.com and http://www.mykerala.net/alzheimer/ ; www.silverinnings.com
Courtesy: http://www.lightbridgehealthcare.com/1557.xml
Tuesday, December 30, 2008
Social Security Bill: A ray of hope for many
Almost one-third of Gujarat’s population, comprising nearly 1.72 crore people in the unorganised labour force, can now hope for a social security net around them.
This is thanks to the Unorganised Sector Workers Social Security Bill, 2008, which was passed by the Parliament in the recently concluded Winter Session.
The Bill, which is an enabling legislation, incorporates 11 social security schemes.
It also has provision for a 34-member National Social Security Board that will take decisions relating to the schemes.
It mandates the Gujarat government to formulate and notify welfare schemes relating to provident fund, employment injury benefit, housing, education for children, skill upgradation, funeral assistance and old age homes.
The Self-Employed Women’s Association (SEWA) informed that although Gujarat already has schemes like group insurance for landless agricultural labourers, fishermen, forest workers, salt workers, and the Shramik
Suraksha Scheme, the problem has been that the acts, as they exist today, apply only to workers with a clear employer-employee relationship.
Manali Shah of SEWA, an Ahmedabad-based trade union of unorganised sector having nearly 11 lakh members across India, said, “We welcome this Bill as it proposes to change that.”
The Bill redefines ‘unorganised worker’ to include all types of workers — those with a fixed employer, self-employed, casual labourers, contract-based and home-based among others.
It identifies each unorganised worker and gives a unique social security number and social security card to each of them.
The Bill offers a variety of social security benefits, including health insurance, maternity benefits, and pensions among others.
This Bill will also benefit Senior Citizens.
It binds the Centre to provide a minimum amount of benefits and funds. It creates a participatory structure, an architecture that works with the government and includes civil society groups and semi-government organisations.
A glance at the social security schemes under the Bill
1. National Old Age Pension Scheme
2. National Family Benefit Scheme
3. National Maternity Benefit Scheme
4. Mahatma Gandhi Bunkar Bima Yojana
5. Health Insurance Scheme for Handloom Weaver
6. Scheme for Pension to Master Craftsperson
7. Group Accident Insurance Scheme for Active Fishermen
8. Saving-Cum-Relief for Fishermen
9. Janshree Bima Yojana
10. Aam Admi Bima Yojana
11. Swasthya Bima Yojana
Source: http://www.expressindia.com/latest-news/social-security-bill-a-ray-of-hope-for-the-unorganised-labour-force/404126/
This is thanks to the Unorganised Sector Workers Social Security Bill, 2008, which was passed by the Parliament in the recently concluded Winter Session.
The Bill, which is an enabling legislation, incorporates 11 social security schemes.
It also has provision for a 34-member National Social Security Board that will take decisions relating to the schemes.
It mandates the Gujarat government to formulate and notify welfare schemes relating to provident fund, employment injury benefit, housing, education for children, skill upgradation, funeral assistance and old age homes.
The Self-Employed Women’s Association (SEWA) informed that although Gujarat already has schemes like group insurance for landless agricultural labourers, fishermen, forest workers, salt workers, and the Shramik
Suraksha Scheme, the problem has been that the acts, as they exist today, apply only to workers with a clear employer-employee relationship.
Manali Shah of SEWA, an Ahmedabad-based trade union of unorganised sector having nearly 11 lakh members across India, said, “We welcome this Bill as it proposes to change that.”
The Bill redefines ‘unorganised worker’ to include all types of workers — those with a fixed employer, self-employed, casual labourers, contract-based and home-based among others.
It identifies each unorganised worker and gives a unique social security number and social security card to each of them.
The Bill offers a variety of social security benefits, including health insurance, maternity benefits, and pensions among others.
This Bill will also benefit Senior Citizens.
It binds the Centre to provide a minimum amount of benefits and funds. It creates a participatory structure, an architecture that works with the government and includes civil society groups and semi-government organisations.
A glance at the social security schemes under the Bill
1. National Old Age Pension Scheme
2. National Family Benefit Scheme
3. National Maternity Benefit Scheme
4. Mahatma Gandhi Bunkar Bima Yojana
5. Health Insurance Scheme for Handloom Weaver
6. Scheme for Pension to Master Craftsperson
7. Group Accident Insurance Scheme for Active Fishermen
8. Saving-Cum-Relief for Fishermen
9. Janshree Bima Yojana
10. Aam Admi Bima Yojana
11. Swasthya Bima Yojana
Source: http://www.expressindia.com/latest-news/social-security-bill-a-ray-of-hope-for-the-unorganised-labour-force/404126/
Monday, December 29, 2008
National Online Data Bank on Ageing
Dear Friends,
After attending International Symposium and Conference of Gerontology and Geriatrics at Tirupati ,Iam still suffering from the conference hangover.
To capatilise on this,Iam seriously thinking to start National Online Data Bank on Ageing.This data bank will be one stop recourse for all the research paper/study on various segment of Ageing - Gerontology and Geriatrics.
This will help civil society to understand the issues and problems of ageing and will also disseminate the study and knowledge of Ageing to common man.
At present many research scholar,institution,organisation under take research and this thesis only becomes part of conference, manuals,library racks,souvenirs.I remember Prof. Jamuna informing us about 4000 papers on ageing till date.
I appeal to all the people working in India and South East Asia in field of Ageing to help/guide me to establish such data bank for the benefit of the Elderly.
Wish you all Very Happy New Year,hope the year 2009 will get us on common platform for the cause.
Warm Regards,
Sailesh Mishra
Ctc me : sailesh2000@gmail.com
www.silverinnings.com
Founder President - Silver Inning Foundation
After attending International Symposium and Conference of Gerontology and Geriatrics at Tirupati ,Iam still suffering from the conference hangover.
To capatilise on this,Iam seriously thinking to start National Online Data Bank on Ageing.This data bank will be one stop recourse for all the research paper/study on various segment of Ageing - Gerontology and Geriatrics.
This will help civil society to understand the issues and problems of ageing and will also disseminate the study and knowledge of Ageing to common man.
At present many research scholar,institution,organisation under take research and this thesis only becomes part of conference, manuals,library racks,souvenirs.I remember Prof. Jamuna informing us about 4000 papers on ageing till date.
I appeal to all the people working in India and South East Asia in field of Ageing to help/guide me to establish such data bank for the benefit of the Elderly.
Wish you all Very Happy New Year,hope the year 2009 will get us on common platform for the cause.
Warm Regards,
Sailesh Mishra
Ctc me : sailesh2000@gmail.com
www.silverinnings.com
Founder President - Silver Inning Foundation
Pension reforms in India off the blocks
The pension regulator today set the stage for opening the business for non-government employees from April by seeking proposals for setting up six pension funds.
Among the host of conditions specified in the Primary Information Memorandum and Expression of Interest (EOI) package, the Pension Fund Regulatory & Development Authority (PFRDA) intends to allow up to 26 per cent foreign investment but with the rider that the direct or indirect holding should not exceed 26 per cent.
The stipulation is akin to the foreign investment regime in the insurance sector, in which the regulator had also initially decided to factor in the indirect holding in the firm. Over the years, however, the norms were relaxed and the indirect holding is not counted in the 26 per cent ceiling for the sector.
The move from PFRDA is the latest in a series of financial sector reforms that the United Progressive Alliance government has managed to push through after the Left parties withdrew the support they extended in Parliament in June following disagreements over the Indo-US civil nuclear agreement.
Earlier this week, the government introduced a Bill to amend the insurance laws, which among other things, proposes to raise the foreign investment ceiling to 49 per cent.
If Parliament approves the insurance Bill, the foreign investment ceiling for the pension sector will also go up. A Bill to provide statutory backing to PFRDA is pending in Parliament but could not be approved owing to opposition from the Left parties. For the time being, however, PFRDA has proposed that the pension fund managers will sign an investment management agreement (IMA) with the board of the New Pension Scheme (NPS Trust).
The fund managers will be required to invest in line with the norms prescribed with a default option that is to be decided. The default option will come into play if an investor is unable to decide whether to invest in a balanced, growth or debt scheme. The investor will have the option of changing schemes periodically.
ELIGIBILITY CRITERIA FOR FUND MANAGERS:
* A new company has to be floated, which will get a ‘certificate of commencement of business’ from PFRDA
* At least 5 years experience of fund management
* Monthly average assets under management not less than Rs 8,000 crore for the last 12 months
* Direct and indirect foreign investment not more than 26%
* Net worth of Rs 10 crore
* Sponsor will not hold more than 10% of equity in any other pension fund
* Sponsor will not hold more than 10% of equity in central record keeping agency under NPS
* Sponsor will not hold more than 5% of equity stake in NPS Custodian
* 50% independent directors
Central or state public sector companies or entities regulated by the Reserve Bank of India, Securities & Exchange Board of India or Insurance Regulatory and Development Authority are eligible to bid to be sponsors of a pension fund.
While 14 mutual fund houses had average assets under management of over Rs 8,000 at the end of November 2008, most insurance companies meet the eligibility norms by virtue of having a foreign joint venture partner. Most banks are also eligible to bid.
In addition, the three fund managers – State Bank of India, UTI and Life Insurance Corporation – that already manage the pension contribution of central and state government employees who joined from January 2004, will also be eligible to manage non-government business but will have to segregate the operations.
The last date for submitting the expression of interest is January 9, sources said, and PFRDA intends to appoint the fund managers by the first week of February. In addition, it is expected to start the process of appointment of point of presence, where subscribers can deposit their funds, over the next week to 10 days. To ensure that cross-holding does not lead to conflict of interest, PFRDA has decided to restrict a sponsor’s holding in another fund and National Securities Depository Ltd (NSDL) the central record-keeping agency. In addition, the pension fund cannot hold over 5 per cent stake in the NPS custodian, Stock Holding Corporation.
Source:http://www.business-standard.com/india/storypage.php?autono=344465
Among the host of conditions specified in the Primary Information Memorandum and Expression of Interest (EOI) package, the Pension Fund Regulatory & Development Authority (PFRDA) intends to allow up to 26 per cent foreign investment but with the rider that the direct or indirect holding should not exceed 26 per cent.
The stipulation is akin to the foreign investment regime in the insurance sector, in which the regulator had also initially decided to factor in the indirect holding in the firm. Over the years, however, the norms were relaxed and the indirect holding is not counted in the 26 per cent ceiling for the sector.
The move from PFRDA is the latest in a series of financial sector reforms that the United Progressive Alliance government has managed to push through after the Left parties withdrew the support they extended in Parliament in June following disagreements over the Indo-US civil nuclear agreement.
Earlier this week, the government introduced a Bill to amend the insurance laws, which among other things, proposes to raise the foreign investment ceiling to 49 per cent.
If Parliament approves the insurance Bill, the foreign investment ceiling for the pension sector will also go up. A Bill to provide statutory backing to PFRDA is pending in Parliament but could not be approved owing to opposition from the Left parties. For the time being, however, PFRDA has proposed that the pension fund managers will sign an investment management agreement (IMA) with the board of the New Pension Scheme (NPS Trust).
The fund managers will be required to invest in line with the norms prescribed with a default option that is to be decided. The default option will come into play if an investor is unable to decide whether to invest in a balanced, growth or debt scheme. The investor will have the option of changing schemes periodically.
ELIGIBILITY CRITERIA FOR FUND MANAGERS:
* A new company has to be floated, which will get a ‘certificate of commencement of business’ from PFRDA
* At least 5 years experience of fund management
* Monthly average assets under management not less than Rs 8,000 crore for the last 12 months
* Direct and indirect foreign investment not more than 26%
* Net worth of Rs 10 crore
* Sponsor will not hold more than 10% of equity in any other pension fund
* Sponsor will not hold more than 10% of equity in central record keeping agency under NPS
* Sponsor will not hold more than 5% of equity stake in NPS Custodian
* 50% independent directors
Central or state public sector companies or entities regulated by the Reserve Bank of India, Securities & Exchange Board of India or Insurance Regulatory and Development Authority are eligible to bid to be sponsors of a pension fund.
While 14 mutual fund houses had average assets under management of over Rs 8,000 at the end of November 2008, most insurance companies meet the eligibility norms by virtue of having a foreign joint venture partner. Most banks are also eligible to bid.
In addition, the three fund managers – State Bank of India, UTI and Life Insurance Corporation – that already manage the pension contribution of central and state government employees who joined from January 2004, will also be eligible to manage non-government business but will have to segregate the operations.
The last date for submitting the expression of interest is January 9, sources said, and PFRDA intends to appoint the fund managers by the first week of February. In addition, it is expected to start the process of appointment of point of presence, where subscribers can deposit their funds, over the next week to 10 days. To ensure that cross-holding does not lead to conflict of interest, PFRDA has decided to restrict a sponsor’s holding in another fund and National Securities Depository Ltd (NSDL) the central record-keeping agency. In addition, the pension fund cannot hold over 5 per cent stake in the NPS custodian, Stock Holding Corporation.
Source:http://www.business-standard.com/india/storypage.php?autono=344465
Subscribe to:
Posts (Atom)