New Delhi: Leading fund house Reliance Capital Asset Management Company has got government approval for first ever equity-oriented pension scheme giving tax benefits to investors. The government has notified Reliance Retirement Fund as a ‘Pension Fund’ under a relevant section of the Income Tax Act offering tax deductions to individuals for investments up to Rs 1.5 lakh in a financial year.
So far, only two fund houses have been allowed to launch such pension schemes, but both of them offer only one plan each which are predominantly debt-oriented. Besides, UTI and Franklin Templeton MFs had got approvals to launch their Pension funds more than 15 years ago.
