NAV as on 17-Oct-2019 : LIC Pension Fund Scheme Central Govt.- 29.2018     LIC Pension Fund SG Scheme State Govt. -26.0827     NPS LITE -Govt.pattern-24.2776     LIC Pension Fund Scheme Corporate CG-19.3525    LIC PENSION FUND SCHEME E - TIER I- 18.9909    LIC PENSION FUND SCHEME C - TIER I- 18.3218    LIC PENSION FUND SCHEME G - TIER I-19.9047    LIC PENSION FUND SCHEME A - TIER I-12.5062    LIC PENSION FUND SCHEME E - TIER II- 15.8884    LIC PENSION FUND SCHEME C - TIER II -17.0431     LIC PENSION FUND SCHEME G - TIER II-20.2915    LIC PENSION FUND SCHEME A - TIER II-10    LIC PENSION FUND ATAL PENSION YOJANA SCHEME- 14.8814    
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Speech of the Former Chairman, Shri T.S. Vijayan at the Third Annual General Meeting of the Shareholders of LIC Pension Fund Ltd., Mumbai on July 20, 2010.

Dear Shareholders,.

On behalf of the Board of Directors and on my personal behalf, I take immense pleasure in extending a warm welcome to each one of you on this Third Annual General Meeting of LIC Pension Fund Ltd.

I trust you have already received Company’s Audited Financial Statements for the year 2009-10 along with the report of the Board of Directors. With your consent, I take them as read.

As you are aware that the New Pension System (NPS), which is a funded defined contribution pension system, has been introduced for the employees of the Central Govt. who have joined services on or after 1st January 2004. Subsequently 22 State Governments have also joined the NPS. LIC Pension Fund is one of the Fund Managers and has come a long way in terms of its performance and allocation of funds by NPS Trust which increased from 5% in 2008-09 to 29% in 2009-10. I am sure the allocation by NPS Trust will increase significantly in the current Financial year 2010-11.

During 2009-10 for the Govt.Fund investment management fees fixed by NPS Trust was 0.0009% (inclusive of transaction costs) on the lines of investment management fees for fund managers for all citizens as against investment management fees of 0.03% (plus transaction costs of 0.10% of actual deal value) in 2008-09. This has resulted in decline in income from management fees in the year 2009-10 substantially, even after increase in total size of the fund received in 2009-10 to Rs.688.51 crores as against Rs.101.61 crores in 2008-09.

I would also like to inform you that Investment Management of the company is carried out strictly in terms of PFRDA guidelines which are monitored by the NPS Trust on quarterly basis. The company pays due attention to Risk Management and Corporate Governance. Company’s corporate governance philosophy is centred around its total commitment to ethical practices in the conduct of its business, while striving to enhance shareholders’ value. The relationship between the Board, executives and other functionaries is so configured as to have distinctly demarcated roles and improved corporate performance.

Shri Thomas Mathew T., Managing Director, LIC of India has taken over the directorship of the company in place of Shri A.K. Dasgupta, Managing Director, LIC of India w.e.f. 5th May, 2010.

I thank Shri A.K. Dasgupta for his contribution during his association with the company from the very beginning and welcome Shri Thomas Mathew T. on the Board of LIC Pension Fund Ltd.

I would also like to mention that the company has received valuable support and guidance from PFRDA, NPS Trust, Central Record Keeping Agency (NSDL), Trustee Bank (Bank of India), Custodian (Stock Holding Corporation of India Ltd.), Brokers, our Banker (HDFC Bank), Statutory Auditors (M/s. Khandelwal Jain & Co.), Internal Auditors, (M/s. Haribhakti & Co.), various Govt. agencies and Board of Directors for which I thank them all.

I also take this opportunity to thank the shareholders for the unstinted support and assure them our commitment to enhance shareholders’ value consistently. I wish to place on record the commitment, dedication and hard work of the team of LIC Pension Fund Ltd.

I also assure the shareholders of the company that in the years to come LIC Pension Fund will maintain its growth momentum and emerge as a significant institutional investor in the country.

Thanking you,

(T.S. Vijayan)

Date: 20th July, 2010.

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