The operationalisation of the new pension scheme, scheduled to have started from April, is to be delayed as the appointment of fund mangers is being deferred till July.

"The expectations are that the pension fund managers will be appointed within 3-4 months," U K Sinha, joint secretary (pension and capital markets), told PTI.

The government had already put in place an interim Pension Regulatory and Development Authority and is working on the nitty-gritties regarding the number of players, minimum capital required and the foreign direct investment limit in the segment, which would initially target the employees in the central sphere.

"Nothing had been decided so far," he said.

Many financial entities like UTI Mutual Fund, Punjab National Bank, Bank of Baroda and Prudential have evinced interest in foraying into the pension segment.

Concerned over mounting pension liabilities, the Union Cabinet had approved the opening up of the pension sector and the government had broadly approved the schemes to be launched by the pension fund houses.

As a precursor to operationalisation of new pension, a Central Record-keeping and Accounting Agency has to be set up, which would offer investors the portability among income, growth and balanced schemes. 

UTI Investors Services, which is now handling permanent account number allotment for the income tax department, along with National Securities Depositories is keen on putting bid for the CRA.