Institutional Mechanisms in Pension Fund Management

Retirement income plans in India face one or more of three common problems: poor funding, inadequate diversification, and weak governance. This paper discusses policy issues raised by these problems in the context of three case studies - the Indian Railways Pension Fund, the Employees Provident Fund, and the Seamen's Provident Fund. It examines means to reform these pension funds, drawing upon both Indian and international evidence and experience. Using these case studies as a basis, it offers general recommendations for pension reform in India.