Bhubaneswar: The Odisha Finance Department has issued a notification allowing employees of State Autonomous Bodies and State Public Sector Undertakings (PSUs) to invest their entire pension fund in Government securities.

Detailing the options available under Tier-I of the National Pension Scheme (NPS), the Finance Department stated, “Employees who prefer returns with comparatively less amount of risk shall be given an option to invest 100% of the funds in Government securities.”

Subscribers will also have the freedom to select from a range of pension fund managers, including those from the private sector. They can change their fund manager once a year. However, the existing default option—comprising a combination of public sector pension funds—will continue to be available for both new and existing subscribers.

For employees aiming for higher returns and willing to accept relatively more risk, two life cycle-based investment schemes will be offered:

•    Conservative Life Cycle Fund (LC-25): Maximum equity exposure capped at 25%.

•    Moderate Life Cycle Fund (LC-50): Maximum equity exposure capped at 50%.

Eligible subscribers will be permitted to revise their investment pattern choices twice within a financial year.