According to a senior UTI official, the fund house is in the process of finalizing a number of such tie-ups very soon.

In fact, UTI is planning to take the scheme beyond Indian shores as well — Non-resident Indians in the Gulf countries would also be able to join the pension scheme soon. UTI expects its micro-pension scheme to emerge as a role model not only domestically but also for unorganised workers in other countries.

With returns over 9 per cent in the last one year alone and 16 per cent over the last five years, UTI’s Retirement Benefit Plan has done better than the contractual government administered retirement schemes like the Employees’ Provident Fund or the Public Provident Fund.

With a maximum of 40 per cent of the plan’s investments being in equities, the Government could ask the Left parties (opposing the equity route in EPFO as well as under the New Pension Scheme) to look at UTI’s pension scheme more closely.