MUMBAI, May 7: Kothari Pioneer Pension Plan from Kothari Pioneer Mutual Fund has reopened for sale and repurchase from April 29. It has invested 100 per cent of its funds in high-yield debentures, and aims at giving a return of 14 per cent per annum for the first year.

The Asset Management Company-ITI Pioneer-has announced that it will forgo its management fee if the net asset value (NAV) of the pension plan on March 31, 1998, is less than Rs 11.40.

The plan offers two options — dividend scheme and growth scheme. Under the dividend scheme, the dividends will be re-invested till the investor is 58 years of age. Under the growth scheme, the investor will receive returns in the form of capital appreciation.

It also allows for investors to plan their taxes in advance through the systematic investment plan. By this, investors can make additional investments of a minimum of Rs 500 by way of 12 or six post-dated cheques and additional units will be credited to their accounts at the prevailing net asset value at the beginning of every month.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.