Pension Fund Regulatory and Development Authority (PFRDA)
PFRDA regulates the NPS ecosystem. The objective of PFRDA is to promote old-age income security by establishing, developing and regulating pension funds to protect the interests of the subscribers of pension fund and for matters connected therewith or incidental thereto.
On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India. The contributory pension system was notified by the Government of India on 22nd December, 2003, now named the National Pension System (NPS) with effect from the 1st January, 2004. The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013 and the same was notified on 1st February, 2014. PFRDA regulatesNPS, subscribed by employees of Central Government, State Governments that have adopted NPS, Central and State Autonomous Bodies, by employees of private institutions / organizations & all citizens of India. PFRDA is ensuring the orderly growth and development of pension market.
Functions of PFRDA:
- Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
- Providing pension schemes not regulated by any other enactment;
- Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
- Approving the schemes, and laying down norms of investment guidelines under such schemes;
- Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
- Ensuring that the intermediation and other operational costs are economical and reasonable;
- Making existing grievance redressal process robust & time bound.
- Adjudication of disputes between intermediaries and between intermediaries and subscribers.
Authority
The Government of India had, in the year 1999, commissioned a national project titled “OASIS” (an acronym for old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, Government of India introduced a new Defined Contribution Pension System for the new entrants to Central/State Government service, except to Armed Forces, replacing the existing system of Defined Benefit Pension System. On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India. The contributory pension system was notified by the Government of India on 22nd December, 2003, now named the National Pension System (NPS) with effect from the 1st January, 2004. The NPS was subsequently extended to all citizens of the country w.e.f. 1st May, 2009 including self employed professionals and others in the unorganized sector on a voluntary basis.
Preamble
The Preamble of the Pension Fund Regulatory & Development Authority Act, 2013 describes the basic functions of the PFRDA as – “…. to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.”
Head Office of the Authority
Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi-110029
COMPOSITION OF THE AUTHORITY (as on 10th August 2022)
The Authority shall consist of a Chairperson and not more than six members, of whom at least three shall be Whole-Time Members, to be appointed by the Central Government.
Present composition of the Authority
-
Shri Supratim Bandyopadhyay
Chairperson - Pension Fund Regulatory and Development Authority
Ph : 011 - 2651 7095, 011 - 4506 3672
Email : chairman@pfrda.org.in, chairmansect@pfrda.org.in -
Prof. (Dr.) Manoj Anand
Whole Time Member (Finance) - Pension Fund Regulatory and
Development Authority
Ph : 011 - 4750 2125
Email : wtm.finance@pfrda.org.in -
Ms Annie George Mathew (IA & AS 1988),
Special Secretary (Pers.),
Department of Expenditure, Ministry of Finance,
Part-Time Member-PFRDA -
Shri Pankaj Sharma (ICAS 2000),
Joint Secretary,
Department of Financial Services, Ministry of Finance,
Part-Time Member-PFRDA -
Shri Rahul Singh (IAS 1996), Joint Secretary (S&V), Department of Personnel and Training
Part-Time Member-PFRDA