Pension Fund Regulatory and Development Authority


Pension Fund Regulatory and Development Authority

The Pension Fund Regulatory and Development Authority (PFRDA), a statutory body, is the pension regulator of India which was set up by Government of India on August 23, 2003, and was authorized by Ministry of Finance, Department of Financial Services. Upon introduction of the PFRDA Bill by the Government of India in the Parliament of India and the outcome passage of the PFRDA Actin 2013, the Authority became a Central Autonomous Body. Like other financial sector regulators called Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) and Insolvency and Bankruptcy Board of India (IBBI), PFRDA is a government regulatory body having executive, legislative and judicial powers.

PFRDA encourages old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related issues. Presently, PFRDA is regulating and administering the National Pension System (NPS) along with administering the Atal Pension Yojana (APY) which is a defined advantage of a pension scheme for the unorganized sector, guaranteed by the Government of India. PFRDA is responsible for the appointment of various intermediate agencies such as Central Record Keeping Agency (CRA), Pension Fund Managers, Custodian, NPS Trustee Bank, etc.

Structure

The Authority comprises of a Chairperson and not more than five members, of whom at least three shall be whole-time members, to be appointed by the Central Government.

Current members

  • Hemant G. Contractor, Chairman
  • Dr. B.S.Bhandari, Whole-Time Member(Economics)
  • Sh. Supratim Bandopadhyay, Whole-Time Member(Finance)
  • Sh. Madnesh Mishra, Part-Time Member
  • Ms. Annie George Mathew, Part-Time Member
  • Ms. Vandana Sharma, Part-Time Member

National Pension System

National Pension System is a defined contributory pensions system launched by Government of India. It is important for all Central Government employees with effect from Jan 1, 2004. It extends to all citizens of India covering workers of the unorganized sector on a voluntary basis with effect from May 1, 2009. On October 29, 2015, the Reserve Bank of India allowed Non-Resident Indians (NRI) to subscribe to NPS.

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