Pension Fund Regulatory and Development Authority
| Public | |
| Industry | Pension |
| Founded | August 23, 2003 |
| Headquarters | New Delhi, India [1] |
Key people
| Hemant Contractor , Chairman |
| Website | www.pfrda.org.in |
The Pension Fund Regulatory and Development Authority (PFRDA) is a pension regulatory authority which was established byGovernment of India on August 23, 2003. PFRDA is authorized by Ministry of Finance, Department of Financial Services. PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters. PFRDA is responsible for appointment of various intermediate agencies such as Central Record Keeping Agency (CRA), Pension Fund Managers, Custodian, NPS Trustee Bank, etc.
Structure
The Authority shall consist 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. Present Board of the Authority
- Hemant Contractor, Chairman
- Shri R. V. Verma, Whole-Time Member (Finance)
- Dr. B.S.Bhandari, Whole-Time Member(Economics)
- Dr. Shashank Saksensa, Part-Time Member
- Ms. Annie George Mathew, Part-Time Member
- Ms. Vandana Sharma, Part-Time Member
History
PFRDA has set up a Trust under the Indian Trusts Act, 1882 to oversee the functions of the Pension Fund Managers (PFMs). The NPS Trust is composed of members representing diverse fields and brings wide range of talent to the regulatory framework. The Union Parliament passed the IPRDA [Interim Pension Fund Regulatory & Development Authority] Bill in February 2003 as a Budget Announcement, approved by the then President of India, Dr. APJ Abdul Kalam. It was meant to be in place till the Final and Fullproof System was prepared, re-approved, and implemented in a way acceptable to all political parties in India, including the opposition. Tamil Nadu became the first state to implement NPS for its newly appointed employees from the financial year 2003–04, under the chief ministership of Jayalalitha.
On 18 September 2013, the President, Pranab Mukherjee, gave his assent to Pension Fund Regulatory and Development Authority Bill of 2013, which was passed in the Monsoon Session of Parliament as on 4th in LS and 6th in RS of September 2013, to make it a Permanent Act of the Indian Constitution. This improved, foolproof and re-approved Bill, with the acceptance of all political parties in India, has replaced the old and imperfect IPRDA Bill of 2003. This has been now published in the Gazette of India, Extraordinary, Part-II, Section-1, dated 19 September (Thursday) 2013 as Act No. 23 of 2013.[2] The President of India is the Guardian of PFRDA of India, subject to his Financial Emergency Powers, as per the Articles of Indian Constitution. PFRDA now has Full Autonomy & functioning Independently from the F.Y. 2014-15
National Pension System
Main article: National Pension Scheme
National Pension System is a defined contributory pensions system introduced by Government of India. It is mandatory for all Central Government employees with effect from Jan 1 2004. It extends to all citizens of India including workers of the unorganized sector on a voluntary basis with effect from May 1, 2009.[3] On Oct 29, 2015 RBI allowed NRIs to subscribe to NPS.
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