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Welcome to the PFRDA’s website
PFRDA was established by Government of India on 23rd August, 2003. The
Government has, through an executive order dated 10th October 2003,
mandated PFRDA to act as a regulator for the pension sector. The mandate
of PFRDA is development and regulation of pension sector in India.
The National Pension System reflects Government’s effort to find
sustainable solutions to the problem of providing adequate retirement
income. As a first step towards instituting pensionary reforms,
Government of India moved from a defined benefit pension to a defined
contribution based pension system by making it mandatory for its new
recruits (except armed forces) with effect from 1st January, 2004.
Since 1st April, 2008, the pension contributions of Central Government
employees covered by the National Pension System (NPS) are being
invested by professional Pension Fund Managers in line with investment
guidelines of Government applicable to non-Government Provident Funds.
Twenty eight (28) State/UT Governments have also notified the National
Pension System for their new employees. Of these, 24 states have
already signed agreements with the intermediaries of the NPS
architecture appointed by PFRDA for carrying forward the implementation
of the National Pension System. The other States are in the process of
finalisation of documentation.
NPS has been made available to every citizen from 1st May, 2009 on a
voluntary basis. The NPS architecture is transparent and will be
web-enabled. It would allow a subscriber to monitor his/her investments
and returns under NPS, the choice of Pension Fund Manager and the
investment option would also rest with the subscriber. The design allows
the subscriber to switch his/her investment options as well as pension
funds. The facility for seamless portability and switch between PFMs is
designed to enable subscribers to maintain a single pension account
throughout their saving period.
PFRDA has set up a Trust under the Indian Trusts Act, 1882 to oversee
the functions of the PFMs. The NPS Trust is composed of members
representing diverse fields and brings wide range of talent to the
regulatory framework.
The National Pension System has been designed to enable the subscriber
to make optimum decisions regarding his/her future and provide for
his/her old-age through systemic savings from the day he/she starts
his/her employment. It seeks to inculcate the habit of saving for
retirement amongst the citizens.
PFRDA also intends to intensify its effort towards financial education
and awareness as a part of its strategy to protect the interest of the
subscribers. PFRDA’s efforts are an important milestone in the
development of a sustainable and efficient voluntary defined
contribution based pension system in India.