2. WHAT IS PENSION & PFRDA
Pension is a form of Social Security/ Insurance in
the form of Monthly payments paid to the
citizens on attaining the age of retirement to
take care of day to day living expenses .
PFRDA was established by the Government of
India to promote old age income security by
establishing, developing and regulating
pension funds, to protect the interests of
subscribers to schemes of pension funds
3.
4. • PFRDA was established by Government of
India on 23rd August, 2003.
• The Government has mandated PFRDA to act
as a regulator for the pension sector in India.
• 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.
5. • The New Pension System
reflects Government’s effort to find
sustainable solutions to the problem of
providing adequate retirement income.
• The NPS 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.
6. • PFRDA’s efforts are an important milestone in
the development of a sustainable and
efficient voluntary defined contribution
based pension system in India.
7. What is the role of PFRDA in NPS?
• PFRDA, the regulator for the NPS, is responsible
for registration of various intermediaries in the
system such as Central Record Keeping Agency
(CRA), Pension Funds, Custodians, NPS Trustee
Bank, etc.
• PFRDA shall also monitor the performance of the
various intermediaries and has a significant role to
play in safeguarding the interest of subscribers.
• It will regulate the manner in which subscriber
contributions are invested by PF(s) and will make
all efforts to ensure fair play for subscribers.
