PFRDA

PFRDA is the abbreviation for Pension Fund Regulatory and Development Authority that was established by the Government of India with the sole aim to regulate the pension sector. PFRDA aims at promotion of old-age income security by establishing, developing, and regulating funds. It protects the interests of subscribers to schemes of pension funds and for matters related to this sector.

Established in August 2003 by the Government of India, the PFRDA is the regulator for the National Pension Scheme (NPS). PFRDA is responsible for appointment of various intermediaries in the system such as Central Record Keeping Agency (CRA), Pension Fund Managers, Custodian, NPS Trustee Bank, etc.

Office Composition

According to the PFRDA Act 2013, the Authority should 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 government.

The chairperson and every whole-time member would hold office for a term of five years and would be eligible for reappointment. The age limit for chairperson is 65 years, while for whole-time members 62 years.

A part-time member should hold office as such for a term not exceeding five years from the date on which he enters upon his office.

 

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