Help Center
Locate us
PFRDA – Pension Fund Regulatory and Development Authority
Popular Products
Show More
Quick Help
Show More
Frequently Asked Questions
Show More
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Success
Failure
The Pension Fund Regulatory and Development Authority (PFRDA) is the key regulatory body in India overseeing pension funds. Established to promote, develop, and regulate pension systems, the institution ensures income security for retired individuals.
Governed by legislative powers similar to other financial regulators, PFRDA administers the National Pension System (NPS) and Atal Pension Yojana. It regulates pension funds, protects subscriber interests, and establishes norms for fund management. As the guardian of pension funds, it significantly contributes to establishing a sustainable pension framework for the citizens of India.
What is PFRDA and Its Full Form?
PFRDA full form stands for Pension Fund Regulatory and Development Authority. The Pension Fund Regulatory and Development Authority was established in 2003 in India. It plays a crucial role in overseeing and fostering the growth of the pension industry within the country. Initially catering to government employees, PFRDA's ambit expanded to include all Indian nationals, including NRIs and self-employed individuals.
The institution was originally introduced as the Interim Pension Fund Regulatory & Development Authority (IPRDA) in 2003, providing an interim solution until a comprehensive and universally accepted system could be devised. The final form, PFRDA, received presidential assent on September 19, 2013, and became a permanent act. Operating under the guidance of the President until the Financial Year 2014-15, PFRDA attained full autonomy and has functioned independently since then. The PFRDA's full form signifies an organisation dedicated to regulating and promoting the development of pension funds.
PFRDA Role and Responsibilities
The Pension Fund Regulatory and Development Authority (PFRDA) operates as the central autonomous body in India, functioning with executive, legislative, and judicial powers. Similar to other financial sector regulators like the 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 holds a pivotal role in the regulatory sector.
PFRDA primarily focuses on regulating, promoting, and developing the pension sector in India. Its regulatory functions include overseeing and administering the National Pension System (NPS), a key component of the country's pension framework. As a quasi-government organisation, PFRDA ensures the implementation of policies and guidelines to safeguard the interests of pension contributors and facilitate the smooth functioning of pension-related mechanisms.
Objectives of PFRDA
The PFRDA operates with a set of defined objectives to ensure the efficient and secure functioning of the pension sector in India. These objectives encompass:
PFRDA Guidelines for NPS
The National Pension Scheme (NPS), overseen by the PFRDA, operates on a defined contribution model. Subscribers' contributions are pooled into individual pension accounts, which are invested based on approved guidelines. The investment portfolio includes government bonds, bills, corporate debentures, and shares tailored to subscribers' preferences. Upon exit, subscribers can use accumulated funds to purchase a life annuity.
PFRDA has established an NPS Trust, managed by a Board of Trustees, to ensure the effective management of assets and funds in the best interest of subscribers. The Board, comprising a Chairman and up to five members, meets regularly and holds responsibilities such as approving documents, reports, and audited financials submitted by intermediaries.
PFRDA Services
The PFRDA is pivotal in advancing the cause of India's old age income security and pension schemes. Here are the key services offered by the institution:
Contact Information
Individuals can contact the Pension Fund Regulatory and Development Authority through the provided contact information for any inquiries, support, or to address grievances.
Website: www.pfrda.org.in
Phone Numbers
NPS Information Desk
Call Centre : 1800 110 708
SMS : NPS to 56677
Frequently Asked Questions
1. Which pension funds are registered with PFRDA?
PFRDA regulates various pension funds under the National Pension System (NPS). The list of registered pension funds can be found on the official PFRDA website.
2. Who is the regulator of the pension fund?
The Pension Fund Regulatory and Development Authority (PFRDA) regulates India's pension funds. It oversees the functioning of pension funds under the National Pension System (NPS).
3. Which regulatory authority is the NPS scheme under?
The National Pension System (NPS) scheme is under the regulatory authority of the Pension Fund Regulatory and Development Authority, as established by the Indian government.
4. Is PFRDA the regulator for NPS?
PFRDA is the designated regulatory authority for the National Pension System (NPS). It plays a crucial role in overseeing the management, regulations, and development of pension funds to ensure the financial well-being of subscribers.
OK