Pension Fund Regulatory and Development Authority (PFRDA) notifies a series of Amendments | Current Affairs | Vision IAS
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    Pension Fund Regulatory and Development Authority (PFRDA) notifies a series of Amendments

    Posted 23 Feb 2024

    2 min read

    • Amendments are in line with the Union Budget 2023-24 announcements to review regulations to reduce the cost of compliance and enhance the ease of doing business.
      • Also, Amendments will enhance transparency in whole ecosystem. 

     

    • Key Reforms: 
      • National Pension System (NPS) Trust: Strengthened provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO.
        • NPS was introduced by the Union Government in 2004 to help the individuals have income in the form of pension.
      • Pension Fund: Brought under the ambit of the Prevention of Money Laundering Act (PMLA), 2002. 
        • Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.
        •  Aims to improve governance in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.
      • Trustee Bank (TB): When TB proposes to change its status or constitution, it shall obtain prior approval of the PFRDA.
      • Central Recordkeeping Agency (CRA): Implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.
        • Introduced criteria of fit and proper person, similar to SEBI’s initiative.

     

    About PFRDA

    • Statutory body established under PFRDA Act, 2013.
    • Objective is to promote old age income security by establishing, developing and regulating pension funds.
    • Works under Ministry of Finance.
    • Tags :
    • PFRDA
    • Pension Fund
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