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- The Pension Fund Regulatory and Development Authority (PFRDA) recently introduced regulations for the implementation of the Unified Pension Scheme (UPS) under the National Pension System (NPS), 2025.
- About Pension Fund Regulatory and Development Authority (PFRDA):
- The PFRDA is a statutory regulatory authority established under the PFRDA Act of 2014.
- Objective: To enhance old-age income security by creating, developing, and regulating pension funds while safeguarding the interests of subscribers to pension fund schemes and related matters.
- It operates under the Ministry of Finance.
- Headquartered in New Delhi, PFRDA has regional offices across India.
- Composition:
- According to Section 4 of the PFRDA Act, the Authority is made up of the following members:
- A Chairperson;
- Three full-time members;
- Three part-time members.
- These members are appointed by the Central Government from individuals with demonstrated ability, integrity, and expertise in economics, finance, or law, with at least one person from each field.
- Functions:
- Regulating the National Pension System (NPS) and other pension schemes covered under the PFRDA Act.
- Promoting awareness among subscribers and the public on pensions, retirement savings, and related topics, as well as training intermediaries.
- Offering pension schemes that are not governed by other legislation.
- Protecting the interests of NPS subscribers and those involved in other approved schemes.
- Approving pension schemes and establishing investment norms and guidelines.
- Registering and regulating intermediaries, including the NPS Trust, Points of Presence, Central Record-keeping Agency, Trustee Bank, Pension Funds, and Custodians, ensuring timely service to subscribers.
- Ensuring that operational and intermediation costs remain cost-effective and reasonable.
- Strengthening the grievance redressal process to be more efficient and time-bound.
- Resolving disputes between intermediaries and between intermediaries and subscribers.