PFRDA Act 2013

PFRDA Act 2013

To develop a  final and full-proof system, the Parliament of India passed Interim Pension Fund Regulatory & Development Authority (IPRDA) in 2003 with the approval of all the political parties, including the opposition parties. Finally, the President of India established Pension Regulatory and Development Authority (PFRDA) on September 19, 2003. This Authority has now become fully autonomous with effect from Financial Year 2014-15 and functions independently. The President was the guardian of PFRDA till 2014-15....

Functions of PFRDA

The primary goal of PFRDA is to promote old age income security. This is being done through creation and regulation of pension funds, safeguarding the interests of people associated with pension fund schemes, growing of pension funds and ascertaining the issues associated with it. PFRDA helps to promote and encourage obligatory and voluntary pension schemes in order to meet the income demands of workers on their retirement. PFRDA is responsible for overseeing and governing both Tier 1 and Tier 2 of National Pension System. PFRDA hires different intermediaries like Central Record Keeping Agency, Pension Fund Managers to manage its operations.  PFRDA also highlights and brings awareness among the general public and stakeholders on the importance of pensions. PFRDA also imparts training to intermediaries who are responsible to popularise and teach the value and importance of pensions to individuals in the society.  PFRDA also address and solve the issues occurring among intermediaries such as banks, consumers and intermediates....

Intermediaries under PFRDA

PFRDA has appointed various intermediaries to help an organization deal with the collection, management, keeping records and distribution of  money. Here are some of intermediaries that are appointed by PFRDA. These are as follows:...

Online Services of PFRDA

The various steps have been taken by Pension Regulatory and Development Authority to make it feasible for people to invest in pension funds, both online and offline. Availability of internet services helps to encourage consumers to have several retirement funds. Some of them are listed below:...