{"id":11837,"date":"2023-06-08T08:50:52","date_gmt":"2023-06-08T03:20:52","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=11837"},"modified":"2025-03-30T05:45:09","modified_gmt":"2025-03-30T00:15:09","slug":"about-pension-fund-regulatory-and-development-authority-pfrda","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/about-pension-fund-regulatory-and-development-authority-pfrda\/","title":{"rendered":"About Pension Fund Regulatory and Development Authority (PFRDA)"},"content":{"rendered":"<h2><strong>About Pension Fund Regulatory and Development Authority (PFRDA):<\/strong><\/h2>\n<ul>\n<li>It is a <strong>statutory regulatory body set up under PFRDA Act <\/strong>enacted in 2014.<\/li>\n<li><strong>Objective<\/strong>: To <strong>promote old age income security by establishing, developing, and regulating pension funds<\/strong> and to <strong>protect the interests of subscribers <\/strong>to schemes of pension funds and related matters.<\/li>\n<li>It\u00a0 comes <strong>under the jurisdiction of the Ministry of Finance<\/strong>.<\/li>\n<li><strong>Headquarters: New Delhi<\/strong><\/li>\n<li><strong>Composition<\/strong>: It <strong>consists<\/strong> <strong>of a Chairperson and not more than six members<\/strong>, of whom at least three shall be Whole-Time Members, to be appointed by the Central Government.<\/li>\n<li><strong>Functions<\/strong>:\n<ul>\n<li><strong>Regulate National Pension System (NPS) and other pension schemes <\/strong>to which PFRDA Act applies;<\/li>\n<li><strong>Establish, develop and regulate pension funds<\/strong>;<\/li>\n<li><strong>Protect the interest of pension fund subscribers<\/strong>;<\/li>\n<li><strong>Register and regulate<\/strong> <strong>intermediaries<\/strong>;<\/li>\n<li><strong>Laying down norms for management of corpus of pension funds<\/strong>;<\/li>\n<li><strong>Establish grievance redressal mechanism<\/strong> for subscribers;<\/li>\n<li><strong>Settle disputes among intermediaries<\/strong> and also between <strong>intermediaries and subscribers;<\/strong><\/li>\n<li><strong>Train intermediaries and educate subscribers<\/strong> and the general public with respect to pension, retirement savings, and related issues;<\/li>\n<li><strong>Call for information, conduct inquiries, investigations<\/strong>, and audit of intermediaries and other entities connected with pension funds;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Key Facts about National Pension System (NPS):<\/h3>\n<ul>\n<li>It is a <strong>government-sponsored pension scheme launched in January 2004 for government employees.<\/strong><\/li>\n<li>It was <strong>opened to all sections in 2009.<\/strong><\/li>\n<li>NPS is <strong>mandatorily applicable to Central Government employees<\/strong> (except Armed Forces) <strong>recruited on or after 01.01.2004<\/strong>.<\/li>\n<li><strong>Under NPS, a subscriber can contribute regularly to a pension account during her working life, withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular incom<\/strong>e after retirement.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Q1)<\/strong>\u00a0What is the National Pension System (NPS)?<\/p>\n<p>NPS is a government-sponsored pension scheme launched in January 2004 for government employees. NPS is mandatorily applicable to Central Government employees (except Armed Forces) recruited on or after 01.01.2004.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/indianexpress.com\/article\/business\/pension-scheme-with-minimum-assured-returns-in-the-works-pfrda-8651318\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Pension scheme with minimum assured returns in the works: PFRDA<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PFRDA is a statutory regulatory body set up under the PFRDA Act enacted in 2014.<\/p>\n","protected":false},"author":5,"featured_media":11838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-11837","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=11837"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/11838"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=11837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=11837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=11837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}