{"id":18500,"date":"2025-03-21T01:46:34","date_gmt":"2025-03-20T20:16:34","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=18500"},"modified":"2025-04-05T11:18:55","modified_gmt":"2025-04-05T05:48:55","slug":"pfrda","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/pfrda\/","title":{"rendered":"Pension Fund Regulatory and Development Authority"},"content":{"rendered":"<h2>Pension Fund Regulatory and Development Authority Latest News<\/h2>\n<p>The Pension Fund Regulatory and Development Authority (PFRDA) recently issued regulations for the operationalisation of the Unified Pension Scheme (UPS) under the National Pension System (NPS), 2025.<\/p>\n<h2>About Pension Fund Regulatory and Development Authority<\/h2>\n<ul>\n<li>It is a <strong>statutory regulatory body <\/strong>set up under the <strong>PFRDA Act enacted in 2014.<\/strong><\/li>\n<li><strong>Objective<\/strong>: To <strong>promote old-age income security<\/strong> by establishing, developing, and <strong>regulating pension funds<\/strong> and to protect the interests of subscribers to schemes of pension funds and related matters.<\/li>\n<li>It comes under the jurisdiction of the <strong>Ministry of Finance.<\/strong><\/li>\n<li>PFRDA is headquartered in New Delhi, with regional offices located around the country.<\/li>\n<\/ul>\n<h2>Pension Fund Regulatory and Development Authority Composition<\/h2>\n<ul>\n<li>Section 4 of the PFRDA Act specifies that the Authority shall consist of the following members, namely:\n<ul>\n<li>a <strong>Chairperson<\/strong>;<\/li>\n<li><strong>three whole-time member<\/strong>s; and<\/li>\n<li>t<strong>hree part-time members<\/strong>,<\/li>\n<li>to be a<strong>ppointed by the Central Government<\/strong> from amongst persons of ability, integrity, and standing and having <strong>knowledge and experience in economics or finance or law<\/strong> with at <strong>least one person from each discipline.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Pension Fund Regulatory and Development Authority Functions<\/h2>\n<ul>\n<li><strong>Regulate the National Pension System<\/strong> (NPS) and other <strong>pension schemes<\/strong> to which the PFRDA Act applies;<\/li>\n<li>Undertaking steps to <strong>educate subscribers<\/strong> and the general public on issues relating to pensions, retirement savings, and related issues, and training intermediaries.<\/li>\n<li><strong>Providing pension schemes<\/strong> not regulated by any other enactment;<\/li>\n<li><strong>Protecting the interests of subscribers<\/strong> of NPS and such other schemes as approved by the authority from time to time.<\/li>\n<li><strong>Approving the schemes and laying down norms <\/strong>of investment guidelines under such schemes;<\/li>\n<li><strong>Registering and regulating intermediaries: <\/strong>NPS Trust, Points of Presence, Central Record-keeping Agency, Trustee Bank, Pension Funds, Custodian for time-bound service to subscribers.<\/li>\n<li>Ensuring that the intermediation and other operational costs are economical and reasonable;<\/li>\n<li><strong>Making the existing grievance redressal process robust<\/strong> and time-bound.<\/li>\n<li><strong>Adjudication of disputes between intermediaries<\/strong> and between<strong> intermediaries and subscribers.<\/strong><\/li>\n<\/ul>\n<h2>Pension Fund Regulatory and Development Authority FAQs<\/h2>\n<p><strong>Q1<\/strong>. Is Pension Fund Regulatory and Development Authority (PFRDA a statutory body?<\/p>\n<p><strong>Ans<\/strong>. Yes, the Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body.<\/p>\n<p><strong>Q2<\/strong>. Which department is PFRDA under?<\/p>\n<p><strong>Ans<\/strong>. It comes under the jurisdiction of the Ministry of Finance.<\/p>\n<p><strong>Q3<\/strong>. Who appoints the members of the Pension Fund Regulatory and Development Authority (PFRDA)?<\/p>\n<p><strong>Ans<\/strong>. Central Government<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.business-standard.com\/finance\/news\/pfrda-issues-regulations-for-implementation-of-unified-pension-scheme-125032001551_1.html\" target=\"_blank\" rel=\"nofollow noopener\">BS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body set up under the PFRDA Act enacted in 2014.<\/p>\n","protected":false},"author":5,"featured_media":18501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-18500","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\/18500","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=18500"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/18500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/18501"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=18500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=18500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=18500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}