{"id":6175,"date":"2023-03-17T11:08:38","date_gmt":"2023-03-17T05:38:38","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=6175"},"modified":"2025-03-27T13:14:49","modified_gmt":"2025-03-27T07:44:49","slug":"pension-fund-regulatory-and-development-authority-pfrda","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/pension-fund-regulatory-and-development-authority-pfrda\/","title":{"rendered":"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<\/strong> set up <strong>under PFRDA Act<\/strong> enacted <strong>in 2014.<\/strong><\/li>\n<li><strong>Objective<\/strong>: To <strong>promote old age income security<\/strong> by establishing, developing, and regulating pension funds and <strong>to protect the interests of subscribers to schemes<\/strong> <strong>of pension funds<\/strong> and related matters.<\/li>\n<li>It\u00a0 comes under the <strong>jurisdiction of the Ministry of Finance.<\/strong><\/li>\n<li><strong>Headquarters: New Delhi<\/strong><\/li>\n<li><strong>Composition<\/strong>: It consists of a <strong>Chairperson and not more than six members<\/strong>, of whom at least three shall be Whole-Time Members, to be <strong>appointed by the Central Government.<\/strong><\/li>\n<li><strong>Functions<\/strong>:\n<ul>\n<li><strong>Regulate National Pension System (NPS)<\/strong> and <strong>other pension schemes<\/strong> to which PFRDA Act applies;<\/li>\n<li>Establish, develop and <strong>regulate pension funds<\/strong>;<\/li>\n<li><strong>Protect the interest <\/strong>of pension fund <strong>subscribers<\/strong>;<\/li>\n<li>Register and <strong>regulate intermediaries<\/strong>;<\/li>\n<li>Laying down norms for <strong>management of corpus of pension funds<\/strong>;<\/li>\n<li>Establish <strong>grievance redressal<\/strong> <strong>mechanism<\/strong> for subscribers;<\/li>\n<li><strong>Settle disputes<\/strong> <strong>among intermediaries<\/strong> and also between intermediaries and subscribers;<\/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>, <strong>and audit<\/strong> 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<\/strong> launched in January 2004 <strong>for government employees.<\/strong><\/li>\n<li>It was <strong>opened to all sections in 2009.<\/strong>\u00a0<\/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>Under NPS, <strong>a subscriber can contribute regularly to a pension account<\/strong> during her working life, <strong>withdraw a part of the corpus in a lumpsum<\/strong> and use the remaining corpus to buy an annuity to <strong>secure a regular income after retirement.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0What is a Pension Fund?<\/h3>\n<p>Pension funds, which are also known as retirement funds, is a kind of savings scheme where you (as an employee) invest a small portion of your income\/salary into a designated savings plan. The main objective of this plan is to get a steady flow of income after you complete your active years of service.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.financialexpress.com\/money\/deepak-mohanty-appointed-pfrda-chief\/3011161\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Deepak Mohanty appointed PFRDA chief<\/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":6176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6175","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\/6175","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=6175"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/6175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/6176"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=6175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=6175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=6175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}