Industry & Economy
-
Pension Plans
Bill soon on independent pension regulator
Our Bureau
New Delhi
,
Sept. 13
THE proposed Pension Fund Regulator and Development Authority (PFRDA) may soon become a reality.
The Government on Monday said that it would introduce suitable legislation in Parliament to provide a regulatory framework for the new pension scheme (NPS), which also provides for a separate pension fund regulator.
This is in keeping with the announcement made in the Union Budget 2004-05.
The independent regulator will also have the responsibility of regulating, promoting and ensuring the orderly growth of the pension market, an official communiqué here said. It may be recalled that a defined contribution pension scheme had been introduced with effect from January 1 for Central Government employees recruited on or after that date (except Armed Forces, in the first stage), replacing the existing defined benefit pension system.
The Government has set up an interim PFRDA with legislative measures under way to make it a statutory body.
There had been suggestions soon after the United Progressive Alliance (UPA) Government took charge at the Centre that the Insurance Regulatory Development Authority (IRDA) could be entrusted the role of regulating the pension sector as well.
More Stories on :
Pension Plans |
Regulatory Bodies & Rulings
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
