The Hindu Business Line : Pension regulator

This is with reference to the report "Govt may opt for pension, insurance under IRDA" (Business Line, August 30). The viability of allotting both pension and insurance under IRDA is doubtful. In this regard, the Dave Committee's suggestion favouring the setting up of the Indian Pensions Authority appears to be a better choice.

The pension authority is not merely required to oversee the deployment of the huge funds that will accrue to the best advantage of the beneficiaries, but maintain continuous and efficient contact with the various government departments and agencies and handle problems of individual employees. This is a complex and laborious task calling for a high degree of administrative promptitude and thoroughness.

A lot of planning has to precede even the selection of players wanting to enter the pension sector to avoid serious problems to the contributing staff.

The issue of whether the IRDA should be entrusted with the work of the pension sector or whether a separate organisation should be formed to take care of the job, which is going to be an innovation hitherto not attempted or handled in such massive proportions, is very important.

T. R. Anandan

Coimbatore

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