New Pension Scheme
The PFRDA Bill Will Soon Become A Law
The PFRDA (Pension Fund Regulatory and Development Authority) Bill was introduced in Parliament on 24 March. With strong support from the opposition, the Bharatiya Janata Party (BJP), it is likely to be passed soon. In October 2003, the government mandated PFRDA to act as a regulator for the pension sector. Once cleared, the Bill will give the interim regulator legal backing with more powers.
With the introduction of the New Pension System (NPS), the government has moved to a defined contribution-based pension system. We talked to Yogesh Agarwal, chairman, PFRDA, about the Bill and the Bajpai Committee report that should help the NPS take off. Excerpts:
What other clearances does the PFRDA Bill need to become a law?
What changes could it bring for pension accountholders?
What other changes can we expect once the Bill gets through?
Many initiatives have been announced to boost the NPS’ reach. Any increase in the number of accountholders?
How have your fund managers fared?