Pension fund regulator to begin operations from New Year
09 December 2003
much-awaited Pension Fund Regulatory and Development
Authority (PFRDA) is scheduled to begin operations from
January 1 next year offering defined contribution schemes
to the newly-recruited Central Government staff, the
Joint Secretary in the Union Ministry of Finance, Mr
U.K. Sinha, announced here on Monday.
Addressing the representatives of the insurance industry here at the Eighth Insurance Summit, Mr Sinha said, "A resolution was issued by Government on October 10 constituting an interim PFRDA. It is expected that the new pension system would be functional from January 1, 2004."
process of setting up of a Central Record-keeping and
Accounting Agency and Pension Fund Managers (PFMs) would
be completed in the next three to four months. Till
the time these are in place, an interim arrangement
was being put in place, he said.