Pension fund regulator to begin operations from New Year

Hyderabad: The 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."

The 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.