- Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
- Regulate NPS and all other pension schemes to which the PFRDA Act is applicable.
- Establish, develop and regulate pension funds along with protecting the interest of pension fund subscribers.
- It approves schemes, terms, conditions and lay down norms for management of corpus of pension funds.
- It also settles disputes among intermediaries and between intermediaries and subscribers by establishing grievance redressal mechanisms.
- Also, promote professional organisation growth connected with the pension system.
- It also focuses on training intermediaries and educating subscribers and the general public with respect to pension, post retirement savings and related issues.
- Also conduct inquiries, investigation and audit of intermediaries and other entities connected with pension funds.
Why in News?
The Pension Fund Regulatory and Development Authority recently announced crossing Rs 5 lakh crore Assets Under Management (AUM) mark. The subscriber’s contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure, over a period of 12 years.
The total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.
About Atal Pension Yojana
Any citizen of India can join the APY scheme. The age of the subscriber should be between 18-40 years. The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
Features of APY