NPS Pension: The Pension Fund Regulatory and Development Authority (PFRDA), the government agency responsible for overseeing NPS accounts, has made a notable advancement in ensuring fixed payouts under the National Pension System (NPS). A high-level committee has been established to create the framework and regulations necessary for guaranteeing fixed pensions.
As stated by the Finance Ministry, this initiative is designed to enhance retirement income security for subscribers. The establishment of this committee marks a significant milestone for PFRDA in achieving the vision of ‘Developed India 2047’, which seeks to promote economic self-reliance and a dignified life for all citizens in their later years.
Who will lead the expert committee?
As per the announcement, the 15-member committee has been formed under the leadership of Dr. M.S. Sahu, the former Chairman of the Insolvency and Bankruptcy Board of India (IBBI). This committee comprises specialists from diverse fields such as law, valuation, finance, capital markets, and academia. Additionally, to facilitate comprehensive discussions, the committee has the authority to invite external experts or mediators as special members for insights and consultation.
This committee has been set up as a standing advisory body focused on regular pension payments. Its primary responsibilities include developing regulations, market-based guarantees, investigating operational modalities, overseeing risks and legal matters, and ensuring stakeholder protection.
The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory entity created by the Government of India. Its goal is to foster post-retirement income security through the establishment, development, and regulation of pension funds while safeguarding the interests of pension scheme subscribers. Presently, the PFRDA also manages the investment of NPS deposits and the interest accrued on them.
