Regulation and Development of Pension Schemes
Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India to regulate and ensure orderly growth of the National Pension System (NPS) and other pension schemes. PFRDA's main functions include approving schemes, managing pension fund corpus, protecting subscribers' interests, establishing grievance mechanisms, and educating stakeholders. The authority also regulates intermediaries, adjudicates disputes, and has residual powers for inspection and audits. PFRDA oversees various pension schemes like NPS, Atal Pension Yojana, and others, and engages in public outreach through websites, advertisements, conferences, and publications. The authority also ensures transparency through the RTI process.
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Presented by- PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY 1
Pension Fund Regulatory and Development Authority (PFRDA) initially established by GOI under notification dated 10.10.03 and 14.11.08 PFRDA attained statutory status on 01.02.14 with the notification of Pension Fund Regulatory and Development Authority Act 2013. 2
To regulate and ensure orderly growth of National Pension System (NPS) and other pension schemes to which PFRDA Act, 2003 applies Approving schemes, the terms and conditions thereof management of the corpus of pension funds including investment guidelines and laying down norms for the Registering and regulating intermediaries. Protecting interest of subscribers by ensuring safety of contribution and by ensuring that intermediation and operational costs under NPS are economical and reasonable. 3
Establishing subscriber grievances, educating subscribers, training of intermediaries. mechanism for redressal of Dissemination of information about performance of pension funds Levying fees or other charges for carrying out purpose of the PFRDA, Act Adjudicating of disputes between intermediaries and between intermediaries and subscribers. Residuary powers like inspection, conducting inquiries, investigation, audit. 4
Pension schemes regulated by PFRDA Scheme-CG Scheme-SG NPS- All Citizen Model NPS- Corporate Model NPS Lite Atal Pension Yojana 5
PFRDAs, NPS Trust, CRA and other intermediarys website. Advertisement on Print Media and Electronic media Organizing periodically Conference, Seminars and Training SMS and Email Alert Facility Publication of Reference book on National Pension System Publication of Offer Document Helpline (Call Center) 6
Appointment of CPIO, Alternate CPIO, FAA alternate FAA and Central Assistant PIO by the Authority Departments are requested to appoint Nodal Officer for the provision of RTI Processes followed for receiving and recording of Applications. Circular issued for timely furnishing of information by departments to adhere with the timelines of responding RTI. Information department(s) are compiled in due course of time collected from the concerned Information is translated in Hindi ,if required 7
Returns regulated/administered by PFRDA generated under various schemes Information on eligibility criteria / pension payment/ exit/ nominee under Atal Pension Yojana Amount of expected monthly pension at the time of superannuation or in case of exit from NPS before superannutaion Procedure withdrawals under NPS of Exit/Withdrawals and partial Benefit of Gratuity and family pension under NPS 8
Provision of penalty for the concerned PAO/Employer in case of delay in uploading contribution of government employees and amount of interest paid on such amount Non-receiving of PRAN card/SOT and procedure for re issuance of second PRAN card Grievance redressal mechanism and timelines for resolving grievance Investment pattern to be followed by Pension funds and the impact of market fluctuations therein Benefits available under National Pension System. Inter- Sector shifting of subscribers. 9
Organising NPS service Fortnight aiming improved information and awareness building about NPS Selection of training institutes to conduct training for stakeholders under NPS. Updating PFRDA s,CRA s, NPS Trust s website regularly and uploading Pension Bulletin on monthly basis 10
Amendment/development regulations subscribers. of policies problems and of to align with Setting Information desk up of National Pension System Regulations for Appointment of Retirement Adviser as envisaged under PFDRA Act, for educating and making people aware of benefits of the retirement planning and awareness about pension schemes regulated by PFRDA 11
The queries that are received through RTI are used by Department to frame subscriber friendly policies and processes especially under Atal Pension Yojana. Guidelines on Process to be followed by subscribers and intermediaries for processing of partial withdrawal request issued Circular for upgrading/downgrading of pension amount under APY due to error in date of birth issued Guidelines issued on the migration of existing eligible Swavalamban subscribers to Atal Pension Yojana 12
Circular regarding Voluntary Exit from Atal Pension Yojana issued The information is given well within the prescribed limit of 30 days. Considerable reliance is placed on the quality of information that is displayed on the website and disseminated to ensure that fewer applications only translate into appeals. 13
All relevant information in accordance with section 4 of the RTI Act, 2005 are placed on the website of the Authority and that of NPS Trust. Rules/Regulations/Acts made by the Central government/ Authority are available on the website Intermediaries are instructed to disclose all the relevant information in the interest of subscriber under the head Public Disclosures Performance of Pension Funds are updated periodically 14
FINANCIAL YEAR NUMBER of RTIs 2012-13 116 2013-14 157 2014-15 471 2015-16 351 Apr 2016-till date 127
FY 2015-16 RTI Transferred from other departments Opening balance Received directly from applicant Replied in the same quarter Closing balance Quarter Apr2015- June 2015 July 2015- Sept. 2015 Oct. 2015- Dec. 2015 Jan. 2016 - Mar. 2016 Total 5 14 19 21 18 65 71 46 56 84 101 80 86 351 73 88 68 69 11 13 12 17 11 13 12 GRAND TOTAL APPEALS Replied in the same quarter Opening balance Appeals received in the quarter Closing balance Quarter Apr2015- June 2015 July 2015- Sept. 2015 Oct. 2015- Dec. 2015 Jan. 2016 - Mar. 2016 Total Appeals* 0 0 0 0 0 1 3 4 0 1 3 4 8 0 1 3 2 0 0 0 2 GRAND TOTAL * Total Number of Appeals sent to CIC is 4 16
Training/Workshop proposed to align public authorities with RTI Online web portal is proposed. on RTI-MIS web portal is Online RTI portal on PFRDA s website is proposed. Ensuring compliance with the proactive disclosure guidelines Training/Workshops for all the stakeholders under NPS on a periodic basis Updation of certain basic information pertaining to organisation and its employees 17
