The Pension Fund Regulatory and Development Authority (PFRDA) plays a vital role in overseeing India's pension system. This FAQ article explains what PFRDA is, its core functions, and its importance in ensuring retirement security.
What is PFRDA?
PFRDA, or the Pension Fund Regulatory and Development Authority, is a statutory body established under the PFRDA Act, 2013. It is responsible for regulating, promoting, and ensuring the orderly growth of the National Pension System (NPS).
What is the purpose of PFRDA?
The primary mandate of PFRDA is to:
- Promote old age income security.
- Establish, develop, and regulate pension funds.
- Protect the interests of subscribers in pension fund schemes.
How does PFRDA function?
PFRDA operates within the legal framework provided by the PFRDA Act, ensuring adherence to guidelines and regulations that safeguard subscriber interests.
Why was PFRDA established?
To address matters connected with or incidental to the management and regulation of pension funds, ensuring subscribers receive a secure source of income during retirement.
For more detailed information, please refer to the PFRDA Act, 2013.
What roles are mentioned in regards to PFRDA appointments?
- Nodal Offices: These are crucial contact points for handling pension-related operations and inquiries.
- PFMs (Pension Fund Managers): Entities that manage and invest pension funds.
- Annuity Service Providers: Organizations that provide annuity products, converting pension savings into periodic payments.
Which bank has PFRDA appointed?
PFRDA has appointed Axis Bank Ltd for specific roles related to managing pension funds and services.
Why is Axis Bank's appointment significant?
Axis Bank's involvement streamlines operations within the NPS (National Pension System), ensuring efficient fund management and service delivery.
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- Story by Bruhadeeswaran R.
