Board To Submit Report On One Regulator For Pension Products


Mumbai: A board framed by the legislature to investigate the issue of bringing all benefits items under one controller is liable to present its report in no time, a top authority of annuity guard dog PFRDA said today.

At present, benefits items are being controlled by various budgetary controllers like PFRDA, Sebi, Irdai and EPFO.

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Be that as it may, Pension Fund Regulatory and Development Authority (PFRDA) has asked the administration to bring every single such item under it.

"A proposition has been as of now put to the administration to have a solitary controller for a wide range of annuity items in the nation.

"The legislature has set up a board of trustees to examine the issue. The council is liable to give its suggestion without further ado," PFRDA Chairman Hemant Contractor told correspondents on the sidelines of a CII occasion here.

Aside from PFRDA, the board has individuals from different controllers like Sebi, Irdai and EPFO.

PFRDA has likewise requested that the Center permit private area store administrators to deal with the annuity reserves for government representatives and it is confident of getting the administration's gesture in a month's chance.

At present, just the three state-claimed reserve directors are overseeing such finances, he said.

Additionally, the leading body of PFRDA has effectively affirmed expanding value introduction in the National Pension System (NPS) to 75 for each penny from existing beneath 50 for each penny, Contractor said.

As to Pension Yojana (APY), he said country masses is approaching and deciding on the administration supported arrangement.


"At present, 52 for each penny of endorsers under APY involve country people, which was not the case a year back when the plan was propelled.

"This has gotten to be conceivable just when the territorial country banks and post workplaces joined the appropriation channel for the plan," he said.

Absolute amassing of assets under APY right now remains at Rs 900 crore, he said.

Aside from West Bengal and Tripura, all states have consented to execute the APY plan for their representatives, Contractor said, including that PFRDA is in chats with these two states for the same.

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