The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023.

Banking & Finance

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023. The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO - NPS Trust. Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds. The amendments in key areas aim at simplification and reducing compliance.


      The other notable amendments inter alia include: Inclusion of name ‘Pension Fund’ in name clause and requirement of existing pension fund(s) to comply with this provisions within a period of 12 months.

      The annual report of schemes managed by the pension fund to include Directors’ responsibility statement.

      Clarity of roles of Sponsor of Pension Fund & Pension Fund alongwith compliance to ‘fit and proper person’ criteria.

 

     


Pension Fund Regulatory and Development Authority (PFRDA)

Founded- August 2003
HQ- New Delhi
          ____________________________