To be a model Regulator for promotion and development of an organized pension system to serve the old age income needs of people on a sustainable basis.
PFRDA (Pension Fund Regulatory and Development Authority) is the regulating authority of National Pension Scheme subscribed by Govt. Employees, State Govt. Employees and employees of private institutions/organizations & unorganized sector. The NPS was subsequently extended to all citizens of the country w.e.f. 1st May, 2009 including self employed professionals and others in the unorganized sector on a voluntary basis.
PFRDA act was passed on 19th September 2013 and head office of PFRDA is situated in Delhi.
The Authority consists of a Chairperson and not more than six members, of whom at least three shall be Whole-Time Members, to be appointed by the Central Government.
Functions of PFRDA
- To appoint various intermediate agencies like Pension Fund Managers, Central Record Keeping Agency (CRA) etc.
- Educating all about the importance of pension.
- Addressing the grievances related to pension scheme.
- Regulating and resolving the issues/disputes between various intermediaries like bank, customer etc
- Supervising and dictating the National Pension System (Both Tier1 and Tier 2).