PFRDA to act as single regulator for all Pension Products

Approval to Provident Fund Regulatory and Development Authority (PFRDA) to act as single regulator for all Pension Products – Lok Sabha QA

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO: 83

ANSWERED ON: 03.02.2020

Regulator for Pension Products

Y. S. Avinash Reddy
Komati Reddy Venkat Reddy

Will the Minister of FINANCE be pleased to state:-

(a) whether the Government is planning to bring all Pension Products under one regulator and give in principle approval to Provident Fund Regulatory and Development Authority to act as single regulator;

(b) if so, the details thereof; and

(c) whether all other private regulators like Mutual Funds and various bank pension schemes are also being included under this proposal and if so, the details thereof?

ANSWER

The Minister of State (Finance)

(a) to (c) Yes. A proposal has been submitted by Pension Fund Regulatory and Development Authority (PFRDA) to the Government of India after taking approval from its Board, recommending various amendments in the PFRDA Act, 2013, which inter-alia, include regulation of pension schemes for transparent, orderly and viable growth of pension sector. . The same is being processed for appropriate decision.

Source: Lok Sabha