NPS, PFRDA Separation: In the coming days, the NPS trust will now look after its work separately, the proposal to separate from PFRDA may be stamped soon. For this amendment in PFRDA Act can be brought in this monsoon session.
New Delhi: Pension regulator PFRDA and NPS Trust will now be separated. The debate on this proposal was going on for a long time. After this both will do their work separately. On this proposal of separation, the amendment in the PFRDA Act has to be approved in the Parliament. It is expected that the bill to amend the Act can be passed in this monsoon session..
NPS Trust-PFRDA routes will be different
According to the news published in PTI, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supritam Bandyopadhyay says that amendment in PFRDA Act is necessary for separation. He said that what we have done is that now the trust is allowed to recruit people, around 14-15 people have been recruited on their behalf and in the next few months they will recruit 5 more people, so that The total number of employees will be increased to 20, which was not there earlier. He said that we are ready to part ways, together we have decided what specific works have to be done by them (NPS Trust) and on what works PFRDA will keep its focus. Earlier NPS Trust was in PFRDA building itself, now it has been shifted to some other building. Bandyopadhyay said that he got a new CEO a few months ago who is looking after the work related to the separation.
Awaiting approval from Parliament
Finance Minister Nirmala Sitharaman had announced the separation of NPS Trust from PFRDA keeping in mind the interests of the customers. The trust was established by PFRDA for the maintenance of assets and funds under NPS. The proposal to separate the two was pending for the last few years. The official said that PFRDA is also waiting for amendments to the Act related to the regulation of retirement funds. He said that this is part of our PFRDA Amendment Bill which has to go to Parliament.
These proposals will also be approved
One of the proposals is to allow us to regulate retirement funds which are not regulated by anyone. Even though these funds work under certain conditions laid down by the Department of Economic Affairs (DEA) in the Ministry of Finance, one has to examine how they are managing the fund and serving the clients properly. Getting benefit or not. He said that if he does not come under anyone’s regulatory purview, then there is no one to investigate him. They have the guidelines given by the DEA. However, fire
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