Pension fund regulator to begin operations from New Year
By Our Banking Bureau | 09 Dec 2003
Hyderabad:
The
much-awaited Pension Fund Regulatory and Development
Authority (PFRDA) is scheduled to begin operations from
January 1 next year offering defined contribution schemes
to the newly-recruited Central Government staff, the
Joint Secretary in the Union Ministry of Finance, Mr
U.K. Sinha, announced here on Monday.
Addressing the representatives of the insurance industry
here at the Eighth Insurance Summit, Mr Sinha said,
"A resolution was issued by Government on October
10 constituting an interim PFRDA. It is expected that
the new pension system would be functional from January
1, 2004."
The
process of setting up of a Central Record-keeping and
Accounting Agency and Pension Fund Managers (PFMs) would
be completed in the next three to four months. Till
the time these are in place, an interim arrangement
was being put in place, he said.
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