Frequently asked questions about the new Pension Bill, PFRDA Bill, 2011, are given below.
1. What does the new pension law do?
- The PFRDA Bill, 2011, (proposed to be enacted as a law) provides for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.
An Interim Authority has already been created vide Govt Resolution dated October 10, 2003, and November 14, 2008, and is fully functional. The passage of the bill will confer statutory status to the Interim PFRDA to develop and regulate National Pension System (NPS) earlier known as New Pension Scheme.