PFRDA Notifies Amendments to National Pension System Trust and Pension Fund Regulations for Good Governance

  • The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (NPST) and Pension Fund (Amendment) Regulations 2023. 
  • The amendments simplify provisions related to the appointment of Trustees, their terms and conditions, holding of Board of Trustees meetings, and appointment of CEO. 
  • The amendments also aim to simplify governance of Pension Funds in line with the Companies Act, 2013 and enhance disclosure by Pension Funds. 
  • Notable amendments include clarity of roles of Sponsor of Pension Fund & Pension Fund, constitution of additional Board committees, inclusion of ‘Pension Fund’ in name clause, and inclusion of Directors’ responsibility statement in the annual report of schemes managed by the pension fund.
Posted in Current Affairs.