Question

Describe the functions of PFRDA.

Answer 1

1. The aim is to promote pension schemes in India by encouraging both mandatory and voluntary pension plans to meet the old-age income needs of retired individuals.
2. To regulate the National Pension System (NPS), including both Tier I and Tier II accounts.
3. To appoint various intermediaries like Pension Fund Managers, Central Record Keeping Agencies (CRA), custodians, and other service providers.
4. To educate the general public and stakeholders about the importance of pension savings for financial security after retirement.
5. To train intermediaries who are responsible for promoting pension schemes and spreading awareness about the benefits of pension planning.
6. To address grievances related to different pension schemes operating in the country and ensure proper redressal mechanisms.
7. To resolve disputes between different intermediaries (such as banks and pension service providers) and customers.