Authority

The Government of India had, in the year 1999, commissioned a national project titled “OASIS” (an acronym for old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, Government of India introduced a new Defined Contribution Pension System for the new entrants to Central/State Government service, except to Armed Forces, replacing the existing system of Defined Benefit Pension System. On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India.  The contributory pension system was notified by the Government of India on 22nd December, 2003, now named the National Pension System (NPS) with effect from the 1st January, 2004. The NPS was subsequently extended to all citizens of the country w.e.f. 1st May, 2009 including self-employed professionals and others in the unorganized sector on a voluntary basis.

The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013 and the same was notified on 1st February, 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors. The PFRDA is ensuring the orderly growth and development of pension market.

Preamble

The Preamble of the Pension Fund Regulatory & Development Authority Act, 2013 describes the basic functions of the PFRDA as –

“…. 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.”

Head Office of the Authority

Pension Fund Regulatory and Development Authority

E-500, Tower E, 5th Floor

World Trade Centre, Nauroji Nagar

New Delhi-110029

COMPOSITION OF THE AUTHORITY :-

Section 4 of the PFRDA Act specifies that the Authority shall consist of the following Members, namely:-

(a) a Chairperson;

(b) three whole-time members; and

(c) three part-time members,

to be appointed by the Central Government from amongst persons of ability, integrity and standing and having knowledge and experience in economics or finance or law with at least one person from each discipline.

Present composition of the Authority :-  (as on 12th Sep  2024)  

1. Dr. Deepak Mohanty

     Chairperson - Pension Fund Regulatory and Development Authority

    Ph : 011 - 4071 7901

    Email : chairman@pfrda.org.in, chairmansect@pfrda.org.in

2. Prof. (Dr.) Manoj Anand

     Whole-time Member (Finance) - Pension Fund Regulatory and Development         Authority

    Ph : 011 - 4071 7902

    Email : wtm.finance@pfrda.org.in

3. Ms. Mamta Shankar

 Whole-time Member (Economics) - Pension Fund Regulatory and Development    Authority

   Ph : 011 – 4071 7903

   Email : wtm.eco@pfrda.org.in

4.  Ms. Parama Sen (IA&AS 1994),

    Additional Secretary (Pers.), Department of Expenditure, Ministry of Finance

    Part-time Member-PFRDA

5. Shri Pankaj Sharma (ICAS 2000)

    Joint Secretary,

    Department of Financial Services, Ministry of Finance

    Part-time Member-PFRDA