Pension Fund Regulatory and Development Authority
Also called: PFRDA · Topic: Statutory, Regulatory and Quasi-judicial Bodies · NCERT: Beyond NCERT
Meaning
The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulator under the PFRDA Act 2013. It regulates the pension sector, mainly the National Pension System (NPS) and the Atal Pension Yojana. A pension is regular money paid to a person after they stop working. PFRDA's job is to keep these savings safe and well managed. Appeals against its orders go to the Securities Appellate Tribunal (SAT).
Example
A worker who saves through the NPS or the Atal Pension Yojana depends on PFRDA rules about how their money is invested and protected.
Don't confuse with
- IRDAI: IRDAI regulates insurance under the IRDA Act 1999, not pensions. Appeals against both IRDAI and PFRDA go to SAT.
Related concepts
- Regulatory body
- Regulatory capture
- Securities and Exchange Board of India
- Telecom Regulatory Authority of India
- Competition Commission of India
- Insurance Regulatory and Development Authority of India
- Central Electricity Regulatory Commission