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  • Pension Fund Regulatory and Development Authority

    Pension Fund Regulatory and Development Authority was instated in the year 2003. The body was set up with an aim to promote, regulate and develop the pension sector in the country. The National Pension Scheme was launched by PFRDA in the year 2003 and thereby extended to all sections of citizens in the year 2009. Pension fund regulatory and development authority comes under the jurisdiction of the Ministry of Finance. The National Pension Scheme extended thus brought under purview those from the self-employed sector and from the unorganized sector too, on a voluntary basis.

    The preamble of Pension fund regulatory and development authority states that the aims of the authority is – “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.”

    PFRDA is head-quartered at New Delhi with various regional offices spread across the country.

    Functions of Pension Fund Regulatory and Development Authority

    • Promote pension scheme in the country by fostering mandatory as well as voluntary pension schemes in order to serve the old age income needs of retired personnel
    • National Pension System, both tier 1 and tier 2 are under the purview of PFRDA and are dictated by the same
    • PFRDA performs the function of appointing various intermediate agencies like Pension Fund Managers, Central Record Keeping Agency (CRA) etc.
    • Educating the general public and stakeholders about the importance of pension.
    • Training of intermediaries that perform the task of popularizing and educating people about the importance of pension.
    • Addressing grievances related to various pension schemes in the country.
    • Addressing and resolving disputes between various intermediaries like banks and between customers and intermediaries.

    Intermediaries of Pension Fund Regulatory and Development Authority

    The Pension Fund Regulatory and Development Authority is divided into three sub-divisions, each of which performs a task to add on to the holistic responsibility of PFRDA towards the Indian citizen. These three sub-bodies are as listed below.

    Central Record Keeping Agency (CRA)

    Central Record Keeping Agency performs the following functions –

    • Administration and record-keeping of all information of customers who are registered under the National Pension System
    • Issuing of PRAN or Permanent Retirement Account Number for customers who have availed savings plan under the National Pension Scheme
    • Acting as an operational intermediary between PFRDA and other entities like Pension Funds, Trustee Bank etc.
    • Monitoring contributions of NPS subscribers and updating various intermediaries about the same
    • Furnishing periodic and updated PRAN statements to all subscribers on a regular basis
    • Overseeing the settlement of funds that have been invested and the subsequent units allotted to subscribers

    Pension Fund Managers (PFMs) 

    Listed below are some of the most important functions of the PFMs.

    • Pension Fund Manager essentially are mandated to invest and manage funds of subscribers enrolled in the National Pension System
    • Investment of contribution of subscriber as per rules and guidelines of the PFRDA
    • Maintain books and records of the investment and flow of funds
    • Construction of portfolio of customers who choose auto-allocation of funds
    • Reporting to PFRDA on a regular basis
    • Public disclosure of financial information from time to time as per guidelines issued by PFRDA

    Point of Presence Agencies (PoPs) 

    The third and the most public-facing entity of the PFRDA is the Point of Presence Agencies. Following are the functions that it performs.

    • Receive and analyse the duly filled application form along with KYC documentation, furnished by customers who register for the NPS scheme
    • To verify KYC documents as and when required
    • To collect and verify NPS contributions made by subscribers via various channels like cash, Demand Draft, cheques and so on
    • To deduct and collect NPS application fee and to furnish receipt of the same to the subscribers
    • To upload contribution files of subscribers on to the Central Record-Keeping Agency system
    • To maintain records of all transactions that happen for various NPS accounts of customers
    • Carry out changes in subscriber details as per requests made by subscriber
    • Handle requests and complaints with regards to contributions made towards NPS and other such request

    Trustee Bank

    This is also one of the intermediaries of PFRDA. Following are the tasks that this agency performs

    • Receives funds for NPS from all over the country via zonal and regional offices
    • Verifies amounts paid by the zonal offices
    • Fund transfers with discrepancy are returned to zonal office or bank involved and correct transfers are sought
    • Prepares Fund Receipt Information by consolidating all funds received to NPS
    • Transfer funds according to instructions by CRA for settlement of funds for various entities
    • Reconcile daily balances in accordance with CRA
    • Maintain records of contributions by nodal offices and other documents pertaining to the same


    • Does the job of maintaining accounts of securities and assets held by customers
    • Collecting accrued benefits on securities and assets
    • Acting as a Domestic Depository and performing functions related to the same
    • Informing about the actions that are to be taken or have been taken by issuer of securities
    • Maintains and reconciles records of services

    Nodal offices

    Nodal offices are an important link in the spread and reach of NPS schemes. These are the numerous links that join up to make the robust PFRDA.

    • Central Government nodal offices perform the task pf interacting with CRA on behalf of customers for the purposes of NPS
    • State Government Nodal Offices too, perform the same task but under a smaller node


    Aggregator can be understood as the most prominent and first point of contact between subscriber and the NPS – Swavalamban scheme.

    • Responsible for carrying out changes in any of the KYC information as requested by subscriber. This includes change in name, address, contact information etc.
    • Grievance handling in cases where subscriber raises a complaint or grievance against any of the intermediaries of the PFRDA.

    Apart from the above listed intermediaries, banks that is both public and private ones are also responsible to a certain extent for popularizing and opening of NPS Accounts of subscribers in the country. The main aim of the government behind running the Pension fund regulatory and development authority and subsequent NPS schemes is to make sure that citizens have a certain pension fund to fall back on when they retire from their jobs (government or private).

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