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  • PFRDA notifies amendments to National Pension System Trust and Pension Fund Regulations for Good Governance

    Published on February 21, 2024

     The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 on 05.02.2024 and 09.02.2024 respectively.

    The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO – NPS Trust.

    Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds. The other notable amendments inter alia include:

    i.          Clarity of roles of Sponsor of Pension Fund & Pension Fund alongwith compliance to ‘fit and proper person’ criteria.

    ii.         Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.

    iii.        Inclusion of name “Pension Fund” in name clause and requirement of existing pension fund(s) to comply with this provisions within a period of 12 months.

    iv.        The annual report of schemes managed by the pension fund to include Directors’ responsibility statement.

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