05 Oct, 2012 12:08a.m.

NPS : Cabinet approves amendmended PFRDA Bill with option of Minimum Assured Return

The union cabinet today approved the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 that allows the subscriber seeking minimum assured returns to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority.

These official amendments have been necessitated in view of the recommendations of the Standing Committee on Finance which has examined the Bill. Based on the recommendations of the Standing Committee on Finance, the Government has decided to accept the following:

  1. That the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority;

  2. PensionWithdrawals not exceeding 25 per cent of the contribution made by subscriber will be permitted from the individual pension account subject to the conditions, such as, purpose, frequency and limits, as may be specified by regulations by the Pension Fund Regulatory Authority and Development Authority (PFRDA)

  3. The foreign investment ceiling in the pension sector at 26 per cent or such percentage as may be approved for the Insurance Sector, whichever is higher may be incorporated in the present legislation;

  4. To establish a vibrant Pension Advisory Committee with representation from all major stakeholders to advise PFRDA on important matters of framing of regulations under the PFRDA Act.

  5. The membership of the PFRDA will be confined to professionals having expertise in economics, finance or law only.
Whatsapp Share Button

🏠 Go to StaffCorner.com Home Page





Latest in Important News
News 🕑 05 Jul,19 1:13p.m.
Latest in Other News Sections
RBI cuts repo rates to 6.25. Loans set to get cheaper 🕑 04 Apr,19 12:42p.m.
Sree Chitra Tirunal Institute develops intravenous cancer drug 🕑 26 Mar,19 9:29p.m.
CPAO FAQ For the Beneficiaries Of NPS- Additional Relief Scheme 🕑 13 Mar,19 11:06p.m.
'One Nation One Card' mobility card launched 🕑 05 Mar,19 1:47p.m.
PFRDA working on minimum assured returns for NPS subscribers 🕑 24 Feb,19 1:58p.m.
EPFO's 8.65% interest rate for FY19 is actually equivalent to 13.5%. 🕑 24 Feb,19 11a.m.
EPFO to offer 8.65%, its 1st hike in 4 years 🕑 22 Feb,19 10:51a.m.
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.