PFRDA says the amendments in key areas intention at simplification and decreasing compliance. (Representative picture)
The amendments are consistent with the Union Budget 2023-24 announcement to overview rules to cut back the price of compliance and improve the convenience of doing enterprise
In order to simplify the provisions associated to NPS Trust and pension funds, the Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday notified the amendments. The amendments are associated to appointments to NPS Trust and PF disclosures.
The amendments are consistent with the Union Budget 2023-24 announcement to overview rules to cut back the price of compliance and improve the convenience of doing enterprise.
“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,” the PFRDA mentioned.
On amendments to Pension Fund Regulations, the PFRDA mentioned the amendments simplify the provisions associated to governance of Pension Funds consistent with Companies Act, 2013 and enhanced disclosure by Pension Funds.
The different notable amendments inter alia embrace:
– Clarity of roles of Sponsor of Pension Fund & Pension Fund together with compliance to ‘fit and proper person’ standards.
– Constitution of further Board committees by Pension Funds such because the Audit Committee and Nomination & Remuneration Committee.
– Inclusion of identify ‘Pension Fund’ in identify clause and requirement of present pension fund(s) to adjust to this provisions inside a interval of 12 months.
– The annual report of schemes managed by the pension fund to embrace administrators’ accountability assertion.
“The amendments in key areas aim at simplification and reducing compliance,” it mentioned.
