PFRDA simplifies norms to become pension fund manager

To ensure ease of doing business, the PFRDA has simplified norms for becoming NPS trustees and sponsors among other things. The regulator gives clarity on roles of sponsor of pension funds along with compliance to ‘fit and proper person’ criteria. The regulator has also eased appointment process of NPS trustees and CEO of NPS Trust.

Among other key amendments to the NPS regulation are:

• Pension fund managers to constitute committees for audit, nomination and renumeration
• All NPS to include the nomenclature ‘Pension Fund’. Existing pension funds will have to make changes to their name by the end of this financial year
• The annual report of schemes managed by the pension fund must now include a statement from the directors outlining their responsibilities