PFRDA notifies amendments to National Pension System Trust

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) has notified amendments to regulations to National Pension System Trust and Pension Fund.

The amendments to NPS Trust Regulations simplify the provisions related to appointment of trustees, their terms and conditions, holding of meetings of the Board of Trustees, and appointment of CEO -- NPS Trust, PFRDA said in a statement on Wednesday.

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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, it said.

Both amendments were carried earlier this month and these are in line with the 2023-24 Union Budget announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.

The other notable amendments include clarity of roles of sponsor of pension fund and constitution of additional board committees by pension funds, such as the audit committee, and nomination & remuneration committee.

Inclusion of the name 'Pension Fund' in the name clause and requirement of existing pension fund(s) to comply with this provision within 12 months and the annual report of schemes managed by the pension fund to include directors' responsibility statement are other changes carried out by the regulator.

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