History and Evolution

Dynamic Breadcrumb

The Pension Fund Regulatory and Development Authority (PFRDA) is a regulatory body established by the Government of India to promote old age income security by regulating and developing pension funds, such as the National Pension System (NPS) and Atal Pension Yojana (APY). PFRDA was established in 2003 and is responsible for regulatory oversight of pension funds, appointment of fund managers and custodians, protection of subscriber interests, and ensuring compliance with regulations. It plays a crucial role in ensuring the growth and sustainability of pension schemes in India.

2025

Launch of UPS for Central Government Employees

from 1st April 2025

2021 - 2024

Modernization and Outreach Expansion

Launch of offline Aadhaar KYC, NPST operationalization, DigiLocker integration, and wider schemes for pension literacy, among others.

2019

Major Reforms and Tax Benefits

Government contribution for the NPS employees has increased; 60 percent NPS corpus made tax-free on withdrawal.

2016

Digital Push with e-NPS

Launched e-NPS portal for easy registration and management of NPS, totally online.

2015

Launch of Atal Pension Yojana (APY)

This dimension-focused full weakness aspect schemes aim at the unorganised sector and strengthen their coverage to low-income households.

2013

PFRDA Act Passed

Parliament enacts the PFRDA Act, 2013, granting statutory powers to PFRDA to regulate the pension sector.

2009

NPS Opens to All Citizens

Expansion of NPS for voluntary enrollment of Indian citizens, marking a major milestone in pension reforms.

2004

Launch of NPS for Government Employees

NPS is effective from 1st January 2004 for all new central government employees in the place of the old defined benefit pension scheme.

2003

Interim PFRDA Formation

10th October 2003: The interim PFRDA has been established for the regulation and administration of the new pension system.

2001

Concept of National Pension System (NPS)

A defined contribution pension system proposal which will mandate saving for future

1999 - 2000

Laying the Foundation with OASIS Report

The Government has launched Project OASIS to reform the pension architecture in India based on fiscal challenges.

The Future of Pension Regulation in India

PFRDA has performed its best work yet in democratizing pension access callously across India-from formal government workers all the way down to informal, rag-tag workers. Innovations, such as NPS and APY, in conjunction with other technology-led solutions, will empower Indians to retire financially secure. The future, however, continues to focus on expanding subscriber outreach, enhancing fund transparency, and nurturing a strong pension ecosystem.