Pension reforms bill to be tabled in monsoon session

Economy Bureau
Posted: 2008-08-06 22:20:36+05:30 IST
Updated: Aug 06, 2008 at 2220 hrs IST

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New Delhi , Aug 5 : The pension reforms bill to set up a regulator and give more freedom to subscribers for investing their retirement money is likely to be tabled in the monsoon session of the Parliament, finance ministry officials said on Tuesday.

“We have got the official amendments ready. Hopefully, it would be tabled in the upcoming monsoon session of Parliament,” an official said. The Pension Fund Regulatory and Development Authority Bill (PFRDA) Bill was introduced in 2005 to replace the ordinance promulgated in 2004 for setting up the regulator.

The finance ministry is also in the process of finalising and issuing investment guidelines for private sector superannuation funds, finance ministry joint secretary (capital markets) KP Krishnan said at a seminar on Tuesday. The ministry had issued a draft proposal in September 2007 doubling the capital market exposure of private provident funds, superannuation funds and gratuity funds to 10%.

Krishnan said there is need for professional management of any corpus including superannuation trust fund of specific size, which at present are mostly managed by people whose full time job is not managing money. The Centre has started collecting centralised data on such funds. The process of data collection would be completed in the next few months, he said.

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Pension reforms bill to be tabled in monsoon session

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