Pension Fund Regulatory and Development Authority

PFRDA is the statutory regulator that designs policy and licenses pension fund managers. The National Pension System Trust is a separate legal entity established by PFRDA to hold all subscriber assets under the NPS architecture. NPS Trust CEO Suparna Tandon oversees the trust's fiduciary responsibilities, ensuring subscriber assets are ring-fenced from the regulator and the fund managers.

PFRDA does not directly manage assets. It licenses and supervises multiple pension fund managers — including SBI Pension Funds, LIC Pension Fund, UTI Retirement Solutions, and private sector players — who compete to manage subscriber contributions across government securities, corporate bonds, and equities. Subscribers choose their fund manager and asset allocation within PFRDA-defined exposure limits.

In 2024, PFRDA expanded the NPS investment framework to allow allocation to sovereign gold bonds, silver ETFs, and Real Estate Investment Trusts. This built on earlier authorizations for Infrastructure Investment Trusts and alternative investment funds, giving pension fund managers a broader toolkit for portfolio diversification beyond traditional debt and listed equity.

NPS is a defined-contribution, market-linked retirement savings scheme available to all Indian citizens, with contributions invested based on subscriber-chosen asset allocation. Atal Pension Yojana is a guaranteed-pension scheme targeted at unorganized-sector workers, offering fixed monthly pensions between Rs. 1,000 and Rs. 5,000 depending on contribution levels. PFRDA regulates both, but their risk and return profiles differ fundamentally.

Sivasubramanian Ramann was appointed Chairperson in April 2025, succeeding Deepak Mohanty. The Chairperson is appointed by the Government of India and the role sits under the Department of Financial Services within the Ministry of Finance. Ramann previously served as Chairman and Managing Director of SIDBI, the Small Industries Development Bank of India.

PFRDA is a statutory body established under the PFRDA Act of 2003 and operates under the jurisdiction of the Department of Financial Services, Ministry of Finance, Government of India. The ministry sets the broad legislative framework, while PFRDA exercises regulatory autonomy over pension fund licensing, investment guidelines, and subscriber protection.

PFRDA sits on the executive committee of the International Organisation of Pension Supervisors for the 2025-2026 tenure, contributing to global pension regulatory standards. It also collaborates domestically with the Indian Venture and Alternate Capital Association on frameworks governing pension fund participation in private capital.