Presenting the Bill in the Lok Sabha, Finance Minister P Chidambaram said 26 states have joined National Pension System (NPS) and said it would extend more benefits to more people.
The passage of the bill will see pure pension products coming into the market.
The Pension Fund Regulatory and Development Authority Bill 2011 seeks to promote the pension sector by establishing a regulator as India does not have a universal social security system.
The Bill allows 26 per cent foreign direct investment (FDI) in pension funds.
--IBNS (Posted on 04-09-2013)