Parliament passes Pension Fund Regulatory and Development Authority Bill

New Delhi, Sep 6 : The Parliament on Friday passed the Pension Fund Regulatory and Development Authority Bill, 2011, that aims to create a regulator for the sector and allows at least 26 percent FDI.

The Pension Fund Regulatory and Development Authority Bill, 2011, was passed in the Rajya Sabha with 115 MPs voting in favour and 25 against including members from the Left Parties and Trinamool Congress (TMC).

The Lok Sabha had passed it on Wednesday.

Finance Minister P. Chidambaram, who replied to clarifications by members in the debate in the Rajya Sabha, assured the members that the new national pension scheme is sustainable.

He said the Bill has travelled for nine years.

"Let us give the Bill the honour that it deserves and pass it," he added.

Chidambaram said 26 states have joined the scheme.

The Finance Minister, who explained the features of the pension scheme, said that in all, over 52 lakh state, central and private sector employees have been subscribing to the scheme.

Chidambaram told the members that the pension funds will be managed safely by the Pension Fund Managers.

Earlier, moving the Bill, Chidambaram said the Bill provides for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.

The Bill seeks to give statutory powers to the Pension Fund Regulatory Authority. Under the scheme, every subscriber will have an individual pension account, which will be portable across job changes.

--ANI (Posted on 06-09-2013)

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