PFRDA Permits PoPs to Engage CBBOs and Co-operative Societies as Pension Agents
The Pension Fund Regulatory and Development Authority (PFRDA), through Circular No. PFRDA/2026/41/REG-POP/07 dated 30 July 2026, has permitted Point of Presence (PoPs) to engage additional categories of “other persons” as Pension Agents for distribution of pension schemes under Regulation 2(1)(j)(iv) of the PFRDA (Point of Presence) Regulations, 2018. Exercising powers under Regulation 45 read with Regulation 2(1)(j)(iv) and Schedule IV of the Regulations, the Authority has allowed PoPs to engage Cluster-Based Business Organisations (CBBOs) empanelled, appointed or engaged by Central Government Ministries/Departments, State Governments or implementing agencies such as SFAC, NAFED, NCDC and NABARD for formation, promotion or handholding of Farmer Producer Organisations (FPOs). The circular also permits engagement of Co-operative Societies, Co-operative Unions and Co-operative Federations registered under the Multi-State Co-operative Societies Act, 2002 or Central or State Co-operative Societies Act, subject to enhanced due diligence by the PoP, including assessment of profitability. The circular is to be read with earlier circulars on Pension Agents, while all other existing terms and conditions continue to apply mutatis mutandis.
Pension Fund Regulatory and Development Authority
Circular No.: PFRDA/2026/41/REG-POP/07 Date: 30 July, 2026
To,
All Point of Presence (PoPs) and other stakeholders under the National Pension System (NPS)
Subject: Permitting the Point of Presence (PoP) for engagement of ‘other persons’ as Pension Agents for distribution of Pension Schemes under Regulation 2(1)(j)(iv) of PFRDA (Point of Presence) Regulations, 2018
This is in continuation of Circular No. PFRDA/2025/12/REG-POP/01 dated 23rd September 2025, Circular No. PFRDA/2025/17/REG-POP/02 dated 16th October 2025, Circular No. PFRDA/2026/20/REG-POP/04 dated 20th March 2026 and Circular No. PFRDA/2026/26/REG-POP/05 dated 12th May 2026, issued by the Authority from time to time regarding the engagement and operational framework of Pension Agents under the PFRDA (Point of Presence) Regulations, 2018 and amendments thereof.
2. In exercise of the powers conferred under Regulation 45 read with Regulation 2(1)(j)(iv) and Schedule IV of the PFRDA (Point of Presence) Regulations, 2018, the Authority hereby permits the following additional categories of entities to function as Pension Agents for distribution of pension schemes regulated under the PFRDA Act, 2013, subject to the conditions specified herein:
a. Cluster-Based Business Organisations (CBBOs) – PoPs may engage Cluster-Based Business Organizations (CBBOs) as Pension Agents, which are empanelled, appointed, or engaged by Central Government Ministries/Departments, State Governments, or other implementing agencies such as Small Farmers’ Agri-Business Consortium (SFAC), National Agricultural Cooperative Marketing Federation of India (NAFED), National Cooperative Development Corporation (NCDC), National Bank for Agriculture and Rural Development (NABARD) for formation, promotion, or handholding of Farmer Producer Organisations (FPOs).
b. Co-operative Societies – PoPs may engage Co-operative Society or Co-operative Union or Cooperative Federation, as Pension Agents, registered with Central or State Registrar under the Multi-State Co-operative Societies Act, 2002 or Central or State Co-operative Societies Act. Such engagement shall be subject to the condition that the PoP shall undertake enhanced due diligence, including assessment of the profitability of the concerned Co-operative Society, Co-operative Union or Co-operative Federation, prior to its engagement as a Pension Agent.
3. This Circular shall be read with the earlier circulars issued by the Authority related to engagement of Pension Agents under Regulation 2(1)(j)(iv) of the PFRDA (Point of Presence) Regulations, 2018. All other terms and conditions specified in earlier circulars shall continue to apply mutatis mutandis.
4. This circular is issued in exercise of powers conferred under Regulation 45 of PFRDA (Point of Presence) Regulations, 2018 and Section 14 of the PFRDA Act, 2013, with the approval of competent authority.
Yours Sincerely,
(Ashish Kumar)
Chief General Manager
Regulation Contribution Management Department
