The Pension Fund Regulatory and Development Authority (PFRDA) issued Circular No. PFRDA/2025/17/REG-POP/02 on 16th October 2025 to clarify the engagement of Non-Individual Intermediaries as Pension Agents by Points of Presence (POPs). This circular builds on the earlier circular dated 23rd September 2025 regarding the engagement of “other persons” as Pension Agents under Regulation 2(1)(j)(iv) of the PFRDA (Point of Presence) Regulations, 2018. The clarification specifies that Non-Individual Intermediaries registered with any financial sector regulator, including the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), or PFRDA, can be engaged by POPs for distributing pension schemes governed under the PFRDA Act, 2013. Such engagement must comply with the regulations, circulars, guidelines, and conditions prescribed by their respective regulators. The circular confirms that all other terms and conditions of the September 2025 circular remain unchanged. It has been issued under the authority of Regulation 45 of the PFRDA (Point of Presence) Regulations, 2018, and Section 14 of the PFRDA Act, 2013, with the approval of the competent authority. This clarification ensures that POPs can expand their network of Pension Agents while remaining compliant with regulatory requirements, providing clarity for stakeholders regarding the permissible intermediaries for pension distribution.
Pension Fund Regulatory and Development Authority
Circular No: PFRDA/2025/17/REG-POP/02 | Dated: 16th October 2025
To
All Points of Presence (POPs)
Subject: Clarification on permitting the Points of Presence for engagement of Non-Individual Intermediaries registered with any financial sector regulator like RBI, IRDAI, SEBI, and PFRDA as Pension Agents for distribution of Pension Schemes.
This is in reference to the circular PFRDA/2025/12/REG-POP/01 dated 23rd September 2025 on Permitting the Points of Presence 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, subject to approval by the Board of POPs.
2. With reference to clause 3(a) of the aforesaid circular, it is hereby clarified that Non-Individual Intermediaries registered with any financial sector regulator namely the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), or the Pension Fund Regulatory and Development Authority (PFRDA) may be engaged by Points of Presence (POPs) as Pension Agents for the distribution of pension schemes governed under the PFRDA Act, 2013, subject to compliance with, and as permitted under the applicable regulations, circulars, guidelines, and terms and conditions prescribed by their respective regulators.
3. All other terms and condition of the aforementioned circular remains unchanged.
4. This circular is issued in exercise of the powers conferred under Regulation 45 of Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and under Section 14 of the Pension Fund Regulatory and Development Authority Act, 2013, with the approval of competent authority.
Yours Sincerely,
Ashish Kumar
(Chief General Manager)
