The Pension Fund Regulatory and Development Authority (PFRDA) today said the Bajpai committee report on overhauling the structure of all citizens’ pension scheme is expected by the end of this month. “They have committed that they would submit the report by end of this month,” PFRDA Chairman Yogesh Agarwal said on the sidelines of a seminar here.

The authority (PFRDA) last year appointed a committee headed by former Securities and Exchange Board of India chairman GN Bajpai to look into the fee structure and suggest changes to the New Pension System (NPS).

Agarwal has earlier said that the committee would look if there was a need to limit the number of fund managers or the sector should be free with some cap on the charges.

Initially, the government launched the New Pension System for central government employees, joining service from January 1, 2004, but it was extended to all citizens from May 1, 2009.

The citizen pension scheme has received a lukewarm response, with only around 38,800 persons subscribing the scheme till February 5 this year.

There are six fund managers for all citizens’ scheme-IDFC Mutual Fund, Kotak Mahindra, SBI, UTI Asset Management, ICICI Prudential Life Insurance and Reliance MF-to manage the corpus of customers.

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September 2021