Active Stocks
Fri May 24 2024 13:11:01
  1. Tata Steel share price
  2. 176.10 0.37%
  1. State Bank Of India share price
  2. 837.00 0.56%
  1. NTPC share price
  2. 375.70 0.91%
  1. ITC share price
  2. 437.30 -0.88%
  1. Wipro share price
  2. 468.00 0.45%
Business News/ News / India/  PFRDA raises ombudsman age limit to 70 years from 65 years
BackBack

PFRDA raises ombudsman age limit to 70 years from 65 years

PFRDA has amended that regulation by replacing the upper age limit for Ombudsman from 65 to 70 years.

The PFRDA notification further laid down that a pension fund or its sponsor cannot acquire equity stake in another pension fundPremium
The PFRDA notification further laid down that a pension fund or its sponsor cannot acquire equity stake in another pension fund

The Centre on Tuesday announced that it has increased the upper age limit by 5 years of ombudsman of the Pension Fund Regulatory and Development Authority (PFRDA) to 70 years.

As per the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations 2015, the upper age limit was 65 years.

According to the gazette notification on 27 March, the PFRDA has amended that regulation by replacing the upper age limit for Ombudsman from 65 to 70 years.

"These regulations may be called the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) (Amendment) Regulations, 2023," the notification said.

These shall come into force on the date of their publication in the official gazette, it said.

The ombudsman, which is appointed by PFRDA receives, considers and facilitates resolution of complaints or grievances, which fall within the ambit of the regulations.

A person appointed as an Ombudsman holds office for a period of three years and would be eligible for reappointment for another two years.

Grievances could range from issues like delay in remitting pension contributions to the NPS account, even though they have been deducted from the subscriber’s salary. Grievances must first be filed in the Centralised Grievance Management System (CGMS). If they are unresolved, then the grievances can be escalated to the ombudsman.

Recently, the Pension Fund Regulatory & Development Authority (PFRDA) has made the mandatory upload of withdrawal/ KYC documents to enable seamless processing of exit and annuity for the benefit of National Pension System (NPS) subscribers.

“In the interest of Subscribers and to benefit them with timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023," said the regulatory body in a statement.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Mar 2023, 07:11 PM IST
Next Story footLogo
Recommended For You