In exercise of the powers conferred by subsection 1 of ection 45 of the Pension Fund Regulatory

## Report on Reconstitution of the Pension Advisory Committee **1. Executive Summary:** This report analyzes a notification from the Pension Fund Regulatory and Development Authority (PFRDA) regarding the reconstitution of the Pension Advisory Committee. The notification, dated May 19, 2022, outlines the new composition of the committee, effective from the notification date. The core purpose of the reconstitution, as inferred from the text, is to refresh the committee's membership and potentially adjust its expertise to align with current needs and priorities within the pension sector. Key findings include the identification of various government departments, financial institutions, and research organizations represented on the newly formed committee, suggesting a broad approach to pension policy advice. **2. Introduction:** This report aims to provide a comprehensive overview of the PFRDA notification regarding the reconstitution of the Pension Advisory Committee, based solely on the information provided in the policy text. The report outlines the policy's objectives, changes in committee composition, affected stakeholders, and potential impacts. **3. Policy Overview:** * **Amendment:** This notification amends the Pension Advisory Committee constituted earlier vide Gazette Notification dated 16th September, 2020. * **Core Objective(s):** The primary objective, as inferred from the text, is to reconstitute the Pension Advisory Committee, ensuring a refreshed and potentially more relevant composition to advise the PFRDA on matters related to pension regulation and development. **4. Background and Rationale:** The notification details an amendment to the existing committee. The likely reason for this specific amendment is to ensure the Pension Advisory Committee remains current and relevant in its expertise and representation. This could be due to changes in the pension landscape, the need for new perspectives, or the expiration of terms for existing committee members. The reconstitution allows PFRDA to bring in new expertise and ensure that the advisory committee reflects the current needs and priorities of the pension sector. **5. Key Provisions / Changes:** This notification specifically focuses on the *changes* introduced by the amendment text regarding committee membership. * **What specific part of the original policy is being changed:** The specific change is the composition of the Pension Advisory Committee established in the Gazette Notification dated 16th September, 2020. The original members are being replaced. * **What the *new* rule/provision *is*:** The new provision is the list of individuals and organizations that now constitute the Pension Advisory Committee. This includes representatives from various government departments (Department of Personnel & Training, Department of Expenditure, Department of Posts, Ministry of Defence, Ministry of Home Affairs, Ministry of Railways), financial institutions (Indian Banks Association, LIC Pension Fund Ltd, Kotak Pension Fund Ltd), technological service providers (Protean eGov Technologies Ltd), research institutions (National Institute of Bank Management, Centre for Policy Research), actuarial institutes (Institute of Actuaries of India), and industry associations (Fixed Income Money Market and Derivatives Association of India, CII). It also includes the Chairman, NPS Trust, a Founder CEO of Value Research and Director, Budget, Department of Finance, Bhopal, Government of Madhya Pradesh. * **Explain the *difference* or the *effect* of this specific change:** The difference lies in the new composition of the committee. The effect is a potentially altered perspective and expertise brought to the table, which could influence the PFRDA's policy decisions and regulatory approach. The inclusion of new members from diverse backgrounds indicates a possible broadening of the committee's scope and a desire for more comprehensive advice. **6. Target Audience and Stakeholders:** Based on the provided text, the target audience and stakeholders directly affected by this change include: * **The PFRDA:** As the body receiving advice from the committee. * **Members of the Reconstituted Pension Advisory Committee:** The individuals and organizations listed in the notification. * **Pension Fund Managers:** Whose operations and strategies may be influenced by PFRDA policies informed by the advisory committee. * **Pension Subscribers:** Ultimately affected by policies impacting the pension sector. * **Indian Banks Association, LIC Pension Fund Ltd, Kotak Pension Fund Ltd, Protean eGov Technologies Ltd (formerly NSDL eGovernance Infrastructure Ltd), National Institute of Bank Management, Institute of Actuaries of India, Centre for Policy Research, Value Research, Fixed Income Money Market and Derivatives Association of India, and CIINational Committee on Insurance Pensions:** organizations now represented on the committee. **7. Implementation Aspects (Inferred):** * **Responsible agency/bodies mentioned:** The PFRDA is the responsible agency for implementing this reconstitution, as evidenced by the notification being issued under its authority. * **Any timelines or procedures specified *in the text*?** The reconstitution is effective from the date of the notification (May 19, 2022). No further specific timelines or procedures are mentioned in the provided text. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of these specific changes is to enhance the quality and relevance of advice provided to the PFRDA. The new committee composition could lead to: * A broader range of perspectives considered in policy development. * Improved alignment of pension policies with the current economic and social landscape. * Potentially more innovative and effective approaches to pension regulation and development. **9. Conclusion:** The PFRDA notification regarding the reconstitution of the Pension Advisory Committee signifies a commitment to maintaining a dynamic and well-informed approach to pension policy. The change in membership, effective May 19, 2022, is likely intended to bring fresh perspectives and expertise to the advisory process, ultimately impacting the pension sector and its stakeholders.

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