Replies to Pre-Bid Queries :: RFP for Appointment of Actuarial Firm for conducting Actuarial Valuation of Atal Pension Yojana (APY) as on 31.03.2025 and 31.03.2026

Pension Fund Regulatory and Development Authority

Financial Inclusion: Atal Pension Yojana (APY) World Trade Center, New Delhi – 110029 __________________________________________________________________________________________________ Request for Proposal (RFP) for Appointment of Actuarial Firm for Conducting the Actuarial Valuation of Atal Pension Yojana (APY) as on 31.03.2025 and 31.03.2026 (RFP dated 12.02.2026) Replies to Pre-bid Queries Sr. Para Clause Requiring Clarification Clarification Required Clarification from PFRDA No No.

1 3.8 To assess the long-term financial Kindly confirm if any specific scenarios Core benefit under APY is payment of minimum guaranteed sustainability of the scheme by developing are required by PFRDA in addition to the pension to subscriber post attaining the age of 60 years, same a financial model based on actuarial two mentioned in the paragraph, or pension to spouse post demise of subscriber and return of assumptions & analysis to determine the whether the assessment may be based accumulated corpus back to the nominee after demise of spouse.

impact of suggested future changes solely on the Actuary’s professional envisaged to the pension scheme like re- suggestions. Further, the actuarial firm selected for engagement shall be free assessment/re-fixation of contribution to suggest additional scenarios based on its professional rates, restricting benefits of scheme to actuarial assessment. However, it may be noted that the subscriber and spouse only etc., applicable scenarios should be based on Indian context and the firm should to new set of subscribers. explicitly mention the probable risks involved and provide the expected liability for each scenario.

2 3.12 To submit two separate detailed actuarial Due to the manner in which our firm is Please refer Clause 4 of RFP dated 12.02.2026. valuation reports for year ending incorporated, we do not have any

31.03.2025 and 31.03.2026, respectively, actuaries who are positioned to certify an to the Authority covering the given terms actuarial report in accordance with APS. of reference appropriately, within the While we shall carry out actuarial stipulated time period and certifying the modelling and other necessary activities, same. These reports shall comply with we propose to engage an independent applicable Actuarial Practice Standard actuary to prepare and certify the report issued by Institute of Actuaries of India. based on our work in accordance with APS.

Is this acceptable to PFRDA? 3 Annexure Supporting document required: Work Our relevant experience is from other Documents clearly establishing the name of the organisation on 4 table orders/ Letter of appointment/ geographies such as the UK. Due to whose behalf the actuarial valuation was undertaken and all the rows 5-8 completion certificate/ any other various confidentiality agreements and details of pension scheme/ product, fund size, experience, document establishing the work/ regulations, sharing name and/or fees membership etc. of which the valuation has been done, will have assignment undertaken. may pose a challenge. to be provided for the purpose of evaluation.

Description: List of assignments and Will letters of appointment / work orders clients serviced in respect of Assets and etc. showing scope of work but with client Liability evaluation names and fees redacted be acceptable to PFRDA?