Pension Bill

Introduction

Pension Bill is first published in May 2013. Pension Bill contains some measures that is given below:

  • Improve the pension of state system through the introduction of single-tier state pension.
  • In state pension age to 67 manage future changes to the state pension age including and bringing forward the increase.
  • Improve the Range of benefits are associated with loss.
  • Publish new legal objectives for the regular Pensions.
  • Pension bill allows foreign direct investment in country's pension sector and its attempt by the government to attract more capital flows and 26% stake in pension funds approved for insurance sector.
  • The pension Bill would provide wide choice to invest their funds and depending on their capacity to take risk.
  • The pension Bill will make pension fund regulatory and development Authority.

Highlights

  • A key economic improve the pension Bill that provides for investment of funds in market and open the sectors to 26% FDI was passed on Wednesday Lok Sabha passed it.
  • The subscriber getting assured returns shall be allowed to opt for investing funds and provide minimum assured get back.
  • From Regarding Individual pension account subject to the conditions will be allowed withdrawals and at least one of that pension fund managers shall be from the public sector.
  • From all stakeholders establish vibrant pension advisory committee with representation.
  • It will have arrangement for withdrawals for limited purposes from one tier pension account.
  • NPS having 52.83 lakh subscribers was 35, 000 crore
  • The bill get to grant statutory status to the pension fund regular and development authority.