PFRDA appoints 3 directors to NPS Trust Board

Pension fund regulator PFRDA will appoint three trustees to the NPS Trust board and has invited eligible people to apply by September 1.

The Pension Funds Regulatory and Development Authority (PFRDA) has established the National Pension System Trust (NPS Trust) which legally holds subscribers’ funds under the NPS and other pension schemes it administers.

The two pension schemes under the PFRDA are the National Pension System (NPS) and the Atal Pension Yojana (APY).

The NPS mainly targets people employed in the organized sector, including central and state government employees, while the APY mainly targets people working in the informal sectors.

The NPS Trust has assets under management (AUM) of Rs 7.44 lakh crore as of June 30, 2022 with a subscriber base of 5.40 crore under these two schemes.

In accordance with the regulations, there is a provision for the appointment of a maximum of 11 directors.

”The authority currently wishes to appoint three directors to the board of NPS Trust. The person applying for the position must be an Indian citizen and meet the stipulated eligibility requirements,’ PFRDA said in the notice.

Eligible persons should preferably have knowledge and experience in law/finance/economics/accounting or social welfare or administration with proven managerial skills, experience, ability, integrity and reputation, a- he declared.

The initial term of directors to be appointed will be for a period of three years from the date of appointment, with the possibility of extension for a maximum of two years.

The maximum age limit is 70 years.

The PFRDA said directors are eligible to receive meeting fees and other travel, accommodation and board expenses.

The authority has requested eligible candidates to send their detailed CV to [email protected] by September 1, 2022.

A committee appointed by the PFRDA was tasked with selecting the required number of trustees for the NPS Trust.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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