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Annual Report 2017 -18 of PFRDA

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Annual Report 2017 -18 of PFRDA Annual Report 2017-18 This Report is in conformity with the format as per the Pension Fund Regulatory and Development Authority (Reports, Returns and Statements) Rules, 2015. 1 Annual Report 2017-18 3 4 Annual Report 2017-18 Table of Contents Statement of Goals and Objectives ......................................................................................................... 10 Objective ......................................................................................................................................................... 10 Vision ............................................................................................................................................................... 10 Chairman's Message .................................................................................................................................... 11 Members of the Board ................................................................................................................................. 13 Senior Management of the Authority ..................................................................................................... 14 Abbreviations................................................................................................................................................. 15 Part I Policies & Programmes.................................................................................................................................. 18 1.1 General Review of the Global Economic Scenario ..................................................................... 18 1.1.1 The Global Economy ........................................................................................................................ 18 1.1.2 Global Commodities Prices ............................................................................................................. 19 1.1.3 Inflation ............................................................................................................................................... 19 1.1.4 Financial Condition .......................................................................................................................... 20 1.1.5 Bond and equity markets ................................................................................................................ 20 1.1.6 Global Growth outlook for 2018 .................................................................................................... 21 1.1.7 Emerging Market and Developing Economies ........................................................................... 22 1.2 Domestic Economy ........................................................................................................................... 22 1.3 Financial Markets .............................................................................................................................. 25 1.4 Review of Global Pension Market ................................................................................................. 26 1.5 Major Announcement for NPS in Budget ................................................................................... 30 1.6 Indian Demography and Old Age Income Security ................................................................. 30 1.7 Indian Pension Landscape .............................................................................................................. 31 1.8 A Brief on the review of the objectives of PFRDA during the year ....................................... 32 1.9 Intermediaries under NPS ............................................................................................................... 34 1.9.1 Intermediaries and other entities associated with National Pension System and other pension schemes covered under the Act .................................................................. 34 5 1.9.2 Types of Account .............................................................................................................................. 35 Part II Investment of Funds under NPS ................................................................................................................. 37 2.1 Pension Funds (PFs).......................................................................................................................... 37 2.1.1 Functions of Pension Funds ............................................................................................................ 37 2.1.2 List of Pension Funds (PFs) for Government Sector NPS Schemes (i.e. CG and SG), and APY............................................................................................................. 37 2.1.3 List of Pension Funds (PFs) for Private Sector NPS schemes .................................................. 37 2.2 Schemes under NPS.......................................................................................................................... 37 2.3 Exposure of various schemes regulated and administered by PFRDA to different categories of investments ........................................................................................... 39 2.4 Regulations, Notifications, issuance of major circulars/guidelines (Pension Fund) .......... 41 Part- III Functions of the Authority ........................................................................................................................... 42 3.1 Registration of intermediaries and suspension, cancellation etc. of such registration; and regulation of activities of the intermediaries associated with the National Pension System or the pension schemes .............................................................. 42 3.2 Approval of schemes, the terms and conditions thereof including norms for the management of corpus of the pension funds and investment guidelines under such schemes ...................................................................................................................................... 42 3.3 Exit of subscribers from the National Pension System.............................................................. 43 3.3.1 Exits under NPS................................................................................................................................. 43 3.3.2 Partial Withdrawal under NPS...................................................................................................... 45 3.4 Details of Annuity Service Providers (ASPs) and Annuity Schemes opted by subscribers ..................................................................................................................................... 45 3.5 Activities undertaken for protection of interests of subscribers under the National Pension System and of other pension schemes under the Act .............................. 47 3.6 Mechanism for redressal of grievances of subscribers and activities undertaken for redressal of such grievances ..................................................................................................... 48 3.7 Certification Programme for Retirement Advisers .................................................................... 50 3.8 Collection of data by the Authority and the intermediaries including undertaking and commissioning of studies, research and projects. ...................................... 50 6 Annual Report 2017-18 3.9 Steps undertaken for educating subscribers and the general public on issues relating to pension, retirement savings and related issued and details of training of intermediaries ........................................................................................................... 50 3.9.1 Financial Literacy:............................................................................................................................. 50 3.9.2 NPS awareness and Social Media ................................................................................................. 52 3.9.3 Public Relations Agency .................................................................................................................. 52 3.9.4 Training ............................................................................................................................................... 53 3.10 NPS and APY Information Helpdesk ........................................................................................... 56 3.11 Conferences held during FY 2017-18 ........................................................................................... 58 3.12 Performance of pension Funds ...................................................................................................... 60 3.13 Regulated Assets ............................................................................................................................... 63 3.14 Fees and other charges levied or collected by the Authority during the financial year............................................................................................................................... 63 3.15 Information sought for inspections undertaken, inquiries conducted and investigations undertaken including audit of intermediaries and other entities or organisations connected with pension funds' ............................................................................ 65 3.16 Others .................................................................................................................................................. 65 3.16.1 Subscribers (category wise) covered under the National
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