PFRDA Safeguards Pensioners' Interest: This Is How

PFRDA or Pension Fund and Regulatory Development Authority (PFRDA) is a statutory body set-up up by an Act of Parliament for promoting financial security at retirement or old-age. And off late, of the different challenges and issues, the department has become vigilant in respect of the cyber-threats and to hence protect the interest of its subscriber lot, it has taken steps to form a committee.

The committee has been advised to foresee the various technological changes. At the time the panel was being constituted, the pension regulator said, "As a regulator of the pension sector and to safegurad the interest of pension subscribers, it is essential to keep an eye on the technological changes and cyber security challenges".

The 'Information Systems and Technology and Cyber Security committee will advice on aligning the technology adopted by PFRDA to the best in the industry.

The panel will also suggest advise "with respect to development of Management Information Systems (MIS), supervisory and regulatory platforms which may be deployed in the Authority for efficient discharge of its responsibilities under PFRDA Act".

"The standing committee may meet as often as may be considered necessary but not less than once in six months, for advising" on matters referred to it, the memorandum added.
PFRDA regulates the pension industry under NPS or national pension scheme and also administers the Atal Pension Yojana.

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