The Pension Fund Regulatory and Development Authority (PFRDA) has released a consultation paper proposing significant changes to the National Pension System (NPS). The new framework seeks to address long-standing concerns around income adequacy and predictability of retirement income, which remain unresolved under the existing NPS structure that mainly emphasizes corpus accumulation. Advertisement

PFRDA has invited feedback from academics, pension funds, and other stakeholders to deliberate on the proposals. “The aim is to generate interest among stakeholders for the development of the pension market in India by covering both the accumulation and decumulation phases,” the regulator stated.

Currently, NPS operates as a transparent, defined contribution scheme that prioritises fiscal prud

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