---
title: "PFRDA: India's Pension Regulator Explained | Model Diplomat"
description: "The Pension Fund Regulatory and Development Authority (PFRDA) oversees India's National Pension System, ensuring old-age income security for citizens."
url: "https://modeldiplomat.com/learn/glossary/pension-fund-regulatory-and-development-authority"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The PFRDA is India's statutory regulator for pension funds, established to oversee the National Pension System and promote old-age income security.
- What is the statutory basis of PFRDA?
- How does PFRDA differ from EPFO?
- What schemes does PFRDA administer?
- Why did some states revert to the Old Pension Scheme?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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## Timeline

1. 1 January 2004

   It traces its origin to the Union government's decision in 2003 to replace the defined-benefit pension scheme for central government employees with a defined…

2. 10 October 2003

   PFRDA was first constituted as an interim, non-statutory body by an executive resolution of the Ministry of Finance on .

3. 19 September 2013

   Its statutory foundation was laid only a decade later through the Pension Fund Regulatory and Development Authority Act, 2013, which received presidential as…

4. 1 February 2014

   Its statutory foundation was laid only a decade later through the Pension Fund Regulatory and Development Authority Act, 2013, which received presidential as…

5. 9 May 2015

   PFRDA's regulatory mechanics extend beyond NPS to cover the Atal Pension Yojana (APY), launched on for workers in the unorganised sector, which guarantees a…

6. 1 April 2025

   Somanathan in 2023 to review NPS, which culminated in the Cabinet's approval of the Unified Pension Scheme (UPS) in August 2024, offering an assured payout t…

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Example

In August 2024, the Union Cabinet approved the Unified Pension Scheme to be administered within the PFRDA framework, offering central government employees an assured payout effective 1 April 2025.

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